The real estate market was taken aback in 2020 by the low mortgage rates and somehow forced the Quebec real estate agencies in learning new ways to tour homes and close on purchases virtually. Nonetheless, the COVID-19 pandemic has also increased the desire for houses all over the country from urban to suburban with more outdoor spaces and gardens.
Now let’s take a look at the significant highlights of the real estate markets in 2020.
In the Quebec real estate market, home prices have pushed new limits as the buyers’ demands continue to grow. The total residential volume (In thousand) has risen from 12,004,384 $ in the 4th Quarter 2020 to 40,139,838 $ by the last 4th Quarter of the same year. In consequence, the average selling time has increased in both single-family homes (91 days) and plexes between 2 to 5 units (89 days).
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The Montreal real estate market was also affected by the COVID-19 pandemic since most clients took a different route and started to invest in their homes and renovating while the market struggles to recover. The active listing of houses for sale remained low during the entire year of 2020, thus the average selling time has also increased in both single-family homes (44 days) and plexes between 2 to 5 units (54 days).
Homeowners, however, got the best slice of the COVID-19 tasteless cake. After a small setback at the beginning of the pandemic, low mortgage rates caused prices and home sales to skyrocket, hence the rising prices have dramatically lifted the value of most houses, generating more wealth for homeowners.
Housing values started to rise in double- digits right after the pandemic arrived, the Quebec real estate market has seen an unexpected growth after briefly put on hold during the first few months of 2020.
With that being said, the Quebec real estate predictions seem quite positive. Most experts are forecasting a strong housing market in 2021. Although due to the COVID-19 pandemic, millions were laid off in 2020 or were obliged to work in low-income jobs, it didn’t prevent house hunters from buying properties across the country. On the contrary, now most people are moving quickly to snag their ideal home. From clients who need bigger spaces and more open green areas, to provide comfort for working from home parents, and also children who are attending class virtually; to the ones who are attempting to avoid the chaos of multifamily buildings to mitigate exposure to the deadly COVID-19 virus. Therefore, the suburban areas have immediately become a hot sellers’ market, and in recent months have strongly improved their real estate activity surpassing all expectations.
Read also: Will the momentum in the real estate market continue in 2021?
The Montreal and Quebec real estate agencies have instantly stepped out of the box, building and creating a unique and efficient experience for buyers with 24/7 virtual tours and top-notch 3D walk-through tours of their open houses. This new adapted approach -according to the experts of the field- have the potential to become the normal norm in the home-buying process in the upcoming years.