Montréal Real Estate Survey
Half of the 18–34 year-olds want to become home owners

A recent study reveals that in the Montréal metropolitan area, 50% of 18–34 year-olds intend to buy a property in the next five years, a sign that young people have confidence in their financial future…

This figure was revealed on February 8^th among the highlights of a survey conducted by Léger in the fall of 2018 on recent choices and buying and selling intentions in the real estate sector, on behalf of the Association des professionnels de la construction et de l’habitation du Québec (APCHQ), the Québec Federation of Real Estate Boards (QFREB) and the Fonds de solidarité FTQ.

It is highly likely that this proportion of 50% would probably have been even higher if the survey had considered the age group of 25–34 years, which corresponds more precisely to the period of life when the first inclinations to buy a home manifest themselves.

The single-family home is the first choice of young buyers
Strong job creation in the Montréal area seems to give future buyers confidence, especially in this age group. The goal of young people is to buy a primary residence (83% of their intentions to buy) and 58% of them dream of a single-family home. In fact, 52% of those who bought in the last five years chose this type of property. The others turned to small, affordable condominiums.

According to this survey, a majority of young households in Montréal (59%) will opt for existing properties, which are considered less expensive than new ones.

The survey also revealed that 55% of 18-34-year-olds in the region planning to buy a property within five years would choose an urban centre rather than a suburb, under certain conditions, including: more affordable prices (30%), better accessibility to services (18%), better public infrastructures (13%) and larger dwellings (14%). However, once established in the suburbs, 60% of them would not return to urban centres.

According to median prices published by the QFREB, the Greater Montréal real estate market is the most expensive in Québec, but the region is vast and potential buyers can find the home that fits their budget.