Nuns Island Single-Family Houses on the market
Houses inventory is at the lowest since 2008 recession.
Montreal real estate: Blame home shortage in Quebec on baby boomers
A recent survey shows that Quebec boomers are less likely than those in the rest of Canada to move to the suburbs or condos when they retire.
Most Montrealers still want to live in a single-family detached home, yet achieving that dream is becoming harder for many people. It’s not just that prices are rising and mortgage terms are becoming less flexible. In some parts of Montreal, inventory of single-family homes is so low that even those with money struggle to find a place to buy.
One reason: the predicted wave of baby boomers selling their detached homes to move into condos, smaller homes or less expensive areas just hasn’t happened.
“Years ago, everyone thought boomers would flee the bigger city and go to the suburbs and buy a smaller house there. The other trend we thought would happen is that they would all go into condos. “What we did not anticipate is that, especially in Quebec, a lot of them are just holding on to their properties and trying to live in that property for as long as they can.”
In Montreal, as in the rest of Canada, the single-family detached home is still preferred by most people, especially families with children. Only 27 per cent of Montrealers said they preferred to live in an apartment or condo. But in many desirable neighbourhoods, it’s becoming increasingly challenging for Montreal families to find an affordable detached home.
“The fact that the boomers are staying put means in neighbourhoods where there are a lot of boomers, it creates an effect where prices of houses are going up.” “There are a lot of new buyers who want to purchase homes, but there aren’t a lot for sale now.”