Residential sales across Quebec totaled 90,369 in 2024, a 19% or 14,460 transactions year-over-year jump, according to new data from the Quebec Professional Association of Real Estate Brokers (QPAREB), adding that the transactional activity was both higher than the historical average and comparable to the pre-pandemic levels reached in 2018 and 2019.
The inventory of available properties in Quebec shrank slightly in 2024 due to a higher absorption rate driven by intensified sales activity. The number of active listings stood at 36,230, a 14% year-over-year increase but lower than the historical average.
Across the province, the median price of single-family homes reached $450,000 by the end of 2024, up 8% from one year earlier. The condominium median price stood at $378,000, a 5% increase from 2023, while small income properties with a median price of $585,000 was a 12% upswing from the previous year.
By the end of 2024, the number of months required to sell Quebec’s housing inventory fell to 4.8 months for all categories combined. The average time to sell a single-family home in Quebec was 60 days in 2024, six days more than in 2023, while condominiums and small income properties followed at 60 days and 78 days, respectively, which represented an increase of two days for these two property categories.
“The resale real estate market experienced a rebound in 2024, primarily due to repeat buyers who had waited for the first sign of a downward movement in interest rates,” Charles Brant, QPAREB market analysis director. “These buyers, including investors, were particularly active in the early months of the year. In the fall, first-time homebuyers took advantage of lower interest rates and the greater number of listings on the market to further boost activity.”
Brant added, “The fourth quarter of 2024 thus reflected the market’s growing momentum, with sales sharply rising at the end of the quarter. This upsurge coincided with an accelerated pace in key interest rate cuts since October, coupled with the coming into force in December of a measure extending the amortization period of insured mortgages to 30 years. As a result, most markets in Quebec saw strong sales growth during this period of the year. Concurrently, market conditions continued to stabilize, yet remaining solidly in favor of sellers and supporting a steady rise in prices, which reached new all-time highs.”
