Pascal Berger, RBS Mortgage Specialist, said, “While there is still a significant amount of activity in the market, our research indicates that the rush of people looking to buy a home has decreased over the past two years and we are now starting to see A step up to pre-pandemic levels. Between rising costs and increased market competitiveness, Quebecers can now take a step back and take more time to plan and save before jumping into home ownership.”
Stress, overspending and rising prices are all factors to consider. Nearly two-in-five (38%, including the lowest of all Canadian territories) respondents in Quebec say that thinking about buying or saving a home as prices rise is straining their relationship, while 45 % Worried about being buy property away from family and friends.
Nearly a quarter (23%) also believe that due to rising prices, they will have to live longer or have to live with their parents in order to set aside enough money to buy a home.
According to the study, more than a third (36%) of Quebecers aim to spend less post-pandemic to save money for a household, while 22% (the lowest regionally) think they can afford to buy a home if they want. They fall back into pre-pandemic spending habits as they struggle to meet the cost of being owners.
“Buying a home is the biggest purchase ever, so it’s natural that it comes with a certain level of stress, especially in today’s market,” Berger said. “While home buyers cannot control market factors, having a plan and understanding where they are financially can help them feel more in control of the home buying process.”
