As residential property transactions plummeted to unprecedented lows in March, a rejuvenated morale is emerging amongst Quebec’s populace with the real estate market, as revealed by a Royal Bank (RBC) survey.
The yearly RBC Real Estate Trends Survey discloses that 34% of the surveyed individuals from Quebec expressed confidence in the housing sector’s outlook for the upcoming year. In contrast, their Canadian counterparts hold a divergent perspective, with only 30% echoing the optimistic sentiment and a significant 48% harboring apprehensions. Within Quebec, 34% of the respondents conveyed concern.
Moreover, 35% of the participants from Quebec anticipate paying less for a residence this year compared to the previous one.
Recent data from the Association professionnelle des courtiers immobiliers du Québec (APCIQ) appears to corroborate their expectations. Despite the 28% decline in the number of properties sold in March compared to the same timeframe last year, prices have persistently followed a gradual downward trajectory.
For instance, the median price of single-family dwellings in Quebec experienced a 5% reduction to $535,000. Concurrently, condominiums witnessed a dip in average prices, settling at $381,500.
In a noteworthy revelation by RBC, 17% of the surveyed individuals opined that extending their stay in the familial abode would be necessary to achieve their homeownership aspirations. This finding might bring solace to some Quebec parents, considering the proportion climbs to 35% elsewhere in Canada.
The survey divulged that 17% of respondents believe they must defer childbearing plans to secure a home purchase. In this aspect, Quebec’s stance starkly contrasts with the rest of Canada, where 40% harbor the same conviction.
Source: Les Affaires