The real estate market overheated for years
According to a survey unveiled by the firm RE / MAX, 34% of respondents in the Sherbrooke region consider it likely to buy a property over the next five years.
Share November 2, 2020 6:16 p.m. Share The real estate market is overheating for years
Claude Plante La Tribune SHERBROOKE – The real estate market will overheat for a few more years in the Sherbrooke region if we trust the intentions expressed by potential buyers and sellers.
A recent Léger survey unveiled by the firm RE / MAX indicates that 34% of respondents in the Sherbrooke region consider it likely to buy a residential property over the next five years. 26% of respondents plan to sell a residential property.
The survey also reveals that 20% of future buyers have postponed their project due to the pandemic while 4% have moved ahead. For 39% of respondents, the crisis has no impact on their real estate projects.
They are certain of being able to meet their budget in a proportion of 85%, that is to say more than all other Quebecers (76%).
For David Bourgon, the banner's real estate broker, these figures show that the market is not about to balance. “There are more owners who want to buy than owners who want to sell. The challenge will be to find houses for sale, ”he analyzes.
“It means that the overheating of the market will continue. We will be in a seller's market for a long time. “
Mr. Bourgon notes that people need to look for a home to sell before putting their home on the market. It is often a puzzle for many.
He also notices that older people, shaken by the COVID-19 crisis in specialized residences, want to stay in their homes as long as possible.
Across Quebec, even if the suburbs are still popular, the countryside is gaining ground in terms of preferences. Sherbrooke buyers say they want to settle in the suburbs (30%) and in the countryside (37%).
Prospective sellers consider certain factors that may delay the listing. The high prices to buy another house were expressed by 39% of respondents (compared to 84% in Quebec). The economic insecurity caused by the pandemic (21%) also weighs in the balance (24% in Quebec).
Almost one in two potential sellers (49%) want to sell for a bigger property (59% nationally).
This survey was conducted from September 14 to 20 among 1,401 residents of six regions of the province. This was the second part of the RE / MAX Real Estate Index after a seven-month pandemic. We can see that confidence remains: purchasing intentions have been up 5% since March 2020.
The second part of the RE / MAX real estate index, resulting from a vast biannual regional survey on the intention of Quebecers to buy or sell their home and on other related topics, has been improved since its initial version. to more precisely assess the impact of the pandemic on respondents' intentions. The first phase of the RE / MAX real estate index was carried out at the very start of containment, during the last two weeks of March.
“This second component allows us to measure the impact of the pandemic on the buying and selling intentions of Quebecers. Beyond the industry data, which paint a static portrait, we wanted to gauge their intentions, so that we could identify trends for the next five years. The data confirms the dynamism that our brokers are seeing in the field: the province's real estate market should continue to be active, ”said Sylvain Dansereau, executive vice-president for RE / MAX Québec.