@Lineker Tomazeli Good question I don't know ...
Anyone have insights into Sherbrooke?
I'm interested in Quebec Multi family but the rental lease laws look so bad for investors, specifically the process to increase rent and the eviction process looks like a long process. How do you all deal with this?
Nothing like 1031 exchange from what I know actually. But if you refi a building, keep the money for real estate or the interests of your refi will be "contaminated"
For rental laws, we actually have to be creative. If you follow the laws, it's very bad for landlords. They allow us 0.5% increase every year. We don't know on which planet they live in, but it also take 40 years to get back your money on renovation you put in. So we have to actually negociate with the clients BEFORE putting money in or we never see it back. Evictions are also really tough, it can take up to 6 months unpaid before you can get them out. It's different but we can work around it.
Our government instance will need to change their mindset about landlords or we will all move to platforms like AirBNB, and they will create a big problem (lack of units). It's not a surprise that airbnb is not allowed pretty much everywhere in big cities.
@Kevin Labonte What do you mean by contaminated? That you'll have to pay taxes if you don't use it to acquire new property?
Also, I'm quite happy to see that there's still some action from Quebec BP members.
@Rodrigo Parada It's because your interests won't be deductible from your taxes anymore as they have been used for something not related to your real estate. Maybe a few things I don't know that can be done but to keep it simple, if I want to pay myself something like vacations, I use the cashflow.
It's based on a building to your personnal name. In a Quebec inc. it's different for sure but I'm not an expert, that's why I have an accountant to ask questions before doing any move I'm not sure. Build a Dream Team!
@Kevin Labonte Merci de l'info Kevin.
I am also living in Quebec (Levis) and am looking to buy and hold rental properties.
It's great to see others here with similar interests. I hope to buy my first multiplex apartment this year.
@Kevin Labonte - Can you recommend a good investor friendly realtor (who speaks English) to help find good deals?
Also, can anyone point me to where I can find info about the real estate market trends in Quebec/Levis over the last 10 years? Are property prices increasing/decreasing ??
Dave Harvey can help you for sure
For Pricing, in multifamily it's another world, there is no speculation, it's all a numbers game. Same building with different numbers are not worth the same.
There is a lot of movement all across the city, Limoilou, St-Roch, Giffard.....lot of big projects coming so depending on what is actually going to be built, it will change a lot of things
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