The Quebec Professional Association of Real Estate Brokers (QPAREB) has unveiled its latest data on the residential real estate market in Quebec, showcasing significant growth in the first quarter of 2024.

According to the report, province-wide residential sales reached 21,337, marking a 17 per cent increase compared to the same period in 2023. Despite this surge, sales levels remain just below historical averages for this time of the year.

First quarter since 2021 with double-digit rise in sales

“This is the first quarter since 2021 to have posted a double-digit rise in sales, something we have not seen in the last ten quarters. This rebound in activity was observed in all CMAs across the province, with the exception of Gatineau and Trois-Rivières,” says Charles Brant, QPAREB market analysis director.

However, he points out that the results must be put into perspective: “Although the number of sales seems to indicate a recovery, which will have to be confirmed in the second quarter, it remains slightly below the historical average for this period of the year.”

Brant attributed this resurgence to several factors, including a decline in the Consumer Price Index and optimistic signals from the Bank of Canada regarding potential interest rate cuts.

A move toward recovery in many markets

Furthermore, Brant highlighted a notable increase in the number of properties listed for sale in many markets, signalling a move toward market recovery. This increased fluidity in the market offers more opportunities for buyers, particularly in the small-income properties segment. 

However, certain markets, such as Quebec City CMA, still exhibit unbalanced conditions favoring sellers, he notes.

First-quarter provincial highlights

Source: QPAREB

Sales

Transactional activity across property categories increased between 16 per cent and 26 per cent, with plexes experiencing a 26 per cent surge.

Growth in sales was most pronounced in CMAs such as Sherbrooke, Saguenay and Quebec City, recording increases ranging from 21 per cent to 34 per cent.

Urban centers like Rawdon and Saint-Hyacinthe saw substantial sales gains, while markets like Riviere-du-Loup and Victoriaville witnessed large declines.

Active listings

The number of active listings surged by 20 per cent compared to the first quarter of 2023, reaching 36,666 province-wide.

Median prices

Median prices for single-family homes, condominiums, and small-income properties witnessed significant increases (10 per cent, 5 per cent and 15 per cent, respectively) compared to the previous year.

Market conditions

Despite the increase in active listings, the market continues to favour sellers, with the number of months required to sell inventory remaining relatively low at 5.1 months (for all property categories combined).

Selling times

Average selling times for different property types remained consistent compared to the previous year, with single-family homes averaging 64 days, condominiums averaging 62 days and small-income properties averaging 83 days.

Review statistics in detail for the province’s first quarter, and for March.