- Second highest number of sales in 25 years for a month of July.
- Condominiums contributed significantly to this high level of activity, coming close to the record sales reached in 2020 during the pandemic.
- At the same time, active listings continued their decline, contrary to the trend in the rest of the province.
- In this context, conditions remain firmly in favour of sellers against a backdrop of overheating, propelling prices to new highs, all categories combined.
QUEBEC CITY, Aug. 06, 2024 (GLOBE NEWSWIRE) -- The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its residential real estate market statistics for the month of July 2024. The most recent market statistics for the Quebec City Census Metropolitan Area (CMA) are based on the real estate brokers’ Centris provincial database.
Residential sales in the Quebec City CMA territory reached 667 in July 2024. This is an increase of 3 per cent, or 21 transactions, compared to the same period last year. Note that this is the second-highest level of transactional activity recorded for this time of year since the Centris system began compiling market data in 2000.
“There is no recovery dynamic to the Quebec City market as is the case with many other markets in the province. It is, however, in a strong growth mode, and has been since the pandemic. Moreover, it has been unaffected by interest-rate fluctuations over the past 28 months. Even if the increase in July sales seems relatively modest, make no mistake, the market posted its second-strongest activity in 25 years for this time of year. The resilience of this market, combined with the start of a cycle of lower interest rates, is increasing the confidence of buyers, particularly investors,” notes Charles Brant, QPAREB Market Analysis Director.
“This transactional frenzy is reflected by a constant decline in the inventory of properties which has had difficulty keeping pace as the number of new listings remain below their historical average. As with single-family homes, condominiums and small income properties are suffering from market conditions that are once again tightening in favour of sellers. This has contributed to overbidding, particularly in the Agglomeration of Quebec City, with prices jumping to new highs.”
July highlights
- The South Shore of Quebec (218 sales) posted a significant increase of 42 per cent compared to April 2023. The Northern Periphery of Quebec City (140 sales) follows closely, up significantly by 41 per cent. Finally, with 618 sales, the Agglomeration of Quebec City saw a less marked 7 per cent increase in sales compared to the same period a year ago.
- Transactions in the Northern Periphery of Quebec City edged up by 3 per cent in July 2024 compared to the equivalent period a year earlier, while the Agglomeration of Quebec City posted a more significant increase of 8 per cent. However, the South Shore of Quebec City experienced a 10 per cent drop compared to the same period a year ago.
- Transactional activity by property category varied between –5 per cent and +32 per cent for the period. At 399 sales, the number of single-family homes sold fell 5 per cent compared to the same period last year. Condominium sales were relatively strong, growing by 15 per cent to reach 210 transactions. Small income properties, with 58 sales, posted a marked increase of 32 per cent.
- Active listings declined in July 2024, down 11 per cent compared to last year, thereby limiting transactional potential. Thus, 2,305 listings were on the market in the Quebec City CMA in July 2024. This drop was driven primarily by single-family homes and condominiums. Note that this is the third-lowest level of available inventory for a month of July since the Centris system began compiling market data in 2000.
- The average selling time for small income properties was 45 days, 20 days less than the same period a year ago. Condominiums and single-family homes follow at 54 days and 44 days, respectively. This is 1 fewer day for condominiums and 6 fewer days for single-family homes.
- All median prices were up when compared to those in effect at the same period last year. The median price of condominiums stood at $282,000, a sharp increase of 15 per cent. Single-family homes sold at a median price of $375,000, a 7 per cent increase compared to last year. With a median price of $437,750, plexes jumped 21 per cent for the period.
- On a consecutive monthly basis, median prices varied per property category. The median price of small income properties grew by 7 per cent, while that of single-family homes and condominiums fell by 1 per cent and 5 per cent respectively.
- On an annual basis, single-family home median prices in the Quebec City CMA varied per metropolitan area, ranging from +6 per cent to +18 per cent in one year. In the Agglomeration of Quebec City, the median price of single-family homes stood at $375,000, up 8 per cent. The median price of single-family homes in the Northern Periphery of Quebec City edged up by 9 per cent to reach $419,500. The South Shore sector of Quebec City posted a single-family home median price of $351,400, jumping by 8 per cent.
Additional information:
Detailed and cumulative monthly statistics for the province and regions
If you would like additional information from the Market Analysis Department, such as specific data or regional details on the real estate market, please write to us.
About the Quebec Professional Association of Real Estate Brokers
The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 14,500 real estate brokers and agencies. It is responsible for promoting and defending their interests while taking into account the issues facing the profession and the various professional and regional realities of its members. The QPAREB is also a major player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Québec’s residential real estate market statistics, provides training, tools and services relating to real estate, and facilitates the collection, dissemination and exchange of information. The QPAREB has its head office in Quebec City, administrative offices in Montreal and a regional office in Saguenay. It has two subsidiaries: Société Centris inc. and the Collège de l’immobilier du Québec. Follow its activities at qpareb.ca or via its social media pages: Facebook, LinkedIn, Twitter and Instagram..
For more information:
Ariane Boulé
Morin Relations Publiques
media@qpareb.ca
Image bank (credit QPAREB) available free of charge.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/97b9cac3-f19f-4f95-aeee-97df9abdbbbb
