Press release
Centris Residential Sales Statistics – January 2023
Quebec City Census Metropolitan Area (CMA) 

  • Sales continue to slow, although at a more moderate pace than the province.
  • Property inventory remains bottomed out.
  • Selling times are falling and condominium prices are rising.

Quebec City, February 7, 2023 – The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its residential real estate market statistics for the month of January 2023.  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 CMA recorded 521 residential sales during the month of January 2023. This represents a decrease of 167 transactions or -24 per cent compared to the same period in 2022. This level of sales is slightly below the historical average for the month of January compiled since 2000.

“Despite sales flagging when compared to the strong start of 2022, the Quebec City market is benefiting from relatively sustained activity.  The market is more or less comparable to the same period in 2018. The meteoric rise in interest rates has thus not overwhelmed the provincial capital market. It has so far demonstrated that property prices are consistent with the purchasing power of households and, more specifically, that of first-time homebuyers,” notes Charles Brant, QPAREB Market Analysis Director. “Half of the condominiums sell for less than $235,000 in Quebec City, which makes it one of the most affordable cities for a young couple in ‘La Belle Province.’ More specifically, condominiums are selling for $100,000 below the provincial median price. Even if there is some downturn for plexes and single-family homes, prices should stabilize. In reality, prices could be stimulated by a market with stronger foundations and the guarantee of more stability despite an uncertain economic context.”

January Highlights

  • The decline in activity can be observed in all the main metropolitan areas of the Quebec City CMA. Both the Northern Periphery (-34 per cent) and South Shore (-33 per cent) saw decreases greater than the CMA average (-24 per cent) compared to the same period last year. Sales reached 59 and 97, respectively, in January 2023. The agglomeration of Quebec City posted 365 sales in January, a 20 per cent decline compared to January 2022.
  • The decline in transactional activity is similar in other property categories. With 34 sales, small income properties registered a 28 per cent drop compared to January of last year. Condominiums closely followed with a decrease of 27 per cent, down to 158 transactions. Finally, sales in the single-family home category fell by 23 per cent, for a total of 327 transactions.
  • Active listings reached 3,037 in January 2023, growing by 18 per cent compared to last year. The increase in active listings was more significant for single-family homes (40 per cent). An increase in inventory was also observed for plexes (10 per cent). Note, however, a 9 per cent decline in listings for condominiums.
  • January 2023 saw a divergence in median price dynamics for the Quebec City CMA depending on the property category. The median price in the plex market was $330,000, which represents a decline of $18,000 compared to January 2022, a decrease of 5 per cent. The median price of single-family homes remained stable at $325,000. Finally, with a median price of $235,000, the condominium category posted 9 per cent growth in the median price.
  • Comparing the January 2023 median prices to those of the previous month reveals a similar trend. The decline is slightly more marked for plexes, which recorded a drop of -9 per cent. The median price of single-family homes remained stable (-1 per cent), while the median price of condominiums varied by 6 per cent.

Additional information:

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.

About Centris

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.

– 30 –

For more information:

Marie-Rose Desautels
Morin Relations Publiques
media@qpareb.ca

Image bank (credit QPAREB) available free of charge.