Quebecers and the Real Estate Market: The 10 Highlights for 2023
A wide-ranging Léger study was presented by Christian Bourque, Executive Vice President and Senior Partner at Léger, at the Fenêtre sur le Marché Immobilier event held in December 2022, paints a picture of the real estate dreams of Quebecers for 2023. This survey of 6,755 Quebecers aged 18 and over, conducted between September and October 2022 highlights the various transaction prospects considered by respondents as well as the major real estate trends for the coming year. Here are 10 highlights that provide an insightful view of the market over the next 12 months.
Potential Homebuyer Trends
1. 21 per cent of respondents said
they were likely to buy a home in the next five years, while 13 per cent of
Quebecers wanted to buy a home in the next two years.
2. The trend is stronger among 18-
to 24-year-olds (45 per cent) and also more pronounced for respondents living
in Montreal (24 per cent).
3. Most buyers (about 80 per cent) want to buy a primary residence, 18 per cent want to buy a secondary residence and 11 per cent want to buy a rental unit. The total here exceeds 100 per cent, as some buyers may be aiming for more than one purchase.
4. The appeal of a single-family
home is the real estate dream shared by 79 per cent of respondents (68 per cent
for a detached home, 7 per cent for a semi-detached and 4 per cent for a
townhouse). Next, 15 per cent of respondents would choose a condo (a strong
interest among the 55 and over age group) and 6 per cent would choose an income
property.
5. 69 per cent of Quebecers are
looking to buy an existing property, while 15 per cent would rather buy a new
home. This trend towards the purchase of an existing home is gaining in
popularity compared to previous years. More than half of the respondents said
that price was the criterion explaining their desire to buy such a home.
6. 67 per cent of future buyers want to move to a home in the same area (11 per cent would even like to stay in the same neighbourhood and 30 per cent in the same city), while 33 per cent would like to move to another area.
7. The top five reasons that
motivate Quebecers to buy a home in the next five years:
1) Get a home they like better and have a better quality of life (52 per cent)
2) Become a homeowner and leave renting (39 per cent)
3) Make a long-term investment (30 per cent)
4) Increase the size of their home (25 per cent)
5) Change neighbourhood, city, or region
(23 per cent).
Future Seller Trends
8. 14 per cent of respondents intend to sell in the next five years, which remains about the same as the last two years. The intention to sell in the next two years is also stable at 8 per cent compared to 2021.
9. When selling their property,
respondents then want to buy another property (65 per cent), return to renting
(20 per cent), live in their second home (9 per cent), move in with someone
else (3 per cent), or move to a bi-generational home (2 per cent).
10. The top five reasons for selling their primary residence in the next five years are:
1) To have a better quality of life (34 per cent)
2) approaching retirement/age (33 per cent)
3) Reduce maintenance and renovations (32 per cent)
4) Move to a different neighbourhood, city, or region (28 per cent)
5) Downsize (23 per cent).
In short, the real estate dream is still in the picture of Quebecers’ aspirations for 2023. The purchase and sale intentions remain steady despite market fluctuations, the economic context, and the popularity of remote working. There is a cautious optimism in the real estate world.
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