According to a recent survey conducted by Léger, 25 per cent of Quebec households are considering buying a residential property by 2025! Are you one of them?
A look at buying intentions in Quebec
According to the results of the Léger survey, millennials between 18 and 34 years of age are the most likely to become homeowners, with 52 per cent of them planning to buy a property by 2025.
Among 35 to 54 year olds, 28 per cent intend to buy a property by 2025, while only 10 per cent of baby boomers are considering it.
The pandemic has had an impact on the choice of 40 per cent of Quebecers aged 18 to 34, compared to 25 per cent for all those surveyed.
Among young households who said COVID-19 has changed their choice:
- 31 per cent indicated they will remain renters
- 23 per cent have decided to postpone the purchase of their property until later
What types of properties will be the most sought after?
- Two-thirds of future buyers surveyed would prefer to buy a detached single-family home.
- 16 per cent of respondents said they will buy a condominium and 7 per cent indicated they will buy an income property.
New home or existing home?
Buying an existing property remains the number one choice. In total, 68 per cent of Quebecers would choose this option, and the reasons cited were the generally lower purchase price and the location.
17 per cent of future buyers would choose a new property. Finally, 15 per cent of buyers are open to both scenarios.
About the survey on real estate buying and selling intentions in Quebec
A survey on buying and selling intentions in Quebec’s residential real estate market was carried out in the fall of 2020, in collaboration with the Fonds immobilier de solidarité FTQ, the Société d’habitation du Québec (SHQ), the Association des professionnels de la construction et de l’habitation du Québec (APCHQ) and the Quebec Professional Association of Real Estate Brokers (QPAREB). Learn more.