The Quebec Professional Association of Real Estate Brokers (QPAREB) reported 26,166 residential sales in 2024’s second quarter, a 12 per cent jump compared to the same time last year and higher than the average recorded for this time of year since 2000.
“The momentum of the first quarter continued in most Quebec regions with an increase in sales and prices in the second quarter. Although the peak spring season lived up to expectations in terms of sales, it may have disappointed many buyers who anticipated benefitting from both an increase in property inventory and the first drop in the key interest rate in four years.
In reality, only those looking for a property in a recreational market benefited from more choice. This is particularly the case in Estrie, Laurentides and Lanaudière. Generally speaking, properties sold less quickly in these markets, particularly less desirable homes with less desirable features or those in flood zones,” notes Charles Brant, QPAREB market analysis director.
A seller’s market, especially for plexes
Brant says that overall, the rise in active listings has been limited with market conditions continuing to favour sellers, including plexes:
“This property category experienced particular popularity due to the homeownership strategy of first-time homebuyers, as well as the interest of investors in more attractive rental income. Even if the lack of properties on the market continues in a number of sectors in the Montreal region, it is especially proving problematic in the Quebec City region and leading to new price peaks, all categories combined.”
Quarterly highlights for Quebec
There has been growth in transactional activity by property category between +10 per cent and +21 per cent from the second quarter of 2023 to the second quarter of 2024. Plexes, with 2,414 sales, saw a 21 per cent increase, while single-family homes (17,042 sales) and condominiums (6,630 sales) followed with increases of 11 per cent and 10 per cent, respectively.
In 2024’s second quarter, the province had 38,333 active listings, a jump of 22 per cent compared to the same period in 2023. However, this was still well below the historical average of 49,330 listings.
The single-family home median price across Quebec in 2024’s second quarter grew by five per cent compared to the same period last year, reaching $452,500. The median price of condominiums rose by three per cent to $379,000 compared to the same period last year. Small income properties, with a median price of $603,500, saw a 10 per cent increase during the same period.
Review the full report, including regional highlights, here.
