L'ÎLE-DES-SŒURS, QC, May 2, 2016 /CNW Telbec/ - A new study published by the Québec Federation of Real Estate Boards (QFREB) looks at the 2015 intergenerational home resale market in Québec and compares it to the conventional single-family home market.
This study is based on transactions concluded in 2015 through the real estate brokers' Centris® system. It presents sales trends for intergenerational homes in the province's administrative regions and in the most active regions of Québec. A comparison with conventional single-family homes is also provided in order to highlight the differences between these two distinct markets.
The aging population remains an ever-present factor that will undoubtedly influence the evolution of intergenerational cohabitation in the coming years. While the population aged 65 and over accounts for 18% of Québec's population in 2016, it will reach 26% in 2036 as baby boomers become older. In addition, the number of households headed by a person aged 75 and over will double in the next twenty years. As a result, many families are turning to intergenerational cohabitation as an alternative to the more traditional housing options, as it allows for mutual assistance and the ability to provide aging parents with better living conditions.
Evolution of the Intergenerational Home Market
In 2015, 1,702 intergenerational home sales were concluded through the real estate brokers' Centris® system, an 8% increase compared to 2014 and a 12% increase compared to 2010. In comparison, the total number of single-family home sales increased by 5% in 2015, with 52,530 transactions. In addition, if we look at the past six years, we see that the intergenerational home market generally performed better than the single-family home market.
Sales by Administrative Region
The administrative region of Montérégie registered the highest number of intergenerational home sales in 2015, with a total of 290 transactions. The administrative regions of Laurentides, Lanaudière and Montréal followed with 369, 268 and 131 sales, respectively. In addition, some of the most active geographic areas for intergenerational home sales included Mirabel (50 transactions), Blainville (47 transactions), Gatineau (46 transactions) and Terrebonne (46 transactions).
For the year 2015 in the regions we examined, the average difference between the median price of intergenerational homes and that of conventional single-family homes was $21,412, or 9% higher for intergenerational homes.
Longer Selling Times
Intergenerational homes generally remained on the market longer than conventional single-family homes in 2015. It took an average of 17 more days for an intergenerational home to find a buyer compared to conventional single-family homes.
Although the intergenerational home market is evolving slowly in Québec, the fact remains that it is progressing and seems to be gaining in popularity among Québec households. In a context where the population is aging, intergenerational homes are without a doubt an interesting option for promoting at-home care for seniors, while reducing their housing costs and improving the living conditions of the elderly.
For more information, please read the QFREB's study.
About the Québec Federation of Real Estate Boards
The Québec Federation of Real Estate Boards is a non-profit organization composed of Québec's 12 real estate boards and the more than 13,000 real estate brokers who are their members. Its mission is to promote and protect the interests of Québec's real estate industry so that the boards and their members can successfully meet their business objectives.
1. QFREB, L'impact des tendances démographiques sur le marché de la revente au Québec, in French, February 2016.
SOURCE Fédération des chambres immobilières du Québec
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