8% of Quebecers Intend to Buy Within the Next Year

The Léger Research Intelligence Group has conducted a survey among Quebecers in order to determine their real estate buying and selling intentions.  The survey was mandated by the Quebec Federation of Real Estate Boards (QFREB), in partnership with the Fonds immobilier de solidarité FTQ and the Association des professionnels de la construction et de l’habitation du Québec (APCHQ), between February 24 and March 9 of this year.

According to the results published by the QFREB, 8% of the 5,660 respondents have indicated that they would “likely” purchase a residential property within the next year, while half of these have said “very likely.”  15% indicated that they were more likely to buy within two years, and a full 23% have indicated that they intend to buy within five years.

The responses of first-time buyers were compared to those of more experienced buyers.  Among first-time buyers, 60% intend to buy a detached home, 22% intend to buy a condo, 6% would choose a plex and 12% would choose a semi-detached or townhouse.  Among more experienced buyers, 68% intend to buy a detached home, 19% would prefer a condo, 6% would prefer a plex and 7% would purchase a semi-detached or a townhouse.

Among Quebecers intending to purchase a primary residence within five years, 62% of first-time buyers intend to buy an already existing property, while 21% would prefer a new construction and 17% are unsure.  Among more experienced buyers, 63% intend to buy an already existing property, while 20% would prefer a new construction and 16% are unsure.

In the portion of the survey governing selling intentions, results showed that 15% of Quebecers intend to sell their home within five years; 6% intend to sell within the next year.  Seller profiles indicate that 42% of those intending to sell are aged 55 years or more, and a third of respondents have already retired.  36% of potential sellers are ready to postpone a sale if prices drop significantly, or if they fail to receive a satisfactory offer.

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