Finding a home in Bas-Saint-Laurent for less than $300,000 is not easy
PRICE FOR 5 YEARS
Rimouski
+51%
Percentage increase in the median price of single-family houses in five years in the Rimouski agglomeration.
Finding a home for less than $300,000 in Bas-Saint-Laurent is harder than you might think. “With the fixed price we didn’t have much choice! I was a little surprised to see that I was limited to more than $300,000,” said Danie Truchon, real estate agent at Proprio Direct.
Because before the pandemic, real estate inventories were high, she says. “With COVID, supplies were all running out, especially with city folk looking for houses near the river.”
Rimouski
Quarter Saint-Pie X
$269,900
- Detached house built in 1959 in a family neighborhood of Rimouski.
- The property has three bedrooms, two bathrooms and a shower room. With 4500 square meters of land there is also a courtyard, garage and driveway for parking two cars.
Although the market is now experiencing a slowdown, it’s still doing very well. Properties with a view of St. Laurentius in particular are still very popular, she says. “I don’t have a crystal ball, but I have a feeling the market for first-time buyers is sure to slow down. They are the ones paying the price of this market,” Ms. Truchon said.
Stable prices on the north coast
PRICE FOR 5 YEARS
Baie Comeau
+15%
Percentage increase in the median price of single-family homes over five years in the Baie-Comeau metropolitan area
Although the past two years have rocked the Baie Comeau market, the bidding war hasn’t caused real estate prices to explode.
“It wasn’t a big burden here. People were bidding between $1,000 and $10,000 more, which wasn’t much,” said Karianne Lévesque, a real estate agent at Proprio Direct on the North Shore.
And since the market was very active, real estate inventories emptied quickly.
“During the pandemic, everything sold out very quickly. At the moment, when the houses don’t need major renovations and are well maintained, things happen very quickly,” says Ms. Lévesque.
Baie Comeau
Mingan district
$269,900
- House built in 1966 on a 6000 square meter lot.
- The detached property has four bedrooms, two of which are in the basement, and two bathrooms.
- It is in a quiet and family area, in front of a park.
“If you’re paying $300,000 or more for a house in Baie-Comeau, it’s because you have money, you have specific criteria, you want a specific street with a water view,” she says.
With few homes left on the market, the agent estimates that the multiple bidding and small bidding in Baie-Comeau should continue for a few more months.
“It’s more likely to calm down from February to June because that’s when we have most of the houses for sale,” she concludes.
Newcomers to the Gaspé have pushed up real estate prices
The pandemic has spoiled the game for the first buyers in Gaspésie.
PRICE FOR 5 YEARS
Gaspésie-Îles-de-la-Madeleine
+60%
Percentage increase in the median price of single-family homes over five years in the Gaspésie-Iles-de-la-Madeleine region.
“What corrupted the market here was the newcomers who came in with telecommuting, for whom $200,000 to $250,000 houses weren’t expensive, so they drove up the price of the houses,” explains Louise-Hélène Delorme, real estate agent at RE/ MAX AVANT TOUT Gaspe.
Because in 2021, 80% of buyers came from “the city”, adds Ms. Delorme.
As a result, the situation will be extremely difficult for the first buyers in the region, she argues. “The big market in the Gaspé area is first-time buyers budgeting around $200,000 for two or three bedrooms,” she explains.
gasping
Rivière-au-Renard district
$305,000
- Single family home built in 1978 with 11,053 square meters of land.
- The property has 4 bedrooms, 2 of which are in the basement, as well as two bathrooms and a double garage.
- The house is also minutes from schools and services.
But with the slowdown of the market, the resumption of personal work and the end of strict hygiene measures, fewer and fewer metropolitans are choosing to live and live in Gaspésie. “We feel buyers are still leaning towards 2021 prices but are ultimately being forced to sell lower,” Ms Delorme said.
In their opinion, prices should fall by around 10% in the coming months.
Saguenay–Lac-Saint-Jean: Automatic multiple listings for homes under $300,000
Photo courtesy, Via Capitale
PRICE FOR 5 YEARS
Saguenay
+40%
Percentage increase in the median price of single-family homes over five years in the greater Saguenay area.
“When the pandemic hit, it really was madness. The world scrambled to buy houses, some bought houses without even visiting them, at completely insane prices,” says Alexandra Desbiens, real estate agent at Via Capitale Saguenay/Lac-St-Jean, Everest team.
Since then, while the situation is beginning to slow down, it hasn’t completely calmed down, she adds.
“We still see the superiority, albeit less than in Montreal. But this phenomenon has really focused on homes for families between $200,000 and $300,000, it automatically flows into multiple listings,” she explains.
Saguenay
Chicoutimi district
$315,000
- Single storey detached house built in 1980 with 9052 square meters of land.
- Located in a family area, close to primary and secondary schools, it has four bedrooms, one of which is in the basement, and a bathroom.
The situation is not changing, mainly due to a lack of stocks, she says.
“Right now, inventory isn’t increasing at all,” she says.
For Ms. Desbiens it is clear that the market will develop and slow down, although the next few months are likely to be intense.
“We see buyers are tired of making multiple offers, they are discouraged, they are depressed. When there are fewer people bidding, home prices will fall, more so when interest rates rise,” she believes.
North du Quebec is much less affected by real estate overheating
“It’s still possible to find a three bedroom turnkey home for under $300,000, sometimes you can even have four or even five bedrooms. However, these are old but well-preserved and renovated homes,” says Dex Savage, real estate agent at Royal LePage Limoges in Chibougamau.
Chibougamau
$249,000
- Detached single story property built in 1958 on a 6600 square meter lot.
- The property comprises three bedrooms, one of which is on the basement floor, a bathroom and a shower room, as well as a spa and solarium.
Far from Quebec’s major urban centers, North du Quebec has been much less affected by the real estate overheating caused by the pandemic.
“It was very rarely outbid, it sold just under the advertised price and it was very rare that we outbid it,” he explains.
The broker from Chibougamau expects the market to stagnate for the next few months and next year.
“It will all depend on whether people survive the rising interest rates or whether the banks take over the properties. That’s going to make the biggest difference in market value,” he said.
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