Québec City market records performances above national average in August: QPAREB
Data released by the Québec Professional Association of Real Estate Brokers (QPAREB) for the month of August revealed an active month in the city despite changing conditions in the Northern Periphery.
The latest residential real estate market data for August 2023 has been unveiled by the Québec Professional Association of Real Estate Brokers (QPAREB). These statistics pertain to the Québec City Census Metropolitan Area (CMA) and are sourced from the real estate brokers’ Centris provincial database.
In August 2023, the Québec City CMA witnessed 573 residential sales, marking a notable upswing of 43 transactions, equivalent to an 8 percent rise compared to the corresponding period in 2022. This level of transactional activity surpasses the typical historical average for this season.
“The Québec City market once again recorded performances above the national average in August. However, the strength of the market is tending to weaken with less spectacular sales in recent months. This slowdown is mainly attributable to the Northern Periphery which, in August, continued to see a notable increase in properties for sale accumulating on the market compared to the same period last year,” said Charles Brant, QPAREB market analysis director.
“While prices are relatively stable and market conditions clearly remain favourable to sellers in the Agglomeration of Québec City and on the South Shore, the situation could evolve in the Northern Periphery. In this regard, market conditions are more balanced and already provide buyers with more negotiation power.”
In August, several noteworthy trends emerged in the Québec City Census Metropolitan Area (CMA).
The surge in sales within the Québec City CMA was primarily attributed to a significant rise in activity on the South Shore of Québec City. This metropolitan area recorded 116 sales, marking a 26 per cent increase. Following closely, the Agglomeration of Québec City saw 400 transactions, indicating a 10 per cent growth, while the Northern Periphery of Québec City experienced a notable decrease of 22 per cent, resulting in a total of 57 sales.
Transactional activity by property category exhibited variations ranging from zero per cent to 70 per cent. The small income properties category, with 51 sales, stood out with a remarkable 70 per cent increase in sales. Condominium transactions rose by 14 per cent, totaling 180 sales. Conversely, sales of single-family homes reached 342, showing no variation compared to the same period last year.
Active listings in August 2023 reached 2,709, marking a 5 per cent increase compared to the previous year. This increase was more pronounced for single-family homes, with an 11 per cent rise. For condominiums, the inventory remained relatively stable, with a 2 per cent change. However, it’s important to note a 16 per cent decline in plexes listings.
The average selling time for all three property categories exceeded the figures observed a year ago in the Québec City CMA market. Condominiums and small income properties had the lengthiest average selling times, at 64 days and 61 days, respectively. This represents an increase of 7 days for condominiums and 18 days for small income properties compared to August 2022. Single-family homes had an average selling time of 44 days, which is 11 days longer than the previous year.
In August 2023, the median price for single-family homes stood at $355,000, reflecting a 7 per cent increase compared to the same period in the previous year. In contrast, the condominium category saw a 3 per cent drop in median price, settling at $230,000. Finally, the median price of plexes decreased by 4 per cent, reaching $385,000.
Analyzing the annual trends by the main metropolitan areas within the Québec City CMA, median prices for single-family homes remained stable or increased. Notably, the South Shore of Québec City reported a zero per cent variation, with no difference between August 2022 and August 2023. The Northern Periphery of Québec City, on the other hand, posted a 7 per cent increase, while the Agglomeration of Québec City witnessed an 8 per cent rise compared to the same period in 2022.