Seven months into the pandemic, confidence remains high, with intentions to buy up 5% since March 2020
LAVAL, QC, Nov. 2, 2020 /CNW Telbec/ – The second phase of the RE/MAX Real Estate Index, gathered through a large regional semiannual survey on whether or not Québec residents intended on buying or selling their homes1 and other related topics, was improved from its original version to better assess the impact of the pandemic on respondents’ intentions.
The first phase of the RE/MAX Real Estate Index was conducted in the last two weeks of March 2020, when lockdown measures had just been put in place.
“This second stage measures how the pandemic is impacting the intentions of Québec buyers and sellers,” said Sylvain Dansereau, Executive Vice President of RE/MAX Québec. “We wished to go beyond industry data, which only provides a statistical profile, and survey intentions to identify the trends that will dominate the next five years. Data confirms what our brokers observe in the field: Québec real estate market is dynamic and is expected to remain active.”
First finding: Confidence remains high “One point is clear: seven months into the pandemic, confidence remains high in the real estate market, with 45% of respondents thinking that they will likely purchase a home in the next five years, which represents a 5% increase since March,” added Sylvain Dansereau. “Among respondents aged 18 to 34, home buying is highly appealing, since 70% have the intention to acquire a home.”
Second finding: The popularity of the city, the suburb and the country “While remote work is growing in popularity, we have not observed an urban exodus, but a push toward the country. We are closely monitoring this phenomenon since it could have an effect on prices,” stated Sylvain Dansereau.
The city’s appeal remains stable at 26% (28% in March), while there are fluctuations in the popularity of the suburb and the country. Accordingly, 40% of prospective buyers would rather live in the suburbs, down 6% from March, while those preferring the country increased by the same percentage, to 27%.
However, for households with at least one child under 18, the suburb is still clearly the top choice (49% vs. 22% for the city and 25% for the country).
Trends among buyers: looking for a yard, an office and high-speed Internet The pandemic impacted two thirds of the respondents intending on buying a property, especially young families.
A quarter of the respondents are looking to buy a home with a yard or a larger yard, 20% want to move out of a main urban centre and 16% are looking for a larger house where they could set up a home office. However, this trend is not as prevailing in Sherbrooke (9%) and in Saguenay–Lac-Saint-Jean (7%).
The availability of high-speed Internet services in the region was a factor for 15% of the respondents.
Trends among sellers: confidence to get the asking price, an increase in selling intention and renovations Across the province, respondents are increasingly confident of getting the asking price (91% vs. 83% in March). Saguenay–Lac-Saint-Jean is the region where the confidence level is the lowest at 75%.
A growing number (41% vs. 37% in March) of respondents think it is likely that they will sell their residential property in the next five years. Among them, 60% have completed a renovation to help sell their house or get a better price. Future sellers may postpone the sale of their home for the following key reasons: the high price of other properties (31%), economic insecurity caused by the pandemic (24%) and the competitiveness on the current market (22%).
Significant regional disparities In the Greater Montréal area, the intention to buy a residential property is on the rise, from 43% in March to 49%.
In the Québec (86%), Trois-Rivière/Drummondville (89%) and Sherbrooke (85%) regions, respondents are especially confident to be able to stay within their budget. Conversely, Gatineau residents are significantly less confident (71%) than during the first wave (83%).
Residents of the Greater Québec area and Sherbrooke stand out among owners intending on selling in the next five years, due to their significantly lower intentions (29% and 26%, respectively) compared to the provincial average (41%). Such intention peaks in the Greater Montréal area, at 45%. Such increased supply foreshadows a dynamic housing market and attractive opportunities for buyers often hindered by the limited supply.
“RE/MAX will keep a close eye on how the pandemic will impact buyers’ and sellers’ intentions and criteria when looking for a property,” added Sylvain Dansereau.
1
The RE/MAX Six Index, conducted by Léger between September 14 and 20, 2020, targeting 1,401 Québec residents in six regions. The margin of error is +/- 2.6%, 19 times out of 20.
About RE/MAX Québec With over 4,214 brokers across 146 offices, RE/MAX puts Québec’s biggest sales force at your disposal, which accounts for 43% of the total market share. There are over 120,000 RE/MAX brokers in nearly 100 countries worldwide. For 33 years, RE/MAX has been supporting Opération Enfant Soleil, a non-profit organization that raises funds to help sick children across the province. Since 1988, RE/MAX has raised over $25 million to support the development of high-quality pediatric care for all children in Québec.
For further information: To get the RE/MAX Real Estate Index, for more information or to schedule an interview with Sylvain Dansereau or a RE/MAX Québec regional representative, please contact: Valérie Lavoie, Massy Forget Langlois Public Relations, Cell: 438-885-9135, [email protected]; Jessica Lavoie, RE/MAX Québec Inc., O.: 450-668-7743 or cell.: 514-826-0070, [email protected]
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
