Despite the health crisis, Canadians continue to believe in the strength of the real estate market, whose high property prices are pushing potential buyers out of major metropolitan areas, according to a recent survey.
According to the Royal Bank of Canada (RBC) probe, 45% of respondents believe that the real estate market remained robust in December.
Despite the concern that has won over the majority of people surveyed about the financial repercussions of COVID-19, more than one in five Quebecers (22%) believe that the pandemic has weakened competition and made it easier to buy ‘a house.
The majority of Quebecers (58%) believe that house prices are overestimated and that affordability to residential property will worsen in the near future.
In contrast, 56% of those polled say they plan to buy a new home with their spouse “one day or another”. Single-family homes remain popular with Canadians (51%) and Quebeckers (61%), unlike condominiums (18%).
The RBC poll also reveals the propensity of Canadians to opt outside of major urban centers.
“High home values continue to push many Canadians out of major urban centers for accessibility and space reasons,” said Amit Sahasrabudhe, Vice President, Products and Acquisition, Equity Financing real estate at RBC, by press release, Monday.