The Quebec real estate market in 2020 has seen a major improvement despite the economic collapse viewed since the beginning of the COVID-19 pandemic, but still, it has not yet completely recovered to the pre-pandemic normal conditions.
Viewing the statistical data shared by the Centris system of Quebec real estate brokers, it seems that some homeowners have now been searching and craving for larger houses and green areas, due to the new majors taken by the government to eliminate the virus; According to the statistics, most of them have already moved to quiet areas with more space and green fields to reduce their stress level and better the experience of working from home and the rest prefer to upgrade and renovate their personal space. In addition, the low mortgage rates and the strong demands have increased the house pricing, in fact, in the last 4 Quarters of 2020 the median price of single-family homes registered 295,000 dollars, condominiums 272,000 dollars, and in plex between 2 to 5 units, it was 425,000 dollars. The listing should try now to meet most demand by the end of 2021.
The momentum in the Quebec and Montreal real estate sector has shown a vital increase in sales 112,476 sales were registered in the province of Quebec in the last 4 Quarters of 2020, and 13,607 sales in Montreal. Meaning that the sector’s recovery can be accomplished with various advantages if they keep the same momentum going. On the other side, some experts expect this year’s real estate market to start going downhill by the end of 2021.
With the current situation we have in hand, the Quebec real estate agencies need to implement new ways to succeed in the market while ensuring buyer safety and their own personal safety. Some agencies were the first ones to adopt some strict criteria to minimize the risk of COVID-19 spreading in their community and they are now using technological support to create virtual open house tours to show the properties while respecting the social distancing measures.
The Quebec real estate predictions are looking good so far, the momentum has strengthened the market and had both locals’ and foreign investors’ trust back. This year, we have witnessed great improvements, presently most activities are now back to business including construction and most workers were back to work after the displacement during the COVID-19 pandemic’s lockdown. The results achieved up to this point are remarkable, but they are not yet fully satisfactory. With that being said, the Quebec real estate market and the Montreal real estate market are not out of the woods yet. Nevertheless, both markets are slowly but surely healing from the disruption and hardship caused by the pandemic.