With the REM, Quartier DIX30 and its proximity to downtown Montreal, Brossard attracts many tenants. Buying a duplex, triplex or larger building can be a good investment, as long as you do your math carefully. Here are the steps.
1. Owner-occupant or investor?
Living in one of the units changes a lot: financing terms and the minimum down payment are generally more favourable for an owner-occupant than for an investor. Talk to your financial institution or a mortgage broker before you start shopping.
2. Analyze the income
- ask for a copy of every current lease;
- check the rents actually paid and the renewal dates;
- remember that in Quebec, rent can’t be raised freely: increases follow the rules of the Tribunal administratif du logement;
- compare with rents in the area to gauge the long-term potential.
3. Estimate all expenses
- property taxes and school taxes;
- building insurance;
- electricity and heating for common areas, if applicable;
- maintenance, repairs and a reserve for major work (roof, windows, balconies);
- management fees if you hand the building over to a property manager;
- a conservative vacancy rate.
4. Calculate purchase costs
Budget for transfer duties, the well-known welcome tax, notary fees, the inspection and tax adjustments. Then compare with market prices in Brossard.
5. Inspect
Have the building inspected by a building inspector before waiving your conditions. Pay particular attention to the roof, plumbing, electrical, foundation and balconies. Get quotes for planned work before signing: see getting comparable quotes.
6. Plan for management
Managing the building yourself takes time: tenants, rent collection, repairs, renewals. Read our guide Renting out your property in Brossard or entrust your building to a property manager such as Kalfa, which operates in Montreal and on the South Shore: request a quote. See also Property management in Brossard.
brossard.city is an independent guide, not affiliated with the City of Brossard. Information is provided for general guidance only; check with official sources before making any decision. Spotted an error? Let us know.