Has access to property become only a hope? In Quebec, nearly three-quarters of non-homeowners have given up on the dream of one day having their own home, according to a recent Ipsos poll conducted for Global News. The duty has collected stories of potential buyers who continue, somehow, to get the keys to their dream home. Second meeting: the cold shower of inflation for a couple made up of a teacher and a dentist.
“We are far from being to be pitied! » emphasizes Marie-Ève, aware of the chance she has to live in a beautiful 5 ½ apartment in the Montcalm district, in Quebec, with her spouse. She teaches French to adults and he is the owner dentist. Between them, they earn close to $180,000 a year, a very good combined income. But despite this, the couple in their thirties find it hard to see how they could buy a property that meets their criteria in the capital.
Currently, their rent costs them $1580 per month. “It’s quite expensive,” admits the young woman. “When we discuss the amount of our rent with our friends, they answer us: “Well, your rent corresponds to what we pay in mortgage!” says Marie-Eve.
“So we said to ourselves that as long as we’re paying that much, we might be better off buying a house. There, at least, it would belong to us. We started looking at the prices this winter, but we quickly realized that it would be more complicated than expected, ”she sighs.
A single family
Ideally, the young couple would be looking to buy a single-family home or a plex in the borough of La Cité-Limoilou, in Quebec. Given his budget of around $500,000, is there a chance?
Technically, yes. According to data from the Centris platform obtained by The duty, the average sale price of a house in their preferred borough for the period from January to March 2022 was just over $436,000, which is within the limits of Marie-Ève and Étienne’s budget. The average cost of a duplex (just over $420,000) also remained within their prices, while that of a triplex (over $512,000) would exceed their budget a little.
“But, at this moment, is it worth buying a property at a higher price than what it is really worth? asks Marie-Eve. “My boyfriend wants something new, turnkey. But the few property ads that we see passing by, that we like and that are within our price range go so quickly,” says the one who is beginning to be discouraged.
Rising cost of living
But it’s not just real estate prices that are causing the young woman headaches. “I had major panic attacks in March because of the increase in the cost of living,” admits Marie-Ève, who had to seek help to calm her anxieties.
“I have a budget: I know what goes into my account and I know what comes out. I’m not afraid of overspending. I’m afraid of what I can’t control. Among these unpredictable factors, there is obviously the explosion in the price of gasoline, which is now above the $2 per liter mark, the increase in the grocery bill, but also the stories of renovictions that we hear repeatedly.
“My boyfriend isn’t too worried about that. But me, yes. Because I know I don’t make the same salary as him. It has already happened to me, at the start of my career, to empty my bank accounts because I did not have enough contracts and therefore income”, explains the one who says that she remained a little traumatized by this period of “lean cows “.
“I have a pretty good salary. I belong to the middle class. But with inflation, I feel my purchasing power going down. And that stresses me a lot, ”continues the young woman. “That’s why I’m hitting the brakes right now on buying a property. We are not rushing anything. But it is sure that if we found the one that ticks all the boxes, we would seize the ball! »
With Laurianne Croteau