At the conference, held at the Hotel du Louvre, we had the pleasure of seeing old friends and meeting new ones from many countries around the world – Australia, Thailand, Greece, Italy, Spain, Malta, Portugal, Poland, France, USA, United Arab Emirates, and Canada. These luxury real estate brokers shared their knowledge about their countries’ current market conditions and how they are dealing with it. 

It was a privileged opportunity to exchange experiences with the worlds’ top luxury real estate specialists and promote McGuigan Pepin Properties.  We also got to extol the unique rewards of living in Montreal – its cultural diversity, joie de vivre and hospitality.

They were astonished to learn that our sound banking system ranked 6th in the world and was the only major country not to have a bank failure. You would be surprised how many super power countries are suffering from the lack of available financing. Montrealers have plenty of mortgage money at their disposal and at very low interest rates.

Fractional ownership is gaining momentum for Lifestyle properties – homes that are traditional leisure or recreational residences. Anyone affluent enough to experience one of the world’s grandest residences can own as little as one tenth (1/10). For a fantasy Italian journey go to our website’s Partner Listings  and visit Timber Resorts in Tuscany.

It’s no secret that the world is changing and we need to revise our way of doing business. To thrive in this global economy, responsible, dedicated brokers have got to develop a powerful network. It has never been more important than now to nourish our international connections in selling Luxury Real Estate to the world.

After the conference we spent the next few days enjoying some of Paris’ legendary sights, savoring her French cuisine and falling in love with her amazing architecture. Despite the chilly weather we persisted to the top of the Eiffel Tower and braved the Champs Elysees. The glitter and pomp of Napoleon’s red and gold living quarters on display at Le Louvre was astonishing! A true highlight of our trip was falling into a Solemn High Mass at Notre Dame Cathedral! Our friends have always been amazed that Brian and I had never been to Paris and now we know why!

Okay, so you’ve saving your hard earned cash for a while, driving through the locale that you’re interested in, and doing your research on the internet. You decide you’ve found the property that you want to become your first home.

It can be an exciting, stressful and daunting process all rolled into one.

So, we’ve collated some common mistakes that first-time home buyers often so that, hopefully you can avoid them and make the process and positive as possible.

Mistake 1. Not being pre-approved for a mortgage

First-time home buyers sometimes mistake pre-approval by a mortgage lender with pre-qualification. Pre-qualification is the important first step. It will give you a great understanding of what you can realistically afford to buy. Pre-approval means that your have a written commitment from the mortgage lender for a maximum mortgage at a stated interest rate.

Mistake 2. Waiting for the perfect home

Many first-time home buyers make the mistake of searching for their perfect home – the home that will meet every single one of their needs, wants and desires.

Such buyers frequently pass up great homes that would meet 90% of their requirements and eventually give up and purchase a home they do not really want because they are worn out, or circumstances overtake them. Also, while waiting for the “perfect” home, market prices continue to rise which means you will have to pay more for a home. Determining your most important criteria will help you select a home that meets the majority of them. In other words, know the difference between your needs and your wants.

Mistake 3. Missing the home building and/or pest inspection

Either in an effort to save some money or because they are wrapped up in a multiple offer situation, first-time home buyers sometimes decide to skip having a professional inspect the home. Using competent inspectors can offer you peace of mind that you are making a sound choice or alert you to underlying problems that could cost you a lot of money.

If you know the home you are interested in is going to have multiple offers you can always do the home inspection before you present your offer. Having a home inspection under your belt will help you enter the negotiations with your eyes wide open and the advantage of having one less condition. This is not uncommon and most agents/brokers will happily accommodate this.

It is better to spend a couple of hundred dollars to get the inspections given the total cost you will potentially outlay.

Mistake 4. Over-buying

A large or beautiful home with little or no furniture is a very uncomfortable reality. When you spend all your earnings to support your house, it can quickly cause family stress. As mundane as it may sound “buy within your means” taking into account unforeseen circumstances (eg. Interest rate rises, unexpected costs etc).

Mistake 5. First-impressions

First impressions can be a very strong influential factor when searching for a home. First-time home buyers should remember to keep an open mind and to try to be as objective as possible when examining a home. Don’t allow the current style or look of the house, whether good or bad, to overly impact your decision. A messy or “ugly” house may be structurally sound and actually suit your needs. Don’t look at the interior, whether it be design or furnishings, and not see past this. These issues are cosmetic and easily changed to suit your requirements.

Alternatively, don’t rush to make an offer just because a home is beautifully decorated. A thorough investigation of the house will help you make a sound decision.

