Window on the Real Estate Market for the Quebec City CMA: Quebec City’s Residential Market Records a Sales Gain in June and Continues to Go Against the Grain
QUEBEC CITY, July 06, 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 June. The most recent market statistics for the Quebec City Census Metropolitan Area (CMA) are based on the real estate brokers’ Centris provincial database.
“The Quebec City market continues to grow, unfazed by the current upward trend in interest rates. The sales momentum is still there, benefiting from the increase in new listings and showing, second only to June 2020, the most active June ever recorded since the Centris system of real estate brokers started compiling data. This is one of the few markets in the province where market conditions are still tightening considerably. There has been a steady increase in prices compared to last year. The Northern Periphery is experiencing the first signs of stabilization, given the price level that has been reached,” said Charles Brant, Director of the QPAREB’s Market Analysis Department. “Overall, the moderate level of overbidding, combined with the sound economic and market fundamentals, limits the potential risks of overvaluation, particularly for plexes, ensuring that the next few months will be more peaceful than in other Quebec markets, which are more likely to experience a correction.”
- In total, 756 residential transactions were completed in June in the Quebec City CMA. This represents the first gain in monthly sales in the last 13 months and a break from the downward cycle that began in June 2021.
- The transactional activity varied significantly in June across the CMA’s sectors. Indeed, the South Shore saw an 11 per cent increase in sales compared to June 2021, reaching a total of 140 transactions. The Quebec City agglomeration registered a 4 per cent gain, with 525 sales. The Northern Periphery, on the other hand, experienced a slowdown that was closer to the current dynamics in the province, with a 9 per cent decrease, reaching 91 transactions.
- As was the case in May, the increase in transactional activity in the CMA was attributable to a strong gain in plex sales, with 90 transactions, a 32 per cent increase compared to June 2021. Single-family homes and condominiums both registered steady sales levels compared to the same period last year, with 455 and 210 sales respectively.
- In keeping with the provincial trend of gradually increasing active listings, the number of properties available in the CMA market reached 2,379 in June, a 22 per cent decrease compared to June 2021.
- The median price of single-family homes was $350,000 in June, up 12 per cent compared to June 2021, but it has been slowing down since March 2022. Condominiums, on the other hand, posted a larger gain at 16 per cent. The median price of condominiums rose by slightly more than $5,000 compared to May, reaching $239,950 for the month of June. Despite an increase in demand for plexes in the CMA, their median price remained at the same level as June 2021, at $387,500.
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 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.
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:
Morin Relations Publiques
Image bank (credit QPAREB) available free of charge.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ec8c21f-5e82-459a-8c38-2eba8ff95ee8