The salty rise in real estate prices is stirring people’s minds to the point where it is reducing buying intentions, according to a large survey.
Intentions to purchase properties over the next five years drop from 25% in 2020 to 23% this year. The decrease is more marked among 18-34 year olds. Intentions slipped from 52% to 47% in one year.
These figures are taken from a web survey carried out by the firm Léger in the fall, with 5,500 respondents. A similar study was carried out in 2020. The sponsors of the survey are the Association of Construction and Housing Professionals of Quebec (APCHQ), the Fonds immobilier de solidarité FTQ, the Ministry of Municipal Affairs and the ‘Habitation (MAMH) and the Professional Association of Real Estate Brokers of Quebec (APCIQ).
“The survey reveals that 63% of young households declared that the rise in prices had a negative impact on their purchasing intentions,” we read in one of the press releases published on the occasion of the unveiling of the results. At the same time, more young tenant households have said they will not be moving by 2026, and more cite the inability to buy in their area as a reason for staying a tenant. ”
Other highlights of the study
The suburbs more popular than ever: 66% of owners living on the island of Montreal who want to sell will move to a suburb outside the island.
PHOTO MARTIN TREMBLAY, PRESS ARCHIVES
The suburbs are more popular than ever, according to Leger’s study.
Teleworking saves: 84 % of people who telecommute say they save. Of the lot, 28% believe they are saving between $ 100 and $ 200 per month and 13% claim to save more than $ 200 per month.
Condos in need of love: People in the Montreal CMA who plan to buy are now only 17% to consider a condominium, it was 20% in 2020 and 22% in 2018. The new rules governing contingency funds fail to reverse the trend .
The dream of the chalet, stronger than ever: 17% of respondents across the province who are thinking of buying real estate are considering a second home, said Paul Cardinal, economist for the APCHQ, on the phone.
The triumph of the single-family home: 81% of respondents who are in the line to acquire a property express their preference for this type of housing.
Households with healthy finances: “88% of recent buyers got their mortgage the first time and 86% of respondents say they are comfortable with their level of indebtedness”, rejoices in an interview Rémi Couture, market analysis advisor for the Real Estate Fund of FTQ solidarity.