Increase in Quebec City Spring Activity Hampered by Lack of Properties for Sale
The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its residential real estate market statistics for the month of April 2023. The most recent market statistics for the Quebec City Census Metropolitan Area (CMA) are based on the real estate brokers’ Centris provincial database.
In April 2023, the Quebec City CMA posted 833 residential transactions in its territory. This represents a decrease of 14 per cent compared to April 2022, a nominal decrease of 160 sales.
“The potential of Quebec City market activity is based on a pool of buyers motivated by stabilized interest rates and competitive prices. However, this potential is faced with a small number of new properties coming onto the market and thus, unable to build up the limited inventory of properties for sale, all categories combined,” observes Charles Brant, QPAREB Market Analysis Director. “In April, however, a different market dynamic was observed in Quebec City’s Northern Periphery as there was a much faster accumulation of single-family homes not finding takers on the market.”
- All the CMA main metropolitan areas recorded a drop in the number of sales. Transaction activity in the Northern Periphery of Quebec City (99 sales) was down by 23 per cent, while for the South Shore of Quebec City (156 sales) and the Agglomeration of Quebec City (578 sales), the decline was more modest. These recorded respective decreases of 15 per cent and 13 per cent.
- While none of the three categories in the Quebec City CMA escaped the decline in sales, it was primarily plexes (56 sales) that saw the most significant drop at 36 per cent. In contrast, condominium (242) and single-family home (534) transactions were down by 15 per cent and 11 per cent, respectively.
- In the Quebec City CMA, there was an average of 3,031 active listings in April 2023, an increase of 31 per cent compared to April 2022. There were notable differences between the different types of properties, with listings of single-family homes climbing by 49 per cent to 1,864, while condominium listings (823) only increased by 15 per cent, and plexes (333) by only 3 per cent compared to the same month of last year.
- The velocity of property sales varied greatly from last year depending on the property type. Plexes saw their selling time increase by 12 days to 73 days, while the average selling time for a single-family home grew by 10 days to reach 45 days. On the other hand, condominiums sold on average 11 days faster in April 2023 than last year for a selling time of 57 days. All these times are well below the historical average.
- There was little variation in the median prices for condominiums ($232,750), a dip of 1 per cent, and for single-family homes ($350,000), a slight increase of 2 per cent. The median price for plexes climbed by 9 per cent to reach $410,000, a nominal increase of $32,500 compared to the same month last year.
- Median prices for a single-family home followed a similar trend in all the main metropolitan areas of the Quebec City CMA. A 2 per cent increase was posted for both the Agglomeration of Quebec City with a median price of $355,500 and the Northern Periphery with a median price of $375,000. On the South Shore of Quebec City, the median price for single-family homes was $329,500, up by 4 per cent compared to April 2022.