2023-05-28 22:59:51
Despite the sharp rise in interest rates over the past year, the Canadian real estate market is doing well, particularly in Quebec.
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This is the observation made by the real estate broker, residential and commercial sectors, at Royal LePage. Aline Zafirian, in an interview with LCN.
“Our research shows that people are confident. They want to buy real estate. Besides, here in Montreal, we see that people own more than one property that they rent out and use as an investment,” she explains.
The recent study released by Royal LePage reveals that one out of four Canadians intends to invest in real estate within the next five years.
“People want to own real estate and understand that it’s an important vehicle in their financial portfolio,” says Ms. Zafirian.
The latter also notes that young people seem more and more in favor of entering the real estate market.
“What is different is that they will advocate investment, even with the temporary disadvantage of being tenants, but for the future investment from which they will be able to benefit in the long term”, indicates the real estate broker.
Aline Zafirian also says that the Montreal real estate market is doing particularly well.
The number of people owning more than three properties in the Quebec metropolis is twice as high as elsewhere in the country.
This situation is mainly due to the market, which is more accessible in Montreal, where the median price for a single-family home is above $600,000, well below the median price in Toronto ($1.4 million) and Vancouver ($1. $.6 million), explains the real estate broker.
Despite everything, many potential buyers remain worried and cautious regarding entering the real estate market.
“It is not the interest rate as such that is worrying. These are interest rates that are still relatively low […] It is that in the last year, there have been so many changes, that the uncertainty, especially for the investor, is what worries him, ”says Ms. Zafirian.
People need predictability regarding the direction of the interest rate, argues the real estate broker.
“We are all looking forward to June 12. The next announcement from the Bank of Canada. It will give us direction. Are we remaining stable or are we going to go down soon?”, she wonders.
To see the full interview, watch the video above.
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