2023-07-06 23:17:39
First time buyers, be patient, because the real estate market in Rimouski still favors sellers, and prices are still just as high.
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“It’s very difficult for first-time buyers right now because many of them want to buy a property. There are none for properties below $300,000 in Rimouski,” explained Michel Michaud, real estate broker at Proprio Direct.
“There are more buyers in the market than sellers. Our inventory rate is still very low,” added Geneviève Côté, real estate broker at Via Capitale.
As of 2022, since the pandemic, house prices in Rimouski have exploded by 49%. It is in fact the second city in Quebec that has seen the biggest increase.
“Almost all properties that are at the right price, there are overbids,” said Michel Michaud.
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It would also be quite surprising to see the price of houses decrease over the next few months in Eastern Quebec, or even the next few years, courtesy of the housing crisis, among other things.
“People have to live somewhere. The seniors’ residences are all full. Rimouski housing: there are none, so prices will continue to stay very high because of these phenomena,” he added.
“We are more in the context of price catch-up than a real estate bubble relative to other regions in Quebec, so probably prices will not fall here,” warned Geneviève Côté.
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On the other hand, the market tends quietly to want to stabilize. Sales times have indeed lengthened since the pandemic. And houses overvalued by greedy owners find it difficult to take.
“We had between a year and a sales period for a property (before the pandemic). In the pandemic it decreased to 30 days. Currently we are more than 30 to 60 days as a selling time,” elaborated the broker.
But with rising interest rates, qualifying to buy a property is no easy task. The Bank of Canada’s key rate is 4.75%.
The last time it was this high was in May 2001.
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