Previously very affordable, the Laurentians sector has seen its real estate sector ignite during the pandemic. But after a year of calm, the sale prices of residential properties fell by 10% in the region, the largest drop at the regional level after Gaspésie–Îles-de-la-Madeleine (-20%) .
This swing of the pendulum is occurring as presence in the office has once again become compulsory in a majority of companies. “People are more cautious when they buy a house further from their place of work, because there are still more restrictions than during the pandemic, estimates Charles Brant, director of the service of market analysis at the Professional Association of Real Estate Brokers of Quebec. They are now more rational. »
In 2021 and 2022, buyers were mostly Montrealers who dreamed of large green spaces where they could work from home.
“There are many for whom it was their only property,” noted Louis-Philippe Girard, a broker in the region. But many people are not made to live outside urban centres, confirms Charles Brant. “Some buy or rent pied-à-terre in Montreal in order to find an in-between, while keeping their property,” he adds.
Second homes, however, form the majority of markets in holiday resorts. With current interest rates, which have peaked since 2007, unforeseen expenses are in question. “Especially in resort areas, second homes are the ones you will get rid of first if you have financial worries. The conditions of sale in these markets have therefore rather tended to deteriorate” since the beginning of the year, notes Charles Brant.
Broker Louis-Philippe Girard, who works mainly in the Laurentians, confirms this slowdown. However, he adds that for some properties, especially those on the waterfront and listed at less than $450,000, “we still have action”. “People are still ready to go all out because it’s hard to find,” he says.
Despite the current economic conditions, the real estate agent expects to “see movement” in the coming year due to mortgage renewals. “People who have beautiful properties may go to the North Shore in condominiums” to reduce their expenses, according to him.