Episode Details

Condo or house? It's one of the biggest decisions homebuyers face, and the right answer isn't always about price. This week on Under One Roof MTL, Robyn Flynn and LJ Aguinaga break down the financial and lifestyle differences between owning a condo and a house, from maintenance costs and condo fees to freedom, flexibility and long-term resale value.

Plus, Martin Spalding explains why getting approved for a mortgage involves more than having good credit and a steady income. Through the story of a homebuyer who lost his dream property because his paperwork wasn't ready, we explore the documents lenders need, how requirements differ depending on the type of mortgage, and what you can do to avoid costly delays.

We also look at whether Greater Montreal is finally shifting toward a buyers' market, and what that could mean for anyone planning to buy or sell.

What's Happening in the Market: Is Montreal Becoming a Buyers' Market?

After years of bidding wars and intense competition, the Greater Montreal real estate market may finally be shifting in favour of buyers.

• September home sales dropped 12% compared with last year, while active listings increased by 20%

• Why more inventory could mean more negotiating power for buyers

• How long properties are taking to sell, particularly condominiums

• Why home prices haven't necessarily fallen despite slowing sales

• How rising fixed mortgage rates could offset some of the savings buyers negotiate

• Whether bidding wars are becoming less common and sellers are adjusting their expectations

• What buyers and sellers should consider over the next three to six months

Real Estate: Condo vs. House, Which One Makes Sense for You?

LJ walks us through the important considerations when choosing between condo ownership and a traditional house.

• What questions should buyers ask themselves before deciding between a condo and a house?

• How do the ongoing costs of ownership compare?

• Why understanding a condo's declaration of co-ownership and building rules is essential

• What condo fees actually cover, and why unusually low fees can be a warning sign

• How homeowners should budget for major expenses like roof replacements, foundation repairs and heating systems

• What buyers should consider about long-term resale value, especially if they plan to move again in five or ten years

Mortgages: The Documents You Need to Get Approved

Martin shares the story of David, a homebuyer who found the perfect property and had his offer accepted, only to lose the home when he couldn't provide the documentation required for mortgage approval before his financing deadline.

The problem wasn't necessarily his income or credit. It was the paperwork.

We discuss:

• Why lenders require so much documentation before approving a mortgage

• The importance of current employment letters, pay stubs and tax records

• How to properly document your down payment, including money transferred between accounts or gifted by family members

• Why an account balance screenshot isn't enough to establish the source of your funds

• Whether B-lenders require less documentation than traditional banks

• How documentation requirements differ for reverse mortgages and private lending

• Why mortgage brokers can't always rescue an application at the last minute

• How to organize your documents before making an offer to avoid unnecessary delays

The takeaway: Having the financial means to qualify for a mortgag