Striking differences can often be observed between Québec’s real estate market and that of the other provinces across Canada.
While Québec’s real estate sector is in some ways similar to many other provinces, in others we’re certainly unique. Here’s an overview of our dynamic market’s main characteristics.
Relatively Affordable Home Prices
The pandemic has certainly had an impact on house values: they have risen in many regions. Despite this, compared to other big Canadian cities such a Toronto and Vancouver, real estate prices in Québec’s major metropolitan areas remain fairly accessible. Moreover, the further one moves away from urban centres, the more affordable properties are. For example, in Trois-Rivières, which is only approximately two hours’ distance from Montréal and Québec City respectively, home prices are considerably lower. All this makes the province particularly attractive to buyers and investors on the look out for economic opportunities.
Cultural Diversity
Cultural diversity, most notably in Montréal, likewise attracts investors and people from all walks of life. In fact, many homebuyers and tenants are reassured to find that they can easily find neighbourhoods in which they can live with other people from their country of origin or who can help them communicate in French.
Strict Rental Housing Regulations
Not all provinces—indeed, not all countries—have such strict rules governing rental housing. These laws aim to protect the rights of both tenants and landlords. In Québec, the Tribunal administratif du logement (formally called the Régie du logement) plays a crucial role in regulating rents and arbitrating disputes.
Market Seasonality
Québec’s real estate market is markedly seasonal, as is often the case in places where the climate varies significantly from month to month. The real estate market is most active during the summer months, especially the period between May and September. Another peak in transactions occurs when the snow melts in April as this coincides with the lease renewal period, as people decide whether to move or stay in the current dwelling. The real estate market generally slows down in winter due to the harsh weather.
Grants and Assistance Programs
We are lucky in Canada: all provincial governments actively work to stimulate the real estate market. What particular programs are offered here? One way in which the Québec government encourages home ownership is through the home buyer’s tax credit (aimed at first-time buyers). Likewise, the Novoclimant program offers financial assistance towards the purchase of a certified eco-friendly residence and the Rénoclimat program provides grants for certain types of renovations that improve energy performance.
The Campus Effect
With renowned institutions like McGill University, Université de Montréal and Université Laval, the real estate market around neighbourhoods located near university campuses is quite active. The local and international student population creates a strong demand for rental housing close to education institutions. Many Quebecers are therefore taking advantage of this opportunity to purchase condos that they can then rent.
Abundant Lakes and Rivers
Another characteristic which makes Québec’s real estate market unique is the province’s large number of lakes and rivers. Residents living near a body of water get to enjoy all kinds of water sports and activities.
Innovation and Sustainability
Although not an environmental leader, Québec does stand out in terms of eco-friendly development and green innovations in the real estate sector. New home constructions often integrate energy-efficient technologies and sustainable materials, demonstrating the government’s commitment to reducing its carbon footprint.
Generous Lots
Despite the Québec government’s support for increasingly denser new neighbourhoods to cluster people and services together for environmental reasons, properties on large, wooded lots continue to be very popular. These are typically located away from urban centres and offer a more laid-back lifestyle. Besides, in Québec as in the rest of Canada, many regions are still unpopulated, which is an important feature of our country.
There is no doubt about it: it’s Québec’s culture, policies and economic trends that make it so distinct.