Tenants in the Quebec region are hesitant to become owners

Tenants in the Quebec region are hesitant to become owners
Tenants in the Quebec region are hesitant to become owners

Only 28% of respondents in the Quebec region considered purchasing a property before renewing their lease on July 1, according to a Royal LePage survey.

“People are cautious. They watch how things will go. The lack of houses for sale also limits the choice,” explains Michèle Fournier, vice-president and real estate broker, Royal LePage Inter-Québec.

“With the increase in rents, they also take more time to accumulate the amount necessary for the down payment,” she continues.

Among survey respondents, 60% also do not plan to invest in a home in the next two years.

One of the excuses is due to current house prices. But are potential buyers right to expect a possible drop?

“No,” says Ms. Fournier. We must not wait for the ideal situation.”

Active market

According to Ms. Fournier, the residential market in Quebec has never ceased to be active. “The market is strong. We still have multiple offers. And as long as demand exceeds supply, prices will not fall,” she warns.

Despite everything, the real estate broker believes that people want to become owners and will give themselves the means to do so.

“In Toronto or Vancouver, we wondered how people managed to buy a house. Salaries are not much higher compared to Quebec. I tell myself that here people will readjust to the situation and they will take the means to become owners,” she thinks.

“Real estate investing has never been a bad thing. And when you see the price of rent for two rooms, you might as well become an owner,” she adds.

Even if it means moving away from your current place of residence.

The survey was conducted by Hill & Knowlton between June 7 and 10, 2024.

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