Home News A Jewel in the Woods of Quebec for $1.6 Million: House Hunting in Canada

A Jewel in the Woods of Quebec for $1.6 Million: House Hunting in Canada

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This 5 bedroom, 3 bathroom property is set on 106 acres of woodland in Val de Lac, a village in the Laurentian Mountains of southern Quebec, Canada House Enjoy panoramic views of the mountains, the adjacent Archambault River and the lush maple trees on the property.

Built in 2004, the house “offers a view you can’t get anywhere else in Quebec,” says partner and broker Felix Giguere. Burns International Realty Quebec Montreal, and listing agents. The estate also has a large man-made pond with a plunge dock. “There is a pond on one side and a river on the other, and you can see the water from every room in the house.”

The seller, a Montreal-based building contractor, wanted the home to be “a reflection of the vastness of the property,” said Giguere. Materials such as cast iron, cherry wood and stone were used “to express the Laurentian atmosphere”.

A country road leads to the house’s wrought-iron gate, which leads to a dirt road that leads to a wooden bridge and a large garage structure.

Further up the drive, the front door of the home opens into a great room with 20 foot high ceilings. Giguere said the long, symmetrical windows were “the main element of the house.” “Every room has light all day long.”

Carved pine tree images adorn a tall stone fireplace, and a door near the fireplace leads to the main bedroom suite. A steel walkway hovers overhead and extends from the top of the stairs to the windowed seating area.

Cast iron hardware complements gleaming cherry wood kitchen cabinets. The seller commissioned a local craftsman to build his antique-style gas stove “in the way they used to make old Canadian ovens,” says Giguere. A seasonal sunroom off the kitchen features a soaring ceiling.

Upstairs there are two more bedrooms and a bathroom. The lower level includes a family room, guest bedroom, office, laundry room and access to his attached one car garage.

The property’s grounds include well-maintained trails for hiking, cross-country skiing and snowmobiling, Jiguer said. To take advantage of the maple trees, the owners also built a “sugar shack” to bottle their own maple syrup.

The small village of Val-des Lacs lies 28 km northeast of the popular city. Mont Tremblant Resorts, shopping, services and a small airport. Montreal is 75 miles southeast, and the Champlain, New York border crossing is 40 miles further.

The Laurentian region of Quebec (called Laurentide by French speakers), home to the Laurentian Mountains, is popular with second home buyers. Like other such parts of the world, the region has been “burning” since the outbreak of the pandemic. Engel & Völkers Tremblant at Mont Tremblant.

More recently, however, he said economic activity had “returned to a more normal state” due to higher interest rates and other measures to cool markets. Still, “the ambiguity between primary and secondary housing continues to fuel demand.” Single-family homes in desirable neighborhoods “near lakes and resorts” start around $1 million, he said. .

The local housing market is “disjointed,” he said. kaufmann group/ Sotheby’s International Realty Quebec in Montreal, specializing in luxury homes. “We’re seeing a significant slowdown in the lower tier, but in the upper tier there are a lot more buyers with more cash. They’re immune to interest rates,” Kaufman said. Shea’s luxury homes are said to sell for “$2.5 million to nearly $40 million in real estate.”

The property has also “stayed on the market for a long time,” says Christina Miller, the founder of . Christina Miller Real Estate Group in Montreal. “It’s still a lucrative market for sellers, but without the bidding wars and multiple offers we saw during the pandemic.” I’m running,” she said.

According to data on the Laurentian region, Quebec Professional Association of Real Estate Brokers (QPAREB), August 2022 median single-family home sales price of $320,647 (C$440,000), up 11% from August 2021 and 20% lower than the Quebec-wide median .

During the same period, the median condo price was $249,075 (CAD $342,500), up 12% year over year. To increase Up to 32% up as pandemic moves spurred markets.

QPAREB’s Director of Market Analysis, Charles Brant, said: “And the slowdown is milder than in other areas,” especially Montreal, he said in his QPAREB in October. report He cited a “rapid decline in sales” and an easing of prices.

When compared to second home markets in other states, Laurentians still offer relative value. Muskoka, a popular “cottage country” town northeast of Toronto, reached a benchmark home price of $566,422 (CAD $725,400) in August, according to the Canadian Real Estate Association. In the upmarket resort town of Banff, northwest of Calgary, the median home price was $662,183 (912,475 Canadian dollars), according to data site Zolo.

Local buyers continue to drive Laurentian’s market and it remains “a top destination for upscale and wealthy Montrealers with secondary housing,” said Ziguel.

Montrealers are also Airbnb’s main investors, Miller said, taking advantage of the overheated short-term rental market to pull money out of Montreal’s overheated market and invest in rural real estate.

Buyers from Quebec’s western and southern neighbors Ontario are also driving the market. “Ontario prices are much higher and Quebec is not too far away,” said Brandt of QPAREB.For the first time on record, more Ontarians moved In Quebec than vice versa in 2022, according to Statistics Canadamainly due to lower housing costs.

Americans from the Northeast and Florida make up the majority of non-Canadian buyers, making up “15 to 25 percent of sales in Laurentia,” Lafave said. “They take advantage of the strong US dollar and love the joie de vivre of Quebec culture.”

Buyers from France, the United Kingdom, China and the Middle East have also made purchases in the region, Giguere said.

Most international buyers, especially since 2017, prefer condos around Mont-Tremblant, Kaufman said. purchase of Mont Tremblant Resort by the parent company of Snowmass Properties in Aspen. “They know Aspen, so they look into Tremblant,” she said.

At the moment, the only restrictions on foreign buyers in Quebec relate to properties subdivided for agricultural use, he said. Ravelry Law firm in Montreal.

From 2023, however, it will be closed to most foreign buyers across Canada as a result of a broad federal budget package passed in June. Ban Non-citizens buy “houses, condos, townhouses, and duplexes,” said Julie Cote, senior manager of the nonresident real estate tax practice at the accounting firm. FL Fuller Landauin Montreal.

The two-year ban is intended to cool the market amid ongoing housing shortages. “Foreigners will be allowed to buy some apartment complexes and possibly vacation properties outside urban areas, but it is not yet official,” Coté said.

new Anti-reversal tax Côté said it will come into effect in January to “prevent people from using the housing market as an investment scheme.” Instead of her 50% tax on capital gains from the sale, she said any buyer who sells within 12 months of the purchase will be taxed on her 100% of the net income.

This year, the federal government also announced the so-called “Underutilized taxApplies to aliens who have not owned or rented Canadian residential property for at least six months of the year.

The notary will handle the closing in Quebec after the agents of both parties have finalized the accepted offer.Extended Quebec language law According to Burgos, a law enacted in September requires transfer documents and mortgage deeds to be in French. Documentation related to the offer will continue to be available in English.

French, English. Canadian Dollar (1 Canadian Dollar = $0.73)

Quebec buyers pay a progressive land transfer tax of 0.5% to 2% of the purchase price, notary fees typically range from $880 to $1,100 (C$1,200 to $1,500), Coté added. rice field.

According to Giguère, brokerage fees in Quebec range from 4% to 5%. Annual property taxes for this home total approximately $4,800 (CAD $6,528).

Felix Giguere Burns International Realty Quebec514-294-1141, barnes-quebec.com/en/

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