The Quebec City market starts the year at a moderate pace: QPAREB report

Residential real estate sales for the month of January were down to 684, a drop of 16 per cent compared to the same period last year, according to recent statistics  for the Quebec City Census Metropolitan Area (CMA).
“The Québec City market is starting the year strong, although the number of sales is down for this period of the year compared to what we have seen over the past two exceptional years. The lack of properties on the resale market and the relatively sustained level of single-family housing starts largely explain this situation,” says Charles Brant, QPAREB Director of Market Analysis. “While overheating of the market continues to persist, it remains under control with overbidding affecting only one transaction out of three over the years, with differences between listing and selling prices often lower than 10 per cent. Thus, the rise in prices remains strong, but contained.”

The report further reveals that all areas of the Quebec City CMA continue to show a decline in sales, particularly the Northern Periphery with a 25 per cent drop compared to last year, closely followed by the agglomeration of Quebec City (-17 per cent). The South Shore experienced the least significant decrease with a 9 per cent drop in sales.

The condominium category is enjoying great popularity with sales falling by only 13 per cent compared to January 2021. Sales of single-family homes, limited by a low level of available inventory and more intense competition from the new home market, saw an 18 per cent drop in sales. It was the sales of small income properties that experienced the strongest decline (-20 per cent).

Active listings dropped significantly for the 22nd consecutive month for single-family homes (-31 per cent) and for condominiums (-42 per cent) in particular. They dipped by 2 per cent for small income properties.

In very tense market conditions in favour of sellers, prices continue to rise steadily, although plexes are down slightly by 1 per cent ($347,250). Condominiums rose by 9 per cent compared to last year, while the price of single-family homes recorded a robust 15 per cent increase. Median prices thus reached new records for these two categories for this period of the year: $325,000 for single-family homes and $217,000 for condominiums.

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