The Quebec Professional Association of Real Estate Brokers (QPAREB) recently released its April data on Quebec’s residential real estate market, which notes that sales in Quebec City totalled 976 last month, an increase of 18 per cent compared to the same period last year and the second-highest level for this time of year since 2000.
Montreal saw 4,688 sales last month, which was 26 per cent higher than the same period last year and slightly under the historical average for this time of year.
Rebound results in tighter, seller-favoured market conditions
About the Quebec City market, Charles Brant, QPAREB’s market analysis director, says, “April posted robust sales well above the historical average, and which even compared to the all-time highs reached for this time of the year during the pandemic. This rebound, different from what is happening in other Quebec markets, is an intensification of the upward trend in the number of transactions.
The result is a tightening of market conditions in favour of sellers and the emergence of acute overheating conditions, leading to an increase in cases of overbidding, particularly in Quebec City’s central metropolitan area and the south shore. Just as in Montreal, the higher price segments experienced the greatest variation in the level of activity, resulting in a considerable increase in the median price, particularly for condominiums.”
Quebec City highlights
The South Shore of Quebec saw 42 per cent more sales compared to April 2023, while the Northern Periphery of Quebec City was up by 41 per cent during this time.
Transactional activity by property type sat between 13 per cent and 34 per cent, with single-family home sales reaching 629, condominium sales reaching 272 and small-income properties reaching 75 sales.
Active listings last month declined by nine per cent from a year ago, due to a drop in listings of condominiums and plexes. This is the third-lowest inventory of available properties for this time of year since 2000.
Median prices were up compared to the same time last year, with condominiums reaching $276,500 (19 per cent up), single-family homes reaching $381,340 (nine per cent up) and plexes reaching $425,000 (four per cent up). As well, median prices for all property types were up from March.
Reactive recovery market with repeat buyers taking action
About the Montreal market, Brant shares, “Following an early rebound in activity in February, a very reactive recovery of the market took place in April due to two clear factors: an increasingly obvious and imminent return to a downward cycle in interest rates, in addition to a resumption of price growth that this drop in rates may suggest.
However, even if purchasing intentions are tangible, the ability to take action belongs to repeat buyers as prices in the Montreal region have reached the highs of 2022 for the same time of year. Helped by better market fluidity, the wealthiest are particularly active in single-family homes and condominiums in price ranges above $700,000 with sales up by 48 per cent in this price segment, compared to 25 per cent for all price ranges combined.”
Montreal highlights
All of Montreal’s main metropolitan areas saw higher property sales in April, with Laval’s increase the highest at 35 per cent compared to the same period last year.
Transactional activity by property type sat between 24 per cent and 34 per cent, with single-family home sales reaching 2,438, condominium sales reaching 1,814 and small-income properties reaching 433 sales.
Active listings last month went up by 19 per cent from a year ago across all property types. This was slightly under the historical average for this time of year.
Median prices were up compared to the same time last year, with condominiums reaching $400,598 (three per cent up), single-family homes reaching $575,000 (seven per cent up) and plexes reaching $754,000 (four per cent up). Overall, median prices for all property types were stable compared to March.
