The Léger firm recently conducted a survey on buying and selling intentions in the real estate sector in Quebec. It revealed several interesting facts about real estate resale in Quebec.
The first buyers
The 35-44 age group represents a quarter of the total quantity of first-time buyers, but this market is dominated by 25-34 year olds. 35-49 year olds represent almost a third of this category. The age profile of experienced buyers is much more dispersed. Each of the five-year cohorts between 30 and 64 years of age varies by nearly 10% of the total number of experienced buyers. The survey also reveals that people aged 65 and over are not only selling single-family homes in preparation for retirement. In fact, people aged 65 and over are the most active buyers in the market. This means that many households in this age category opt for condominiums and thus acquire an asset that increases in value. They are also able to benefit financially from the sale of their single-family home.
The prices
The survey, conducted among 6,931 Quebecers aged 18 and over, shows that first-time buyers tend to buy properties at lower prices than experienced buyers. The price curves paid by these two categories of buyers cross over to the $250,000 mark. It corresponds to the median residential price in the province of Quebec. This means that properties posted at prices of about $250,000 are suitable for all types of buyers. However, for experienced buyers, the price distribution is more in the $400,000 to $500,000 range.
Future buyers
It seems that the youngest cohort, the 18 to 24 year olds, is more ambitious in terms of home ownership than the previous younger cohort. The percentage is more than twice as high. In general, the survey shows rather high purchase intentions, both among age categories and by time horizons. It can be expected that demand for properties should remain strong in the future.