Quebec recorded a total of 26,166 residential sales in the second quarter 2024, up 12% year-over-year, according to the Quebec Professional Association of Real Estate Brokers (QPAREB). This level of activity was higher than the average recorded for this time of year since market data was compiled in 2000.
Growth in transactional activity by property category varied – plexes with 2,414 transactions, had the greatest sales activity with a 21% increase, while single-family homes (17,042 sales) and condominiums (6,630 sales) followed with respective increases of 11% and 10%t.
Among census metropolitan areas (CMAs), the rise in sales was most pronounced in Drummondville (up 19%), followed by Sherbrooke (13%), Gatineau (11%), Montreal (11%) and Quebec City (8%). The CMAs of Trois-Rivières and Saguenay both recorded a slight decline in sales of 3%.
The number of available properties across Quebec during the second quarter reached 38,333 active listings, a 22% year-over-year spike – although the level was also below the historical average of 49,330 listings.
Also during the second quarter, the single-family home median price across Quebec grew by 5% year-over-year to $452,500. The median price of condominiums rose by 3% year-over-year to $379,000 while small income properties, with a median price of $603,500, recorded a 10% increase from the second quarter of 2023.
“The momentum of the first quarter continued in most Quebec regions with an increase in sales and prices in the second quarter,” said Charles Brant, QPAREB market analysis director. “Although the peak spring season lived up to expectations in terms of sales, it may have disappointed many buyers who anticipated benefiting 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.”
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