A Remarkable Month of August in Quebec City: Sales are in High Gear, Conditions Shift to a Seller’s Market and Prices Increase
QUEBEC CITY, Sept. 04, 2020 (GLOBE NEWSWIRE) — The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its most recent residential real estate market statistics for the Quebec City Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database.
In total, 831 residential sales transactions were concluded in August 2020. This represents a remarkable 62 per cent increase compared to August of last year and the largest sales increase among the province’s six metropolitan areas.“Cumulatively since the start of the year, sales in the Quebec City CMA have increased by 19 per cent compared to the same period last year. The Quebec City market is on a roll that has not been slowed down by the pandemic – quite the contrary, in fact!” said Julie Saucier, president and chief executive officer of the QPAREB. “A combination of factors already favourable to the recovery of the Quebec City market and the ultimately positive effect of the pandemic on residential real estate and on the savings rate of many households in the area are intensifying the popularity of residential properties, which are increasingly associated with a safe haven and an essential good.”Sales by geographic areaThe Northern Periphery of Quebec City stood out from the two other main areas of the CMA in August, as transactions doubled compared to the same month last year (122 sales).The increase in sales was also notable in the Agglomeration of Quebec City, at 65 per cent (535 transactions).The South Shore of Quebec City registered a slightly more moderate increase in transactions at 37 per cent (174 sales).Sales by property categoryIn August, all three property categories registered the highest number of transactions ever recorded for a month of August since the Centris system began compiling market data (2000).Sales of single-family homes posted a solid increase of 62 per cent, with a total of 559 transactions. It should be noted that single-family home transactions at a price above $500,000 jumped by 63 per cent compared to August of last year (44 sales).As for condominiums, 207 transactions were concluded in August, a 52 per cent increase year over year.With this excellent level of sales, it would take 7.4 months to sell the entire inventory of single-family homes for sale, which is 2.8 months less than at the same period last year. Note that market conditions for single-family homes now give sellers the upper hand in the Quebec City CMA but conditions for condominiums continue to give buyers the upper hand, with an inventory representing 11.6 months of sales.PricesThe median price of single-family homes across the CMA increased by 6 per cent compared to August of last year, reaching $275,000.After registering four consecutive monthly decreases, the median price of condominiums finally rebounded by 4 per cent, as half of all transactions were concluded at more than $199,000.Number of properties for saleIn August, there were 4,973 active residential listings in the Quebec City CMA, a 33 per cent drop compared to August of last year. This particularly sharp decrease can be explained by a rapid acceleration in sales growth since the start of the year and a decrease in new listings.For August 2020 and year-to-date statistics charts, click here.About the Quebec Professional Association of Real Estate BrokersThe 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 CentrisCentris.ca is Quebec’s real estate industry website for consumers, grouping all properties for sale by a real estate broker under the same address. Société Centris provides real estate industry stakeholders with access to real estate data and a wide range of technology tools. Centris also manages the collaboration system used by more than 13,000 real estate brokers in Quebec.For more information:
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