Here's Why Everyone On Your Insta Can Suddenly Afford A House In Quebec
You're not the only one dreaming of buying right now. A new report from Royal LePage shows that millennials have been jumping at the chance to purchase homes for sale in Quebec in the last year. Even more plan to do so in the near future.
In a survey conducted by the company, 50% of Quebec respondents between the ages of 25 and 35 said they own their own home. A whopping 28% of Montrealers in that group said that they "have purchased a home since the onset of the pandemic."
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That's "the highest rate among the cities surveyed," according to the report.
19% of Montreal survey respondents who do not own a home said they plan to purchase this year, Royal LePage says. 68% plan to buy in the next five years.
The reason for this surge? According to the report: "low interest rates, the ability to work remotely and the desire to invest in long-term quality of life."
Roxanne Jodoin of Royal LePage Privilège in Saint-Bruno-de-Montarville added that she's seeing young Quebecers "returning to their roots" as they buy up property in the suburbs.
"Some left their childhood homes in the suburbs to go to University in the city but the current economic situation is driving them back home where they can enjoy more square footage, a yard and a space they can call their own," she said.
"Becoming a homeowner is increasingly important to this generation and it is clear that many of them are taking steps to make that happen."
The survey also revealed that "Quebecers aged 25-35 are the most confident in the country when asked about their financial future."
"The pandemic provided an unexpected prize for young Canadians — a path to home ownership," Royal LePage President and CEO Phil Soper said.