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Real estate trends 2021 in Quebec

Evolving your strategy during a period of uncertainty

Many of this year’s trends are contradictory, meaning the overall outlook for Montreal real estate remains uncertain. But for Quebec’s real estate as a whole, there are still opportunities to seize for those able to adapt their strategies in the coming years. The industrial asset class has only strengthened in Montreal, with Colliers citing an availability rate of only 2.1% in the third quarter of 2020 (down from 2.6% in Q2 2020) and a 10.3% rise in the asking net rent on a year-over-year basis. With supply so tight and demand continuing to increase, there’s a growing opportunity to repurpose assets to serve trends, like last-mile delivery, that have been fuelling industrial property.

One area of the market that’s ripe for redevelopment opportunities is the retail sector, which continues to explore ways to incorporate trends like last-mile delivery as well as the possibility of integrating other strong asset classes like residential property.

As we noted in this year’s report, the pandemic, along with the rise of remote working and growing affordability concerns, has boosted the prospects of secondary cities—also known as 18-hour cities—like Quebec’s provincial capital. With the CBoC also predicting a generally positive outlook for Quebec City’s economy, we can expect our provincial capital to offer some opportunities in 2021.

Source: https://www.pwc.com/ca/en/industries/real-estate/emerging-trends-in-real-estate-2021/quebec.html

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Trends in Real Estate 2021 n Montreal
While a possible uptick in suburbanization could be another challenge for Montreal, there are other factors working in the city’s favour in 2021.

The CBoC, in its updated economic forecast this fall for major Canadian cities, has a generally positive outlook for Montreal’s economy next year. It predicts GDP will rise by 6%, employment will be up 4.6% and the unemployment rate will fall to 6.5% (down from 9.4% in 2020). Personal income per capita is predicted to grow by a very modest 0.2% before rising about 3% in each of the following three years. Housing starts of 23,147 units will be down slightly from a projected 23,928 this year. It will be important to monitor how accurate these predictions turn out to be given fresh uncertainties caused by the second wave of the pandemic.

Importantly, population growth will continue, albeit more slowly than in 2019 and 2020. One positive contributor is the expected rebound in immigration activity, which has been so important to boosting the economy and the housing market and has been a major preoccupation for many of our interviewees this year. At the end of October, the federal government announced plans to raise immigration activity in the coming years after the COVID-19 pandemic put the brakes on new admissions of permanent residents in recent months.

Source: https://www.pwc.com/ca/en/industries/real-estate/emerging-trends-in-real-estate-2021/quebec.html

Quebec’s Real Estate Market: What Does 2021 Have in Store?

The year 2020 was a record year in terms of residential sales in Quebec, with more than 110,000 transactions. Let's see what 2021 has in store for us.

The Quebec Professional Association of Real Estate Brokers (QPAREB) presents its 2021 forecasts for the residential real estate market in the ​​Montreal Census Metropolitan Area (CMA), the Quebec City CMA and the province of Quebec as a whole.

2021 Forecasts - Highlights

According to forecasts by Charles Brant, director of market analysis at the QPAREB, the number of sales will decrease in 2021, but will nonetheless remain strong.

Market conditions will remain favourable to sellers although an increase in properties put back on the market is expected with the end of government support programs and the end of mortgage deferrals from banks.

The very low number of listings in several markets, particularly in the agglomerations on the periphery of the Montreal CMA, will limit sales growth.

As for prices, they will continue to experience upward pressure, although it will be much more moderate than in 2020.

Overheating and overbidding conditions will ease in the Montreal CMA, offering more comfort to buyers, thanks to an easing of multiple-offer situations, particularly on the Island of Montreal (for condominiums and plexes).
Single-family homes will continue to be the most sought-after property category. The market for second homes will remain active despite the shortage of supply, while the market for intergenerational properties will continue to be tight despite competition with the plex market in the suburbs of Montreal.

Source: https://www.centris.ca/en/blog/real-estate/quebec-s-real-estate-market-what-does-2021-have-in-store

Real estate Trends 2021

Commercial Real Estate

Industrial real estate

Logistics, warehousing and fulfillment are the clear winners this year. This segment of industrial real estate has remained resilient throughout the pandemic—in large part because of a surge in demand from e-commerce, food delivery services, home improvement retailers and, to a lesser degree, medical supply companies.

Much of the country continues to see tight market conditions, according to CBRE’s report on the Canadian industrial real estate market for the second quarter of 2020. The availability rate has edged up since the start of the pandemic, but at 3.5% nationally, it’s still well below the 10-year average of 5.1%. Many interviewees are seeing rents go up significantly. Six of 10 markets saw an increase in rental rates over the prior quarter, and the national average net asking rent was up by almost 10% from the same period last year, according to CBRE.

The biggest challenge, according to interviewees, is getting their hands on high-quality distribution space to facilitate e-commerce. Redundant retail space might be repurposed into industrial uses to help with last-mile delivery and overall fulfillment and distribution. In Atlantic Canada, ports in Halifax and St. John have both undergone upgrades and modernization, so there’s an expectation the industrial and storage segments will benefit. We’re also starting to see multi-level industrial properties in certain areas, like Vancouver, although this has yet to take root across Canada.

