Quebec City CMA: Spectacular Rebound in Sales as Active Listings Drop
QUEBEC CITY, July 07, 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, 924 residential sales transactions were concluded in June 2020, a 47 per cent increase compared to June of last year.“The real estate market in the Quebec City CMA rebounded strongly in June, once again posting a level of sales that has remained well above that of the other CMAs since the start of the health crisis in late March, despite the restrictions placed on brokerage activities,” said Julie Saucier, president and chief executive officer of the QPAREB. “The market continues its astonishing momentum that nothing seems to be able to stop. In the past year, despite the increase in sales, we had not observed a significant drop in active listings in the Quebec City CMA, except for April and May when the market was put on hold. June is the first month we can confirm a significant tightening of market conditions.”Sales by geographic areaSales increased significantly in all areas of the Quebec City CMA in June.The northern periphery of Quebec City registered a spectacular increase in sales, at 108 per cent.Continuing with the remarkable sales activity that was registered in May despite the gradual restarting of brokerage activities, the South Shore of Quebec City saw its sales skyrocket by 50 per cent compared to June of last year.Similarly, sales in the agglomeration of Quebec City also rose sharply by 37 per cent.Sales by property categoryIn relative terms, the single-family home segment registered the largest increase in sales, with 646 transactions (+50 per cent). There were 3,341 active single-family home listings in June, a level well below that of June 2019 (-28 per cent).With 215 transactions, sales of condominiums also rose significantly (+52 per cent) compared to June of last year. The inventory of condominiums for sale fell by 16 per cent, confirming a faster tightening of market conditions. The average selling time for condominiums remained relatively stable at 165 days.As for plexes with two to five dwellings, sales grew at a much slower pace (+13 per cent), representing 62 units. Active listings were down sharply by 26 per cent, with 463 units compared to 623 units one year earlier.PricesAcross the CMA, the median price of single-family homes increased by 2 per cent compared to June of last year, to reach $272,000.In contrast, the median price of condominiums fell by 6 per cent, sitting at $192,000. Most transactions (189) took place in the agglomeration of Quebec City, where the median price of condominiums stood at $198,000, a 5 per cent decrease compared to June of last year. This can be explained by the fact that, despite a tightening of conditions, the condo market remains a buyer’s market.The median price of plexes also registered a slight drop, falling by 2 per cent to reach $292,500.Number of properties for saleIn June, there were 5,824 active residential listings in the Quebec City CMA, a much lower level (-24 per cent) than in June of last year, confirming an acceleration in the improvement of market conditions in the absence of a catch-up in new listings (unlike in all other CMAs), for all three property categories.For June 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:Taïssa Hrycay
Communications and Marketing1-888-762-2440 or
514-762-2440, ext. 157
[email protected]A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1cb3dc7a-8696-4bb5-8011-6a67cf5cc4a6