A word from Michel Paradis, Quebec City President
The Québec City region has experienced a more conservative development of co-ownership projects, albeit while enjoying a stable rate of new constructions year after year. Having saturated the downtown core of the old capital, new condominium projects are now spreading outwards into the suburbs.
Co-owners in Québec City are a fairly homogenous group: They are part of the same income bracket, and, averaging 50 years of age, they hail from the baby boomer generation. Like many of their generation, they have traded in their house for a condo. For these people, RGCQ-Québec City is an invaluable resource; and as in Montréal and Gatineau, more and more co-owners are consulting the RGCQ to become better informed. Indeed, when this type of housing is properly structured and soundly managed, it represents an incredible opportunity for accessing property.
In the coming years, co-ownerships from all over Québec will face the challenges that come with aging buildings, placing a particular onus on preservation and maintenance. Buying a property is the biggest investment most of us will make in our lifetime. It is crucial that we preserve the capital value of units, which could lead to capital gains and become an interesting source of revenue during retirement.
RGCQ – Québec City President