As was discussed in our 2021 Real Estate Predictions article, the real estate market has grown rapidly over 2020 and onwards. This has increased home prices across the board, leading many retirees in Quebec to sell their homes sooner than anticipated.
In an interview with CTV News, one Lucie Bisaillon stated that the prospect of selling her home has become increasingly attractive.
“With what is happening now, no one is able to say what will happen in the next few years,” she said. “I tell myself that maybe it's a good time to rush the sale, move to an apartment and profit from my investment faster than I expected.”
Damien Meunier, a Brossard real estate agent, told CTV that he has seen an increasing number of retirees wanting to sell, as “There is a possibility for them to get higher prices on the sale of their property."
Importantly, Meunier also told CTV that more and more real estate advertisements are encouraging retirees to sell their homes and move into condos or residences.
However, some people have noted the opposite effect on various parts Quebec. Agent Nancy Forlini, for instance, notes that since home prices have increased so much, many retirees are worried about being able to buy a new home upon selling their previous one. If they already have a plan in mind, some will decide to avoid the risk and stick with it.
On the other hand, many have noted that grandparents in particular are often willing to help their children and grandchildren buy their first homes, and selling their homes in the current real estate market will help them do this.
The Quebec real estate market is everchanging and home prices are predicted to decrease this year, indicating that this onslaught of retirees selling their homes is likely to slow down soon. However, for the time being, this increase in sellers is impacting a specific part of the market and further propelling the seller's market we are finding ourselves in today.
If you need to sell or buy a home, a Qube REALTOR® can help you navigate the market safely and with professional insight. Qube supports Quebec residents by providing full-service real estate experiences with incredible rewards: sellers save thousands in commission and buyers receive cash back when they purchase a home with one of our REALTORS®. Visit our website here or call 1-877-410-7823 to learn more.