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Samuel El-Kaim, a 27-year-old proud Montrealer, has made quite a name for himself in the Montreal luxury market, listing some amazing properties in the city's most prominent areas with Barnes Quebec.
From one millennial to another, he shares some of his top tips for young people trying to enter the market.
Answers have been edited and condensed for clarity.
What tips do you have for anyone looking to buy their first place?
In the current market, which is highly competitive, with an increasing number of multiple-offers situations, I would definitely recommend working with a real estate broker. Real estate brokers have access to a large amount of information that is crucial in a transaction.
Even in the current conditions, it is really important to have an inspection done on the property and review all the documentation in detail. The current market is stressful for first-time buyers, and you wouldn't want to make a mistake buying your first home.
I would also recommend using the Home Buyers' Plan (HBP), which is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home. This program allows the buyer to withdraw up to 35 000$, helping a lot in the first purchase. If you don't have RRSPs yet, don't worry. Mortgage brokers or real estate brokers will be able to guide a new buyer in that process.
Also some great advice; choose a real estate broker you trust, appreciate and connect with. Ask as many questions as you want; it's in our mission to give you all the tools you need to make a decision that fits your needs, your means and aspirations, and to help you succeed in every step of the process.
A first buy is a significant step in building your assets, and probably the first transaction of many. By choosing the right professional for you, you find a trusted advisor that will help you create value in your real estate journey as well as help you seize great opportunities.
Where do you see the future of real estate in Montreal?
It's a great time for real estate right now! Even with a pandemic, the market continued its incredible performance in 2020, with total sales of $9.6 billion in Montreal only.
The average price for a single-family house grew by 14.3% in 2020 (2020 vs. 2019). Inventory is pretty much all types of products is historically low.
The real estate market prices essentially depend on two major factors: supply and demand. As long as the number of buyers remains high and the inventory remains low, I don't see the prices going down any time soon. I think priorities are changing and the products in new construction will need to adapt.
A high number of people are now working from home, which makes a private working area and a nice exterior space crucial.
What are the common misconceptions about buying versus renting?
I think the most common misconception is that renting is better than buying. With the current interest rates that are historically low, the argument that renting makes more sense financially on the long run does not stand.
Owning an asset that appreciates in value over time, while paying back a loan at a very low-interest rate? You can't beat that. Paying rent is money you will never get back, compared to a loan, where a high percentage of every monthly payment goes towards the capital, which is your own money.
The market is very dynamic and my advice would be to get in the market and own a property, if you can, rather than waiting for a crazy deal, they don't happen a lot these days.
Arnaud Kuyumcu | RE/MAX
Richard Church | M Real Estate
Richard Church | M Real Estate
The Internet Is Obsessed With This Montreal Restaurant's Refreshingly Honest Menu
You might be a frequent eater of Cuisine AuntDai in Montreal. Or perhaps you just heard about the Chinese restaurant this week when its strikingly honest menu went viral.
But who is behind the hilarious descriptions and anecdotes that accompany each menu item? We spoke to owner Feigang Fei about his newfound fame and the decision to caption his orange beef with "This one is not THAT good. Anyway, I am not big fan of North American Chinese food and it's your call."
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What's the story behind the brutally honest comments on AuntDai's menu?
Fei told MTL Blog he began posting comments on the online menu four years ago, after noticing that some customers would order plates they didn't enjoy in the end.
"After so many of these cases, I started focusing on the weird menu items," said Fei, explaining he added comments to unusual dishes so customers would know what to expect before trying them.
The descriptions proved to be effective.
Fei said that when customers showed up to AuntDai, they raved about his advice and how helpful it was.
Fei went on to add descriptions to every one of AuntDai's menu items last year.
The comments are too good, each more comical than the last.
Here are some examples:
Peanut sauce (chicken, beef, shrimps or vegetables at choice): I don't know why but peanut sauce chicken is liked by a lot of customers at AuntDai.
House Salad: A lot of Chinese people know this dish but I don't, maybe I am not so Chinese.
Satay sauce beef: According to a lot of customers, this one is very popular, I still don't have chance to taste it. Looks like I should spend more time eating in my own restaurant.
Cumin beef: We used to have the beef pieces on small sticks but several customers cut their lips by it thinking it was some hard ingredient ... To avoid incidents like this, no more sticks.
Hot and sour soup: Spicy and tasty, no meat, drink slowly to avoid hiccups.
What is it like to 'go viral'?
The recent spike in AuntDai love started with a tweet from Montrealer Kim Belair who wrote, "Aunt Dai is my favourite Chinese restaurant in Montreal, but the REAL treat is the menu, featuring extremely honest commentary from the owner."
The tweet has since racked up over 66,000 "likes."
Fei called the experience of going viral "crazy."
When a German newspaper contacted him, he said he even asked for proof thinking it was spam.
"After checking, I saw it was one of the top papers in Germany," he said.
The story was also picked up by other international media outlets, such as The Guardian.
"It’s a first thing for me in my whole life," he said.
What's next for AuntDai?
Fei said he worried for his business near the start of the pandemic.
"The business went down a lot — maybe [by] 50, 60 percent," he said. "It was really bad, we had to let people go."
However, Fei said business slowly picked up when the restaurant joined Uber Eats, SkipTheDishes, DoorDash and Foodora.
"They take really big portion [for] the commission. I don't think we can make money, but it helps," Fei told MTL Blog.
"Without them, we would have closed for sure."
Fei also thanked AuntDai's loyal customers, who he said have been integral in keeping the restaurant alive.
"I know families who come from the West Island and Brossard to come pick up — some of them live really far," he said.
"Those customers really helped us, otherwise I would probably have had to close in early February."
Prior to the pandemic, Fei said the restaurant regularly held "exchange groups" on its second floor in the evenings, facilitating English and French tutoring for Chinese immigrants while helping Montrealers learn Chinese.
The restaurant also offered information sessions to new immigrants with backgrounds in specialized professional fields, aiding them in learning how to regain careers in Quebec.
"We resume the club [after the pandemic] to help the immigrants, to improve each other," he said.
As for next steps for the AuntDai website and Fei's food commentary, he told MTL Blog his goal is to continue the restaurant's blog in his spare time.
"I always like to write real stories about the hardships of running a restaurant," he said.
"We try to be better for ourselves, we want to improve. I just want to make things right and make customers happy."