Buying a condominium with complete peace of mind: Launch of a new guide!

Montreal, February 9, 2022 – The guide Becoming a co-owner: Buying my future condo is now available for any buyer wishing to learn more about co-ownership. This essential resource was produced jointly by Garantie de construction résidence (GCR), the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) and the Regroupement des gestionnaires et copropriétaires du Québec (RGCQ), with the collaboration of condolegal.com .

Buying a condominium is more complex than buying a single-family home in several ways. This type of housing has specific constraints, which it is best to know before getting started. With more than 350,000 condominiums listed in 2021*, it became essential to provide consumers with a comprehensive tool to help them find their way around.

“During the purchasing process, it is sometimes difficult to know where to start. Thanks to this guide, buyers will be able to identify the important information to obtain before the transaction and understand how a co-ownership works. It will be a valuable tool to avoid unpleasant surprises and support them at each stage,” mentions Laurent Émery, General Manager of the RGCQ.

Available free of charge online, it allows, among other things, to demystify the particularities of divided co-ownership, to better understand the declaration of co-ownership and the contingency fund, as well as to learn more about the functioning of a co-owners' union.

The guide also covers the roles and responsibilities of co-owners, whether they are buying an existing or new co-ownership. “People may sometimes think that when buying new, there are fewer things to do and monitor, but that is not true. This guide clarifies all that and we are convinced that it will greatly help future buyers make informed decisions,” says Daniel Laplante, President and CEO of GCR.

“The OACIQ is proud to have collaborated on the production of this new guide, which fits well with its sole mission of informing and protecting the public by applying the Real Estate Brokerage Act . Real estate brokers who will support buyers will have one more tool to properly inform and advise them throughout the process. This guide will certainly become a reference tool, among others, for first-time buyers, for whom co-ownership remains an interesting avenue and who must be well informed,” emphasizes Me Nadine Lindsay, President and CEO of the OACIQ.

The guide is available free of charge online and in PDF format for download: https://www.monfuturcondo.info/ .

About Garantie de construction résidentiel (GCR) Garantie de construction résidentiel (GCR) is a neutral and independent non-profit organization (NPO) whose mission is to protect buyers of new homes and to promote the improvement of the quality of construction in Quebec. Beyond this mission, GCR is mandated to administer the guarantee plan for new residential buildings for the entire territory of Quebec.

About the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) ensures the protection of the public who use real estate brokerage services regulated by the Real Estate Brokerage Act . It is a member of the Real Estate Brokerage Regulatory Authorities of Canada (REBR), an organization that brings together all Canadian regulators in the areas of real estate brokerage, building inspection and condominium management for certain provinces.

About the Regroupement des gestionnaires et copropriétaires du Québec (RGCQ) The RGCQ is a non-profit organization founded in 1999 whose mission is to improve the management and governance of Quebec co-ownerships. Representing more than 90,000 co-ownership units and 300 businesses, the RGCQ is the spokesperson par excellence for co-owners, syndicates and co-ownership managers. The maintenance and conservation of buildings are its main purpose.

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For an interview or for more information:

• Association of managers and co-owners of Quebec: l.emery@rgcq.org

• Residential construction guarantee: jslapointe@garantiegcr.com

• Quebec real estate brokerage self-regulatory organization: medias@oaciq.com

* According to the study by the Association of Construction and Housing Professionals of Quebec (APCHQ) “The rise of co-ownership in Quebec” (March 2019) and the biannual reports published in the “APCHQ Housing Bulletin” (2019, 2020 and 2021).

Last updated on: February 09, 2022

Item number: 208912