Québec City residential market posted one of its best months in September thanks to condominium sales

The Québec Professional Association of Real Estate Brokers (QPAREB) has released residential real estate market statistics for September 2023.

The Québec Professional Association of Real Estate Brokers (QPAREB) recently released its residential real estate market statistics for the month of September 2023.

These most recent market statistics for the Québec City Census Metropolitan Area (CMA) are based on the real estate brokers’ Centris provincial database.

The Québec City CMA posted a total of 624 residential sales in its territory during the month of September. This number of sales represents an increase of 33 transactions which is an increase of 6 per cent compared to September 2022.

“The Québec City market continues its momentum, once again defying the pressure exerted by the recent wave of rising interest rates. Buyers from the CMA seem more confident in the economy of their region, despite a more negative provincial economic outlook. The relatively affordable and attractive residential market, combined with solid economic fundamentals, means that households in this region are less sensitive to rising interest rates,” said Charles Brant, QPAREB market analysis director.

“It should further be noted that the proportion of experienced buyers in the Québec City CMA is potentially greater than that of Montréal, with a significantly higher rate of ownership. However, the strong sales of single-family homes seem to be losing steam in favour of condominiums. This can be explained by the fact that, despite sharply rising interest rates, the price of single-family homes in 2023 has already exceeded the spring 2022 peak and inventory of this property category on the market remains low.”

September highlights include the following.

The rise in sales in the Québec City CMA is explained by a marked increase in activity on the South Shore of Québec City, according to the statistics.

With a total of 135 sales, this metropolitan area showed an increase of 16 per cent. The Northern Periphery of Québec City (66 transactions) follows with 6 per cent growth.

The Agglomeration of Québec City also experienced an increase in transactions to reach a total of 423 sales, up by 2 per cent, according to the statistics.

According to the statistics, transactional activity per property category varied between 0 per cent and +16 per cent. The condominium category, with 186 sales marked a rise in sales of 16 per cent.

Transactions of small income properties rose by 13 per cent for a total of 62 sales.

Lastly, sales of single-family homes reached a total of 376, which represents zero variation compared to the same period last year.

The statistics revealed that active listings reached 2,929 in September 2023, growing by 4 per cent compared to last year. The increase in active listings was primarily due to single-family homes. Inventory was also stable for both condominiums and plexes.

The average selling time for small income properties was 82 days, according to the statistics. This is 28 days longer than the same period last year. Condominiums and single-family homes follow at 64 days and 40 days, respectively.

The median price for single-family homes was $353,500 in September, which is up 7 per cent from the same period last year. The condominium category, with a median price of $248,500, follows with an increase of 4 per cent. The median price of plexes was down 3 per cent at $371,750.

The change in median prices compared to August varied between -3 per cent and +8 per cent on a consecutive monthly basis. Condominiums experienced a positive variation compared to the previous month and the median price of single-family homes remained stable. Small income properties experienced a decline of 3 per cent.

In the main metropolitan areas of the Québec City CMA, median prices varied between +6 per cent and +13 per cent. The median price of single-family homes stood at $367,500 in the Northern Periphery of Québec City, an increase of 13 per cent compared to last year.

The median price of single-family homes on the South Shore of Québec City was $346,500, which represents an 8 per cent increase compared to September 2022.

The median price of single-family homes in the Agglomeration of Québec City reached $354,000, representing an increase of 6 per cent.

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