Quebec real estate market in 2020
Investing in Montreal is great, but investing elsewhere in Quebec is just as good. Indeed, the figures and statistics announced for 2020 are promising and predict an excellent year in real estate for the entire province. The Quebec region is experiencing growing interest from Canadian and foreign investors, according to the Quebec Land Registry. In short, Quebec real estate market is doing well and is growing.
A booming Quebec real estate market
Single family homes
According to statistics, the number of sales of single-family homes has increased by 2% every year since 2017 in the agglomeration of Quebec. From January to September 2019, 5,771 single-family homes were sold in the Quebec City CMA, according to deeds published in the Quebec Land Register. More specifically, among the ten municipalities, cities or boroughs in Quebec that particularly stood out for the strongest growth in residential sales, there is the Sainte-Foy – Sillery borough, with a total of 937 sales, for an increase of 24%! Compared to last year, the number of property sales increased by more than 10% in 11 regions of Quebec. Regarding the median price, an increase of 2% was recorded during the first nine months of the year compared to the same period in 2018 to reach $ 266,000.
Condos and condos
As for condominiums, despite a sharp increase in the number of sales (In total, 37,636 condominiums changed hands between November 2018 and October 2019) compared to the previous year, prices seem to stagnate in 2019. In addition, for the first nine months of 2019, the median price is just 1% higher than that of the same period five years earlier in 2014.
In return, the construction of new condominiums and condos is going well and continues to attract buyers. Although acquisition rates vary from sector to sector, overall, the North Shore has seen an increase in condo sales since January.
New forms of real estate investments
Construction of residential buildings continues to grow, especially that of condominiums. A trend has been emerging for several years; mixed co-ownership, which combines residential and commercial in the same building.
There are many advantages for opting for such constructions, both for developers and for residents who have access to a multitude of services on site.
Investors and families, know that the unemployment rate in Quebec remains very low, economic growth is doing well, wages are rising and interest rates are low. This situation stimulates the demand for credit and the total amount that can be borrowed to buy a property.