Post-Covid Quebec Real Estate Market
Let’s face it, 2020 has been a unique moment in time, an unprecedented chapter in the history of the world. A time when all industries have been affected by the “global shut down” to battle the Covid-19 threat.
If the real estate market was any indicator during the first two months of the year, here during the Quebec pre-covid-19 shutdown, industry professionals were looking ahead at possibly the strongest bull run in local real estate in the history of our province. Evidently, what has indeed unfolded over the last several months was unfortunately anything but what industry leaders anticipated. Inventory had already neared record lows in February, and during the shutdown when the real estate industry was precautionarily designated a “non-essential” profession, the remaining inventory was absorbed by those already in the market and anxious to close on a property. Many people who had already sold their homes, were re-locating and had little choice but to proceed in finding a home, despite the challenges of the time.
It has been approximately two weeks since the real estate industry has indeed been permitted to re-open entirely and it has been a wild ride to say the least. Based on the unknown potential health risk of the Covid-19 threat and the equally unknown economic impact that the governments’ (municipal, provincial and federal) decisions had on our society, many people had been forced to the sidelines or decided to put their plans on temporary hold. These individuals have now awoken to the opportunity to enter or make a move in the current market simultaneously. It was and remains a Seller’s market.
By now it has become immensely clear that the longer-term economic impacts of these governmental decisions that were taken will inevitably be a detriment to our economy over the long term. However, the excellent news on the horizon is that progress in understanding the Covid-19 threat has been made, real mortality rates have been established and the premise to continue to keep markets and businesses closed is no longer justifiable, when examining the real scientific results of the current research. All this to say that the economy is indeed re-opening and re-igniting and the future for Quebec looks promising. A “V” or “U” shape recovery is underway, and the real estate industry has been re-invigorated by those who again, were forced to the sidelines or were justifiably fearful of the unknown.
What we do know, what we’ve always known, is that real estate has always been and will continue to be one of the most prudent and safest investments anyone can make, especially here in Canada. We at Berkshire Hathaway Home Services Quebec are excited about the future of our beautiful province and are looking forward to helping everyone achieve their real estate goals. Whether it be purchasing your first home, investment unit, commercial development, or exiting anyone of your real estate portfolio positions in anticipation of retiring to the countryside or simply enjoying your golden years. We will be here to assist you.
Gabriele Di Iorio
Partner – Chief Brokerage Officer