Montreal Area: More Buyers Than Sellers!
According to a recent Léger survey on Quebecers’ buying and selling intentions, 30 per cent of future buyers are considering buying a property in the Montreal area within the next 5 years.
Montreal tenants have an increased desire to become homeowners. In total, 48 per cent of future buyers are first-time buyers.
In total, 15 per cent of households that already own a home intend to acquire a second property within 5 years. Finally, 1 in 5 Montreal households is considering purchasing a condominium unit. Households aged 55 and over are more inclined to choose a condominium.
Only 16 per cent of survey respondents plan to sell their home within the next 5 years. Of those, 58 per cent are considering selling within the next year. 82 per cent of respondents will sell their primary residence and 69 per cent intend to buy another property.
Increase in potential purchases outside the Montreal area
According to the survey, 13 per cent of Montreal area residents who intend to buy are considering doing so outside of the Montreal area. Moreover, 1/3 of the respondents who consider it likely that they will continue working from home mentioned that this will influence their choice of a future home.
Main reasons for moving outside of the Montreal area
- To live closer to the countryside
- To settle where the cost of living is cheaper
- To buy a larger property in order to have an office space and a yard or garden
A survey on buying and selling intentions in the residential real estate sector was conducted in the fall of 2020, in collaboration with the Fonds immobilier de solidarité FTQ, the Société d’habitation du Québec (SHQ) and the Association des professionnels de la construction et de l’habitation du Québec (APCHQ. Learn more.