Quebecers less inclined to buy ?

March 24, 2022

According to the latest report from the RBC Annual Survey on Residential Market Trends, published on March 21, we have a complete picture of Quebecers' desires regarding their financial situation, in a context of inflation. This new barometer allows us to confirm the desire linked to entering the real estate market.
Also, according to RBC, home buying intentions are returning to pre-pandemic levels.

Thus, we learn that 44% of Quebecers fear that the rise in inflation will affect their ability to buy a house, while 48% say :  "it will reduce their ability to meet the cost of ownership”.

According to RBC's Annual Housing Market Trends Survey, Quebecers' propensity to buy has returned to January 2020 levels: one in five respondents (20%) said they were likely to buy a house within two years, an increase in percentage compared to 2021. The proportion is 36% and 19% in 2020.

The survey also showed that Quebecers have significantly increased their budget, and their savings when it comes to buying a home. Respondents with a home buying budget set their budget at $352,578 on average, compared to $298,971 in 2021. On the other hand, respondents who had already saved a certain amount for the purchase of a home raised an average of $125,152, compared to $91,803 in 2021.

We also learned that more than half (56%) of Quebec respondents believe that the location of their residence is more important than the additional space, gained by moving away from a major center.

* 56% of Quebecers say location is more important than size.
* 19% of mortgage holders in Quebec haven't considered what they could afford if interest rates rise.
* Average home buying budget for Quebecers has risen by more than $50,000 for a year.

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