28 Nov

Montreal real estate: Radon testing now recommended when buying a home

General

Posted by: Frederic Pichette

It’s simple and inexpensive to find out whether your home — or a home you hope to buy — has a radon problem.

The leading cause of lung cancer in non-smokers is an invisible, odourless and tasteless radioactive gas present at dangerously high levels in as many as one in 10 homes in Quebec.

Radon is a common, naturally occurring gas released by the breakdown of uranium in soil. It enters homes through cracks in the foundation, gaps around service points, and other places where there are openings near to the ground.

At low levels, radon gas is not harmful, but in higher concentrations, it can be harmful to lung health over time.

According to Health Canada, radon exposure is responsible for about 16 per cent of lung cancers and more than 3,200 deaths each year, or about eight deaths per day.

Radon is a known risk. But the good news is, it’s simple and inexpensive to find out whether your home — or a home you hope to buy — has a radon problem. It’s also not as expensive as you might think to remediate the problem.

The only way to tell if a home has high levels of radon is to test, which is why Health Canada and the Canadian Association of Radon Technologists (CARST) recommend that all home owners should either purchase a do-it-yourself test kit or hire a professional to measure radon levels within their homes.

According to CARST spokesperson Erin Curry, radon exposure kills more people every year than motor vehicle collisions, drownings, house fires and carbon monoxide combined.

“We wear our seatbelts and change our batteries in our smoke detectors, but very few of us — only six per cent of Canadians — have tested their homes for radon,” Curry said.

The test can be done for less than $50 using an inexpensive home test kit available online or in home improvement stores (there is a list of reputable suppliers at takeactiononradon.ca, a website created by CARST and the Canadian Cancer Society).

The kit measures radon levels within a home over three months, ideally during the winter season. At the end of the test period, the device is mailed to a lab, and the homeowner is given a report that indicates whether radon remediation is required.

If the test comes back indicating that there may be high levels of radon in a home, it doesn’t mean the home’s a lemon. In Canada, radon remediation costs about $3,000 on average, and the good news is, once you do ante up for radon remediation, it’s typically a one-time fix.

“I think that a lot of people are scared to test,” Curry said. “They think if the test comes back high it’ll be super expensive and super complicated. But it is nice for people to know there is a solution to the problem. It is proven, and it is relatively inexpensive.”

On Nov. 15, CARST released new guidelines for realtors and homeowners urging sellers to have their homes tested and buyers to add radon levels to the list of things to ask about when making an offer on a home.

Realizing a three-month testing period may be impractical to complete within the normal process of clearing subjects on a promise to purchase, CARST has come up with new recommendations for a quicker, albeit less accurate, test that can be completed within four days and indicates whether a home is likely to have annual radon levels above the safe threshold of 200 Bq/m3.

If the quick test shows a home may have high levels of radon, it doesn’t mean the buyer needs to walk away from the deal. Instead, CARST recommends buyers make an offer at a price that reflects the likely cost of radon remediation, just as they would for another major repair, and plan on conducting the full three-month test after moving in to determine the actual level of risk.

Curry said remediation usually takes no more than a day, and should be done by an accredited professional. The fix can be as simple as sealing cracks around the base of a home to prevent the gas from seeping in, but often requires installing an active soil depressurization system, which has been shown to reduce home radon levels by as much as 91 per cent.

For more information on radon, visit canada.ca/radon

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20 Nov

Montreal real estate: House prices likely to climb through 2020, CMHC says

Latest News

Posted by: Frederic Pichette

The boom in condos and multi-family rental buildings will also continue. In other words our housing hot streak shows no sign of cooling.

For years, Vancouver and Toronto were the stars of the Canadian real estate market. Prices were skyrocketing, and buyers were in a fever to outbid each other. Meanwhile, Montreal just kept trucking along, prices increasing modestly if unambitiously.

Now, it seems, it’s our time to shine.

Montreal’s housing market started picking up toward the end of 2015 and has been gaining momentum ever since. According to the most recent forecast from the Canadian Mortgage and Housing Corporation (CMHC), released Wednesday, the market here is far from peaking.

In Vancouver and Toronto, CMHC expects both housing starts and sales to slow over the next few years. In contrast, Montreal’s strong employment growth is expected to stimulate demand through 2020, leading to an ever-lower inventory of single family homes for sale.

According to the report, prices in Montreal are likely to keep rising, and rental rates as well. The boom in condo construction and multi-family rental buildings will also continue. In other words: Montreal’s housing hot streak shows no sign of cooling.

Although prices are climbing, Montreal is still considered a relatively affordable market. Unlike Vancouver and Toronto, the rise in home prices in Montreal has remained in line with economic fundamentals. In its market outlook report, CMHC said overvaluation is not a concern yet.

According to Brad Henderson, president and CEO of Sotheby’s International Realty Canada, there’s a lot of room left for prices to grow in Montreal. The median price of a single-family home in the Montreal area may have risen six per cent year over year, but it still remains at a relatively affordable $335,000.

“It’s a global city, a world-class city, that is continuing to come into its own. When people look at the price of real estate in Toronto and Vancouver and other cities around the world, people realize what a bargain it is in Montreal,” Henderson said.

Demand for Montreal real estate is continuing to grow, while supply is dropping. The Quebec Federation of Real Estate Boards reports that Montreal has now seen 17 consecutive quarterly increases in residential sales. Meanwhile, the number of listings has been dropping for 12 consecutive quarters.

More demand + less supply = higher prices. And indications are the trend isn’t likely to reverse anytime soon.

And indeed it is already slim pickings for buyers in certain parts of Montreal. In October, another CMHC report found in certain sectors of the Island of Montreal, including in the southern part of the West Island, the South West, Rosemont, Villeray, Notre-Dame-de-Grâce, Montreal West and Nun’s Island, there were four or fewer sellers for each buyer.

Although condo construction is ramping up, supply is still not meeting the demand in the hottest sectors of the city, like Montreal’s downtown. According to data from Altus Group, a record-setting 3,000 new condo units went on the market in the greater Montreal area last quarter, but almost half are already sold.

The CMHC outlook predicts the average price growth between now and 2020 will beat the annual average of the last few years, even if an anticipated rise in mortgage rates cools demand.

Overall, it’s looking like a good time to be a homeowner in Montreal. And unlike Vancouver or Toronto, it is still possible for Montrealers who rent to buy a home of their own if they wish.

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