Source: https://www.pwc.com/ca/en/industries/real-estate

Trends in Real Estate 2021

Condominium

CMHC is expecting a softening of prices in the condo market next year, although it’s important to note that supply has been curtailed in some cities. There was more concern in the Toronto market, where decreased short-term rental activity is leading some investors to sell, but that’s expected to be short-lived.

Still, interviewees indicated that condo living may need to be reimagined for the future of work; homeowners may not be as excited to be in a 500-square-foot condo if the pandemic continues to keep them socially distanced—particularly if they’re working from home. A number of features are being incorporated to make condos more attractive to buyers, such as videoconferencing rooms, dedicated areas for parcel and grocery deliveries, improved amenities and tools to create more connected communities.

There’s also increased interest in what one interviewee referred to as the “amenitization of communities,” where neighbourhood amenities are available within a 15-minute walking radius of the condominium. Finding and developing these types of live/work/play communities is being considered much more seriously in light of the pandemic. Ontario’s new Transit-Oriented Communities Act, which aims to rethink the relationship between transit, housing and commercial spaces, could facilitate this movement.

Source: https://www.pwc.com/ca/en/industries/real-estate/emerging-trends-in-real-estate-2021/housing-market-outlook.html?WT.mc_id=CT1-PL50-DM1-TR4-LS40-ND30-TTA1-CN_CA21ETRE-STPSo1200x628

Trends in Real Estate 2021

Single-family residential

Recovery in major markets is uncertain and varies considerably. There’s talk of a potential slowdown in the urbanization trend we’ve highlighted in previous years, although it’s too early to tell if this will turn into a long-term shift. If remote work becomes a more permanent option, some homeowners—particularly those working from home in a small space—might look outside large cities for more square footage and accessible green space.

At least one developer in the Greater Toronto Area said they were changing their strategy to accommodate this trend and looking further afield for housing developments. Open-concept homes may need to be reimagined, as people working remotely require a dedicated working space. Recent interviews have indicated that demand for low-rise homes, particularly in suburban locations, has been very strong, but there are concerns this may be just a false signal after the pandemic restrictions.

Higher unemployment and economic uncertainty, combined with lower immigration, are expected to slow housing activity across Canada, at least for the next year. The Canada Mortgage and Housing Corporation (CMHC) expects housing starts, sales and prices to fall in major cities, but Toronto, Ottawa and Montreal will recover faster than Vancouver, Edmonton and Calgary. The two Alberta cities are expected to take more time to recover since they were already suffering from the impact of low oil prices.

Source: https://www.pwc.com/ca/en/industries/real-estate/emerging-trends-in-real-estate-2021/housing-market-outlook.html

7 Signs You're Ready to Sell Your House

The decision to sell your house isn't based solely on market conditions. You have to take your personal situation into account—and that's where expert advice comes in handy.

Sign №2: You're out of debt with cash in the bank

If you didn't have all your financial ducks in a row your first time around the home-buying block, you probably learned a few things the hard way. Like the fact that Murphy can smell "broke" from miles away. If it can go wrong, it will! Put those lessons to good use and be a money-smart home buyer the next go-round!

Start by taking a hard look at your finances. If you've paid off all your nonmortgage debt and have three to six months of expenses in your emergency fund, that's a good sign you're financially secure enough to purchase a home again.

Source: https://www.daveramsey.com/blog/ready-to-sell-your-home

7 Signs You're Ready to Sell Your House

The decision to sell your house isn't based solely on market conditions. You have to take your personal situation into account—and that's where expert advice comes in handy.

Here are seven signs you're ready to sell your house:

1. You've got equity on your side.

For most homeowners, being financially ready to sell your house comes down to one factor: equity. During the housing meltdown of 2008–09, millions of homeowners found themselves with negative equity, which meant they owed more on their homes than they were worth.
Clearly, selling your home when you have negative equity is a bad deal. That's called a short sale. Breaking even on your home sale is better, but it's still not ideal. If you're in either situation, don't sell unless you have to in order to avoid bankruptcy or foreclosure.

For the last several years, home values have been on the rise and that means most homeowners are building equity. Their homes are now worth more than they owe on them, and that trend will persist as they pay down their mortgages and home values continue to increase.

Figuring out how much equity you have may sound complicated, but the math is actually simple. Here's how it works:

First, grab your latest mortgage statement and find your current mortgage balance.

Next, you'll need to know your home value. While it's tempting to use figures from online valuation sites to determine how much your home is worth, they're not always accurate. If you’re considering selling, ask an experienced real estate agent to run a free comparative market analysis (CMA) for the best estimate.

Once you have those two numbers in hand, simply subtract your current mortgage balance from your home's estimated market value. The difference will give you a good idea of how much equity you have to work with.

So how much equity is enough? At the very least you want to have enough equity to pay off your current mortgage with enough left over to provide a 20% down payment on your next home. But if your sale can also cover your closing costs, moving expenses and an even larger down payment—that's even better.

Plus, putting 20% or more down on a home keeps private mortgage insurance (PMI) at bay. That could save you hundred—or even thousands—of dollars each year!
(to be continued)

Source:https://www.daveramsey.com/blog/ready-to-sell-your-home