April Signals a Busy Spring for the Quebec City Real Estate Market
- April sales approach peak reached in 2021 for the same period of the year in the heart of the pandemic.
- Strong sales have led to lower property inventory levels, in contrast to most other CMAs.
- In these circumstances, market conditions tend to tighten and prices to rise.
QUEBEC CITY, May 06, 2024 (GLOBE NEWSWIRE) -- The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its residential real estate market statistics for the month of April 2024. The most recent market statistics for the Quebec City Census Metropolitan Area (CMA) are based on the real estate brokers' Centris provincial database.
Residential sales in the Quebec CMA territory totalled 976 in April 2024. This is an increase of 18 per cent, or 147 transactions, compared to the same period last year. Note that this is the second-highest level of transactional activity recorded for this time of year since the Centris system began compiling market data in 2000.
"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," notes Charles Brant, QPAREB Market Analysis Director.
"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."
April highlights
- The South Shore of Quebec (218 sales) posted a significant increase of 42 per cent compared to April 2023. The Northern Periphery of Quebec City (140 sales) follows closely, up significantly by 41 per cent. Finally, with 618 sales, the Agglomeration of Quebec City saw a less marked 7 per cent increase in sales compared to the same period a year ago.
- Transactional activity by property category varied between 13 per cent and 34 per cent for the period. With sales reaching 629, the number of single-family homes sold was up 18 per cent compared to the same period last year. Condominium sales, reaching 272 transactions, were up 13 per cent. Small income properties, with 75 sales, showed a marked increase of 34 per cent.
- Active listings declined in April 2024, down 9 per cent to 2,673 listings in the Quebec City CMA from a year ago. This decline is due to a drop in listings of condominiums and plexes. Note that this is the third-lowest inventory of available properties for this time of year since the Centris system began compiling market data in 2000.
- The average selling time for small income properties was 63 days, 10 days longer than the same period a year ago. Single-family homes and condominiums followed at 54 days and 52 days, respectively. This is 9 more days for single-family homes and 5 more days for condominiums.
- Overall median prices were up when compared to those in effect at the same time last year. The median price of condominiums reached $276,500, a 19 per cent jump. Single-family homes sold at a median price of $381,340, a gain of 9 per cent compared to last year. With a median price of $425,000, plexes recorded an increase of 4 per cent for the period.
- On a consecutive monthly basis, the median prices of all three property categories were up slightly compared to March 2024. Single-family homes and condominiums saw their median price increase by 3 per cent and that of small income properties by 6 per cent.
- In the main metropolitan areas of the Quebec City CMA, median prices for single-family homes varied between +6 per cent and +21 per cent in one year. In the Agglomeration of Quebec City, the median price of single-family homes stood at $382,000, an increase of 8 per cent compared to April 2023. The median price of single-family homes in the Northern Periphery of Quebec City reached $452,500, up significantly by 21 per cent. The median price for single-family homes on the South Shore of Quebec City was $348,000, up 6 per cent compared to April last year.
Additional information:
Detailed and cumulative monthly statistics for the province and regions
If you would like additional information from the Market Analysis Department, such as specific data or regional details on the real estate market, please write to us.
About the Quebec Professional Association of Real Estate Brokers
The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 14,000 real estate brokers and agencies. It is responsible for promoting and defending their interests while taking into account the issues facing the profession and the various professional and regional realities of its members. The QPAREB is also a major player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Québec's residential real estate market statistics, provides training, tools and services relating to real estate, and facilitates the collection, dissemination and exchange of information. The QPAREB has its head office in Quebec City, administrative offices in Montreal and a regional office in Saguenay. It has two subsidiaries: Société Centris inc. and the Collège de l'immobilier du Québec. Follow its activities at qpareb.ca or via its social media pages: Facebook, LinkedIn, Twitter and Instagram..
For more information:
Ariane Boulé
Morin Relations Publiques
[email protected]
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