A Hot Start to Spring in Quebec City: Sales Remain High, Condominium Prices Soar in the Agglomeration
QUEBEC CITY, May 04, 2022 (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. The most recent market statistics for the Quebec City Census Metropolitan Area (CMA) are based on the real estate brokers' Centris provincial database.
"Transaction activity remained at historically high levels in Quebec City in April, contributing to a continued drop in the number of active listings. The overheated market is in full swing, particularly in the condominium category of the Quebec City agglomeration, accelerating the price catch-up process for this sector and this category: a 17 per cent increase in the median price has been recorded there, which is unprecedented since the Centris system of real estate brokers started compiling market data," said Charles Brant, Director of the QPAREB's Market Analysis Department. "We can clearly see that the dynamics of the Quebec City market are different from those of Montreal, whose activity is starting to lose steam. Indeed, the buying power of households is significantly lower in Quebec City, with the average price of a home in Quebec City representing less than two thirds of the average price of a home in Montreal given comparable average income levels. New buyers will therefore be less sensitive to rising interest rates in Quebec City than in Montreal," he adds.
April Highlights
- Residential sales were down 11 per cent this April compared to April 2021. As was the case in previous months, however, the activity level remained historically high, with 963 sales.
- Quebec City and the Northern Periphery experienced the most significant decreases in sales, with decreases of up to 13 per cent in both areas. The South Shore of Quebec City experienced a smaller slowdown, with a decrease in residential sales of only 4 per cent compared to the same period last year.
- Among residential categories, single-family homes stood out due to the intensity of the sales decline, with a 14 per cent decrease. Condominiums and small income properties, on the other hand, experienced decreases of only 7 per cent compared to 2021, which was a record year for this period.
- Despite the CMA's slowdown in sales, supply remained under pressure. Active listings stood at 2,280 by the end of April, a 32 per cent decline compared to April 2021 and slightly lower than in March 2022 (2,406 listings).
- Single-family homes in the CMA experienced a moderate increase, at 10 per cent above the median price. The median price for April was $345,000. Condominiums, on the other hand, saw their price increase, reaching $235,000, an increase of 16 per cent compared to last April. For their part, small income properties saw their price settle at $385,000, a gain of 7 per cent.
Additional information:
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 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 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:
Marie-Rose Desautels
Morin Relations Publiques
[email protected]
Image bank (credit QPAREB) available free of charge.
An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f1c4f57-94e7-4c6e-8867-54ac75c2c5b2
News published on and distributed by:
