Quebec’s Solid Market Recovery Continues into Second Quarter
12 Julio 2024 - 6:00AM
The Quebec Professional Association of Real Estate Brokers (QPAREB)
has just released its quarterly residential real estate market
statistics for the province of Quebec, based on the real estate
brokers’ Centris provincial database.
Across the province, 26,166 residential sales
were posted in the 2024 second quarter, a 12 per cent jump compared
to the equivalent period in 2023. This level of transactional
activity is higher than the average recorded for this time of year
since Centris began compiling market data in 2000.
“The momentum of the first quarter continued in
most Quebec regions with an increase in sales and prices in the
second quarter. 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,” notes Charles Brant, QPAREB Market Analysis
Director.
“Overall, the rise in active listings has
remained limited with market conditions continuing to favour
sellers, including plexes. This property category experienced
particular popularity due to the home ownership strategy of
first-time homebuyers, as well as the interest of investors in more
attractive rental income. Even if the lack of properties on the
market continues in a number of sectors in the Montreal region, it
is especially proving problematic in the Quebec City regionand
leading to new price peaks, all categories combined.”
Quarterly Highlights for the
Province
Sales
- Growth in transactional activity by
property category varied between +10 per cent and +21 per cent
between the second quarter of 2023 and that of 2024. Plexes, with
2,414 transactions, stand out with a 21 per cent increase.
Single-family homes (17,042 sales) and condominiums (6,630 sales)
followed with respective increases of 11 per cent and 10 per
cent.
- Among census metropolitan areas
(CMAs), the rise in sales was most pronounced in the Drummondville
CMA (+19 per cent). Transactions in the CMAs of Sherbrooke (+13 per
cent), Gatineau (+11 per cent), Montreal (+11 per cent) and Quebec
City (+8 per cent) also progressed well, but at a slower pace.
Finally, the CMAs of Trois-Rivières and Saguenay both recorded a
slight decline in sales of 3 per cent.
- With regard to urban centres, a
number of localities stood out, recording transaction levels almost
twice as high as those of their counterparts between the second
quarter of 2023 and that of 2024, including Lachute (+43 per cent),
Rawdon (+42 per cent), Sainte-Agathe-des-Monts (+40 per cent) and
Salaberry-de-Valleyfield (+40 per cent). Other markets, including
Cowansville (+26 per cent), Alma (+24 per cent), Sorel-Tracy (+23
per cent) and Granby (+20 per cent), also performed very well.
- The markets of Saint-Sauveur (-1
per cent), Matane (0 per cent) and Charlevoix (0 per cent) were
more stable, while in Baie-Comeau, sales declined by 16 per
cent.
Active Listings
- The number of available properties
across Quebec continued to grow in the 2024 second quarter,
reaching 38,333 active listings, a jump of 22 per cent compared to
the 2023 second quarter. Even so, the level still remained well
below the historical average of 49,330 listings.
Median Prices
- In the 2024 second quarter, the
single-family home median price across Quebec grew by 5 per cent
compared to the equivalent period last year to reach $452,500.
- The median price of condominiums
rose by 3 per cent to $379,000 compared to the same period last
year.
- Small income properties, with a
median price of $603,500, experienced a more sustained increase of
10 per cent between the second quarter of 2023 and that of
2024.
Market Conditions
- Across the province, the number of
months required to sell the inventory of residential properties on
the market continued to favour sellers in the second quarter
despite the increase from the same period last year. The number of
months needed to sell the inventory during this period, all
categories combined, rose from 4.8 months to 5.2 months.
Selling Times
- The average selling time for
single-family homes in Quebec reached 58 days in the 2024 second
quarter, 6 days more than the 2023 second quarter. Condominiums and
small income properties followed at 56 days (+2 days) and 77 days
(+1 day) respectively.
Quarterly Highlights for the
Regions
Montreal CMA
- Residential sales in the Montreal
CMA territory totalled 13,053 in the second quarter of 2024, up
11 per cent compared to the equivalent period last year. This
number of sales is higher than the historical average for this time
of year.
- Active listings in the Montreal CMA
rose by 20 per cent compared to the same quarter of 2023. This
relatively moderate increase was observed across all property
categories. Finally, the number of months required to sell the
inventory increased slightly to reach 5.1 months (all categories
combined).
- Between the second quarter of 2023
and that of 2024, median prices in the different property
categories in the Montreal CMA rose by between 3 per cent and 6 per
cent. With a median price of $576,000, the gain in the
single-family home category reached 5 per cent. The condominium
median price reached $405,000 (+3 per cent), while plexes sold at a
median price of $769,900 (+6 per cent).
Quebec City CMA
- The Quebec City CMA recorded 2,612
residential sales in its territory during the second quarter of
2024, an increase of 8 per cent compared to the same period in
2023. Sales are somewhat higher than the historical average for a
second quarter.
- Active listings in the Quebec City
CMA fell by 10 per cent during this period. This decline was
primarily driven by single-family home and condominium listings
which dropped respectively by 12 per cent and 10 per cent. As
for plexes, a slight drop of 3 per cent was observed. In this
context, the number of months required to sell the inventory, all
categories combined, has dropped to 3.7 months.
- The single-family home median price
rose to $380,000, growing by 8 per cent compared to the same period
a year ago. With a median price of $272,000, the condominium
category recorded a 16 per cent increase. Small income properties,
for their part, posted a median price of $450,000, up 15 per cent,
the largest increase for this time of the year since 2021.
Gatineau CMA
- The Gatineau CMA reported 1,418
residential sales in its territory during the second quarter of
2024, rising by 11 per cent compared to the equivalent period last
year. This level of activity is comparable to the historical
average for a second quarter.
- Active listings jumped 44 per cent
in the Gatineau CMA during the second quarter compared to that of
2023. This is the largest increase recorded since 2014 for this
period of the year, primarily due to the significant jump in
listings of single-family homes. Finally, even if the number of
months required to sell the inventory (all categories combined) has
reached 3.9 months, nevertheless it has remained low when compared
to its historical average (Q2 average of 6.7 months, 2000 to
2023).
- The median price for single-family
homes was $478,278 and that of condominiums was $319,000 in the
2024 second quarter, both categories up 4 per cent compared to the
same period a year ago. Small income properties posted a median
price of $518,000, a very modest variation of 1 per cent.
Sherbrooke CMA
- Residential sales in the Sherbrooke
CMA territory reached 571 transactions in the 2024 second quarter,
an increase of 13 per cent compared to the same period of 2023.
This level of activity is above the historical average for this
time of year.
- Active listings in the Sherbrooke
CMA grew by 36 per cent compared to the 2023 second quarter. This
growth is the highest observed since 2000 for this period of the
year and is due to a significant increase in listings in all three
property categories. Finally, the number of months required to sell
the inventory increased to 4.5 months (all categories combined),
almost half its historical average.
- Between the second quarter of 2023
and that of 2024, median prices in the different categories in the
Sherbrooke CMA varied between +3 per cent and +14 per cent. The
single-family home median price reached $413,000, up 5 per cent
compared to the same period a year ago. With a median price of
$275,750, the condominium category recorded a 3 per cent increase.
Small income properties posted a median price of $467,500, up 14
per cent.
Trois-Rivières CMA
- The Trois-Rivières CMA recorded 408
residential sales in its territory during the second quarter of
2024, a decrease of 3 per cent compared to the same period in 2023.
Despite this decline, sales remained at a level above the
historical average for a second quarter.
- Active listings in the
Trois-Rivières CMA grew by only 11 per cent compared to the same
quarter of last year. This growth was driven by all residential
property categories. Finally, the number of months required to sell
the inventory remained stable at 2.5 months (all categories
combined).
- The median price for single-family
homes jumped 12 per cent to $335,000 in the second quarter of 2024,
while that of condominiums increased 8 per cent to reach $263,000
in the second quarter. The median price of small income properties
rose 14 per cent to reach $336,000.
Saguenay CMA
- The Saguenay CMA recorded 407
residential sales in its territory during the second quarter of
2024, down 3 per cent compared to the same period in 2023. This
level of sales is lower than the historical average for a second
quarter.
- Active listings in the Saguenay CMA
declined by 2 per cent compared to the second quarter of 2023,
attributable to the drop in listings in the three residential
property categories. The number of months needed to sell the
inventory of properties on the market for the period reached 4.4
months (all categories combined).
- The median price of single-family
homes increased by 10 per cent to reach $292,000 in the second
quarter of 2024, while that of plexes dropped 4 per cent to
$259,950.
Drummondville CMA
- The Drummondville CMA saw
residential sales jump 19 per cent to reach 260 transactions in the
second quarter of 2024. This is the highest level of transactional
activity for a second quarter since 2000.
- Active listings increased 26 per
cent during the second quarter compared to the same quarter last
year. This is principally due to the growth observed in
single-family home listings (+35 per cent). Listings of small
income properties declined 9 per cent. Finally, the number of
months required to sell the inventory remained stable at 5 months
(all categories combined).
- The median price of single-family
homes in the Drummondville CMA stood at $350,000 in the second
quarter, up 6 per cent compared to the 2023 second quarter.
Abitibi-Témiscamingue
- Residential sales in the
Abitibi-Témiscamingue territory totalled 382 in the second quarter
of 2024, a drop of 5 per cent compared to the same period last
year. Sales were above the second-quarter historical average.
- Regional active listings stood at
591 in the 2024 second quarter, a modest 12 per cent increase from
the same period in 2023.
- The median price of a single-family
home reached $330,000 in Rouyn-Noranda, a slight increase of
1 per cent compared to the same period in 2023. In Val-d’Or,
the median price of single-family homes rose to $339,750, an 11 per
cent increase.
Bas-Saint-Laurent
- Residential sales in the
Bas-Saint-Laurent territory totalled 484 in the second quarter of
2024. This is an increase of 9 per cent compared to the same period
last year. For a second quarter, the level of sales was higher than
the historical average.
- The number of active listings
reached 824 region-wide in the 2024 second quarter, jumping by
22 per cent compared to the same period in 2023.
- The single-family home median price
rose to $306,000 in Rivière-du-Loup and $327,500 in Rimouski, up 9
per cent from the same period last year in both cases. In Matane,
the median price of single-family homes reached $217,500, an
increase of 4 per cent.
Côte-Nord
- Residential sales in the Côte-Nord
territory decreased by 3 per cent, down to 163 transactions in the
second quarter of 2024. Sales were below the second-quarter
historical average.
- The number of active listings stood
at 159 region-wide in the second quarter of 2024, a decrease of 4
per cent compared to the same period in 2023.
- The median price of single-family
homes stood at $201,125 in Baie-Comeau, an increase of 12 per cent
compared to the equivalent period of 2023. In Sept-Îles, the median
price of single-family homes reached $274,500, an increase of 14
per cent.
Lanaudière
- Residential sales in the Lanaudière
territory totalled 2,161 in the 2024 second quarter, up 15 per cent
from the same period last year. This level of sales is well above
the historical average for a second quarter.
- The number of active listings in
the region reached 2,659 in the second quarter of 2024, a
significant increase of 36 per cent compared to the same period in
2023.
- In Joliette, the median price of
single-family homes reached $399,000, up 5 per cent compared to the
same period in 2023. In Rawdon, the single-family home median price
reached $356,000, down 6 per cent compared to the 2023 second
quarter.
Laurentides
- Residential sales in the
Laurentides totalled 2,827 transactions in the 2024 second quarter,
which corresponds to an increase of 13 per cent compared to the
same period last year. For a second quarter, sales were higher than
the historical average.
- Active listings totalled 4,823
properties in the second quarter of 2024, jumping by 33 per cent
from the same period in 2023.
- The median price of single-family
homes reached $570,000 in Saint-Sauveur, an increase of 4 per cent
compared to the same period in 2023. In Sainte-Adèle, the median
price of single-family homes rose to $489,000, a 14 per cent
increase. The median price of single-family homes in Mont-Tremblant
stood at $531,250, up by 12 per cent. The median price of
single-family homes remained stable in Lachute at $375,000, while
in Mont-Laurier, it grew by 10 per cent to reach $322,500.
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 14,500 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
BouléMorin Relations Publiquesmedia@qpareb.caImage
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