In 2015, one out of every three homes purchased in Montreal, Que. will be a condominium, according to a survey commissioned by the Québec Federation of Real Estate Boards (QFREB) and the Fonds immobilier de solidarité FTQ. The survey, which focused on buying and selling intentions, found that 65 per cent of those intending to buy already own a home while 36 per cent are first-timers.
“In addition to price and proximity to services, which are the two main criteria when buying a home, neighbourhood safety represents the most important criteria for experienced buyers, while proximity to public transit is the most important criteria for first-time buyers,” says Paul Cardinal, QFREB’s Market Analysis Department Manager.
Of the households planning to buy a home within the next five years, a group representing 29 per cent of the Montréal Metropolitan population, the report found that two-thirds of potential buyers are empty-nesters or individuals without children.
The survey also included research on households that had previously purchased property within the last five years. Among those individuals, four out of 10 first-time buyers used the Government of Canada’s Home Buyers’ Plan (HBP), a program that allows individuals to withdraw funds from their registered retirement savings plans (RRSPs) to buy or build a home.