Quebec City Real Estate Market: Free-Fall of Single-Family Home Inventory Slows the Market's Overactivity
QUEBEC CITY, Feb. 03, 2021 (GLOBE NEWSWIRE) -- The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its residential real estate market statistics for the Quebec City Census Metropolitan Area (CMA) for the month of January, based on the real estate brokers' Centris provincial database.
"The Quebec City area set a new sales record in January, as transactions jumped by 16 per cent compared to January of last year. However, this was the first month since June 2020 that the increase in sales was well below the 40 per cent mark," said Charles Brant, director of market analysis at the QPAREB. "This easing can be explained by two main factors: active listings have fallen by nearly two-thirds in the past 12 months in the single-family home category and the Quebec City market had registered a strong increase in sales last January," he added.
January highlights
- A new sales record was set in January (+16 per cent).
- All areas of the Quebec City CMA continued to post record-setting sales, including the Northern Periphery with 121 sales (+49 per cent compared to January of last year), followed by the South Shore with 152 sales (+15 per cent). The Agglomeration of Quebec City registered an 11 per cent increase, with 556 sales.
- A record number of sales transactions were concluded for a month of January: 63 plex transactions (+31 per cent) and 249 condominium transactions (+52 per cent). Sales of single-family homes increased by 3 per cent with 516 transactions.
- Active listings continued to register record-setting decreases for single-family homes (-59 per cent) and plexes (-42 per cent), which has significantly tightened market conditions in favour of sellers. Active condominium listings fell by 28 per cent.
- The median price of single-family homes rose significantly in January, jumping by 11 per cent, while that of plexes increased by 9 per cent. The median price of condominiums, whose market conditions are more balanced, fell slightly by 2 per cent.
- Median prices reached new highs: $350,000 for plexes and $282,000 for single-family homes. Condominiums continue their slow catch-up, sitting at $200,000.
Additional information:
Quarterly statistics ? Barometer for the province of Quebec
Detailed and cumulative 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 13,000 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 an important player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Quebec'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 is headquartered in Quebec City and has its administrative offices in Montreal. It has two subsidiaries: 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.
About Centris
Centris is a dynamic and innovative technology company in the real estate sector. It collects data and offers solutions that are highly adapted to the needs of professionals. Among these solutions is Centris.ca, the most visited real estate website in Quebec.
For more information:
Image bank (credit QPAREB) available free of charge.
Marjolaine Beaulieu
Publicist
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