Montréal, May 12, 2021 – In reaction to the frenzied pace in the real estate market, 48% of Quebecers either moved up or delayed their plans to buy or sell property during the last year.
This was revealed by an Ad hoc1 survey on real estate trends conducted on behalf of DuProprio. Those most affected by the real estate boom were young adults aged 18 to 34: some 58% of them changed their plans.
Pandemic’s impact on the market
The current market has made some people get in gear and others put the brakes on when it comes to their real estate plans, for a variety of reasons.
One respondent in five said they moved up their plans in the last year due to attractive interest rates (40%), the sharp rise in prices (34%) or the need for change (33%). Among the 28% who opted to delay their plans, the reasons given included too-high prices (73%), the speed at which properties are selling (49%) and feeling uncomfortable visiting properties or receiving visitors during the pandemic (23%). Interestingly, while a gradual return to the workplace is on the horizon, 30% of respondents said that telework influenced their decision to sell or buy a property. Also, one out of four Quebecers stated that they plan to work remotely after the pandemic is over. It will be interesting to watch this situation unfold.
“The survey results reflect what we’ve been seeing on the ground over the last year,” said Martin Desfossés, DuProprio real estate coach. “In this environment of higher prices and faster transactions, the impartial advice offered by our teams of appraisers, notaries and real estate coaches is more appropriate than ever. Our teams’ support is always reassuring and highly appreciated by our clients, and even more so during this market boom.”
Quebecers looking for fresh air
The survey confirmed a trend we’ve been noticing: consumers’ decision to move is primarily driven by a desire for nature and for more open spaces. Seeking an affordable home was the third most popular reason.
The results show that 77% of Quebecers surveyed bought or plan to buy property in the suburbs or in rural areas, compared to only 28% looking in cities. It’s interesting to note that half the respondents (52%) said the main reason for leaving the city is the appeal of green space. This was followed by the need for quiet (51%) and the more affordable prices (45%).
This need for space among surveyed Quebecers was also seen in the types of properties chosen. Nearly three in five (57%) respondents owning an apartment, multiplex or condo wanted to buy either a single-family, semi-detached or bigenerational home.
Market ideal for selling without an agent
The survey also showed that, given the current real estate market, selling without an agent has never been easier for 62% of respondents. Also noteworthy is that most respondents consider themselves to be the best-placed person to sell their property and say they would lose out if they had to pay a commission.
About DuProprio
With the help of its dedicated team, DuProprio’s mission is to offer Quebec property owners the support and exposure they need to sell their property commission-free. Since its foundation in 1997, over 310,000 consumers have reported their property sold using the services of the DuProprio network. Its website is the most liked real estate site in Quebec2 and the company employs over 500 people.
More information:
communications@duproprio.com