As we all know, real estate had a spectacular 2020 and first two quarters of 2021. Prices are rising, days on the market are short and multiple offers are making the buyers heads spin. Why is all of this activity happening in Quebec? And does it show signs of slowing down?
One in two Quebecers maintain their plans to move and purchase according to a study performed by the firm Ad Hoc. COVID-19 may have made baby boomers and the older generation hit the brakes on lifestyle changes and pending moves, but it was quite the opposite for millennials and their younger counterparts. The lack of risk adversity of the younger generations and low interest rates causes a flood of buyers. As we know, the real estate game is as simple as supply and demand.
Travel restrictions and teleworking made life in the suburbs or country extremely appealing. After months of being stuck at home, buyers were looking for a bit of fresh air. Concepts like more affordable housing, desire for green space and lack of need to commute all played a huge factor in people looking for a secondary property in rural areas. Will this change in the fourth quarter of 2021 and the first quarter of 2022, as we adjust to the new normal and people go back to office life?
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