Even if you’re not currently looking to buy a home, you’ve probably seen the news or heard from friends about how feverish the housing market has gotten in our area. In this short video, I share what’s been happening, and some of the core causes of this unprecedented real estate market in Quebec.
Right now we’re seeing a market Quebec has never seen before. There are less homes for sale than ever before. While having less homes for sale, there is a flood of buyers in the market because of COVID.
One of the first things we noticed were seniors who decided to hold off moving into assisted living. It’s a risky time to be moving for somebody in that demographic, and many put these plans are put on hold, which takes away one segment of homes that may have otherwise been on the market.
Another reason for the lower number of homes on the market are people who decided to renovate during the pandemic: a lot of them fell in love with their homes again, and decided to stay.
The next thing to touch on are actually the historically low interest rates. Whenever we see low rates like this, people decide to take advantage of the opportunity.
Another thing we’ve been seeing over the last several months is that a lot of people are leaving the city. People that had condos or small apartments downtown, felt cooped up during COVID and started to rethink what they wanted for a living space. So they took the opportunity and moved to the suburbs. Especially Hudson, Saint-Lazare, Rigaud and Vaudreuil, who have so much to offer: outdoor activities, bigger properties with more land, allowing you to be outside a lot more and appreciating nature.
There you have it, the reasons why homes are selling more quickly than ever:
- lower interest rates
- seniors who had put their plans to downsize on hold
- people who decided to renovate and stayed at their place
- folks that were leaving the city to have a bigger property
All that amounts to much less homes for sale and many more buyers, who make more aggressive offers. You currently have multiple offers on almost every home, which is driving prices up.
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