A balanced real estate market… Slowly, but surely

A balanced real estate market...Slowly, but surely

UPGRADE DAY

We will still have to be patient before the real estate market stabilizes. Despite a slight lull, prices remain high. 

“There are a lot of buyers. There are not a lot of units available, and there is not a lot of land available for new construction either,” explained Michel Michaud, real estate broker at Proprio Direct.

In Rimouski alone, the price of properties has increased by almost 49% since 2019.

“The sellers are always above the market [in terms of prices), added Nathalie Babin, real estate agent at Via Captiale. But we are slowly moving towards a more balanced market. 2022 will certainly be the year of transition.”

This transition is already starting to be felt.

A balanced real estate market...Slowly, but surely

A balanced real estate market...Slowly, but surely

Compared to last year, the number of properties listed in Rimouski increased by nearly 30%, while the number of transactions fell of the same percentage. Rising interest rates and inflation have reduced the number of buyers on the market.

While the current market does not smile on first-time buyers, access to property remains even an achievable dream.

“The first buyer has to really calculate his budget with a potential increase in interest rates. Also, young people often live a bit in dreams, because older friends and relatives have nice houses. They want to have something turnkey that they will keep for 25 years. This is not the reality,” said Ms. Babin.