Embarking on the quest for your first home is exciting. But remember, do your homework before you begin and be careful to avoid mistakes that could prove costly. Be as objective as possible and your purchase will no doubt prove to be a sensible one.

Remember – by all reports, Montreal is one of the highest-ranked cities for superb real estate. Nowhere else do you find such a unique and varied market. Montreal's great properties are synonymous with great value!

The Office of Donor Engagement and Stewardship at McGill University thanks Joan and Brian for their continued support of student awards at McGill. It is truly a privilege to witness the daily impact of generosity on students and the University community.

Everyone is buzzing about ‘The Market’ these days!  Whether it’s the Real Estate Market, the Stock Market or the Atwater Market – we all want the best deal!

The media bombards us with information, but remember:- statistics are based on ‘national’ figures for all housing, construction and inflated markets across Canada.

The phrase, ‘every cloud has a silver lining’ is appropriate; here, it’s opportunity in the buyers’ real estate market!  Now is a great time to invest in the quality and value of Montreal’s unique architecture!

So Think Positive, Look For Opportunities and Remember …
• If you are selling lower … you are also buying lower!
• More houses on the market mean more choices!
• Buyers now have a bigger ‘renovation fund’!
• A fabulous stone mansion in Westmount costs no more than an ordinary bungalow in Vancouver!
• Let’s do our part to get the economy moving!

 In the December issue of Canadian Real Estate magazine Elton Ash,
executive vice president of ReMax, Western Canada, writes that a long term
investment in real estate, in a stable location, is still the best
investment in the world. Historically this type of real estate investment
is more secure and less risky than the stock market over the long term.
Selecting the right location is crucial and that means finding a stable
market…a safe haven.  The CEO's of Canada's major real estate companies
along with Gregory Klump, chief economist at the Canadian Real Estate
Association (CREA), have done a study based on steady growth and have come
up with Canada's SAFE HAVENS. The criteria: 1) Is the economic base
diversified? 2) Have home prices seen a steady growth? 3) Is the city
growing? 4) Is there rental demand? 5)Is there a large baby boomer sector?
The TOP five are Victoria, Winnipeg, Kitchener, Barrie and Moncton
but…Montreal gets honourable mention emphasizing its' historical price
increases and steady growth, diverse economic base – aerospace, tobacco,
pharmaceuticals and a rental vacancy rate of 2.9%. The more diversified
the economy, the less likely we will experience a negative inpact from a
downturn, therefore Montreal remains in a good position.

Luscious Florals, Sparkling Still Lifes & Heavenly Seaside Poolscapes

THE HOLIDAY EXHIBIT

Champagne reception

Wednesday, December 10th, 6-10 PM

Thursday, Friday & Saturday

by appointment

1206 Seymour Avenue, Montreal

Exhibition and presale in progress

Info: 514-933-0776

October 28, 2008 – Joan Mcguigan Pepin of McGuigan pepin Inc., has been recognized by her industry peers for her dedicated client service, honesty, integrity and outstanding market knowledge.

«Joan is a tremendous example of a Most Referred real estate professional. Joan has consistently demonstrated the hallmarks of a trusted REALTOR – integrity, market knowledge and superior customer service» says James Secord, President of Most Referred.

«We are proud to present this award to Joan McGuigan Pepin for being recognized as one of the Top 3 «Most Referred Real Estate Agents» in Westmount, Qc, and welcome her to our network, » he added.

Most Referred Real Estate Agents is an independent network of the most trusted, reputable and professional real estate agents in North Americe.

As part of its efforts to address the current financial crisis, the federal government announced that it will inject $75 billion of new money¹ into the financial system, by buying insured mortgage pools from Canadian financial institutions.
The purpose of this measure is to add liquidity to financial institutions – money they can then lend to businesses and consumers. The main effect of such an initiative is to increase the availability of credit while, at the same time, making the cost of credit more affordable. As a result of this plan, financial institutions' mortgage interest rates should drop, which is likely to stimulate activity on the resale market.
This announcement is good news for our financial system and for the economy in general. Ultimately, it is borrowers who will benefit from this initiative, particularly future home buyers.
This federal government intervention was made necessary by the fact that the financial crisis has led to a significant reduction in the amount of credit made available by the private sector and, as a result, higher costs. In this context, banks' financing costs increase, which translates into higher prime rates and mortgage rates.
The purchase will be made through the Canada Mortgage and Housing Corporation (CMHC) and will focus exclusively on mortgages that are already insured under its mortgage loan insurance program.
For additional information, consult the news release and backgrounder issued by the Department of Finance by clicking here.

 1: Minister of Finance, Jim Flaherty, made an initial announcement of $25 billion last October 10, and announced an additional $50 billion on November 12.