Press Release
Centris Residential Sales Statistics – Third Quarter 2024

L’Île-des-Sœurs, October 10, 2024 – The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its quarterly residential real estate market statistics for the province of Quebec, based on the real estate brokers’ Centris provincial database.

Across the province, 20,620 residential sales were posted in the third quarter of 2024, a 13 per cent increase compared to the equivalent period in 2023. This level of transactional activity is significantly higher than the average recorded for this time of year since Centris began compiling market data in 2000.

“The Quebec resale real estate market was robust in the third quarter, with transactional activity returning to levels well above the historical average for this time of year in most metropolitan areas and agglomerations. With the key interest rate dropping 75 basis points since the beginning of the summer, there was a sharp rise in the consumer confidence index in regard to major purchases, such as a property. It is also worth noting that the decline in fixed mortgage rates, which have already reached attractive levels, has occurred more quickly than that of variable rates,” observes Charles Brant, QPAREB Market Analysis Director.

“This rapid decline in financing costs is also providing many homeowners with some much-welcome breathing room, especially those who opted for a variable-rate mortgage or are looking to renew one. It has helped curb the growing number of forced sales or repossessions in a context, where, unfortunately, job losses are trending upward,” continues Mr. Brant.

“Furthermore, when looking at sales statistics by price segment, it is interesting to note that the largest increases in single-family home sales involve transactions over $500,000 (+29 per cent). This price segment is above the provincial median price ($448,550) and accounts for 40 per cent of transactions in this property category. This trend is evident in both metropolitan regions and regional agglomerations, and applies equally to condominiums. We can conclude that, on one hand, the market continues to be driven by repeat buyers, and on the other, the high-end market, above $1M, is experiencing a rebound. Sales in the entry-level segment, $300,000 and below (23 per cent of total transactions), have decreased by 6 per cent due to a lack of sufficient listings. Finally, the mid-range price segment, which is seeing slightly above-average growth and despite the drop in interest rates, only allows the more affluent (or strategic) first-time homebuyers to access homeownership in competition with repeat buyers from Quebec or elsewhere,” concluded Mr. Brant.

Quarterly Highlights for the Province

 Sales

  • The increase in transactional activity by property category ranged between 9 per cent and 16 per cent from the third quarter of 2023 to the same period in 2024. Condominiums, with 5,184 transactions, stood out with 16 per cent growth. Single-family homes (13,481 sales) and plexes (1,894 sales) followed with respective increases of 13 per cent and 9 per cent.
  • Among the Census Metropolitan Areas (CMAs), Sherbrooke experienced the strongest sales growth (+26 per cent). Transactions also increased in the CMAs of Saguenay (+16 per cent), Montreal (+13 per cent), Quebec City (+13 per cent), and Gatineau (+12 per cent), but at a slower pace. Finally, the CMAs of Drummondville and Trois-Rivières posted a more modest growth of 6 per cent and 2 per cent, respectively.
  • In terms of urban centres, several localities stood out by posting significant growth in the number of transactions between the third quarter of 2023 and that of 2024, including Rouyn-Noranda (+53 per cent), Lachute (+47 per cent), Thetford Mines (+41 per cent), Saint-Georges (+38 per cent), and Shawinigan (+37 per cent). Other markets, such as Val-d’Or (+29 per cent), Saint-Sauveur (+19 per cent), Baie-Comeau (+19 per cent), Alma (+18 per cent), and Salaberry-de-Valleyfield (+18 per cent), also performed well, with growth ranging from 18 per cent to 29 per cent.
  • The markets of Sainte-Agathe-des-Monts (+1 per cent) and Rawdon (0 per cent) were relatively stable, while in Cowansville and Sorel-Tracy, sales declined by 3 per cent in both cases. Finally, Rivière-du-Loup and Matane experienced the most significant decreases among urban centres, with respective declines of 12 per cent and 24 per cent.

Active Listings

  • The number of Quebec properties available for sale continued to rise in the third quarter of 2024 compared to the same period in 2023, reaching 36,824 active listings. This represented a 17 per cent increase for the period. Nevertheless, the level remains well below the third quarter historical average of 46,645 listings.

Median Prices

  • In the 2024 third quarter, the single-family home median price across Quebec increased by 7 per cent compared to the same period last year, reaching $448,550.
  • The condominium median price rose by 4 per cent to $379,250 compared to the same period last year.
  • It is worth noting that higher median prices for single-family homes and to a lesser extent, condominiums, experienced upward pressure in the 2024 third quarter due to growth in the sales of properties priced $500,000 and above.
  • The median price for small income properties reached $583,000, a more marked increase of 10 per cent between the third quarter of 2023 and that of 2024.

Market Conditions

  • The number of months required to sell the inventory of residential properties on the market in the third quarter of 2024 continued to favour sellers across the province due to the slight increase from the same period of the previous year. In fact, the number of months needed to sell the inventory during this period, all categories combined, only rose from 4.9 months to 5.2 months.  

Selling Times

  • The average selling time for single-family homes in Quebec increased to 60 days in the 2024 third quarter, 8 days more when compared to the third quarter of 2023. Condominiums and small income properties followed with respective selling times of 61 days (+5 days) and 79 days (+5 days).

Quarterly Highlights for the Regions

Montreal CMA

  • Residential sales in the Montreal CMA reached 9,608 transactions in the third quarter of 2024, up 13 per cent compared to the same period last year. This marks the fourth most active quarter for this period of the year since 2000, and consequently, the transaction volume remained above the historical average calculated for a third quarter.
  • Active listings increased by 17 per cent in the Montreal CMA compared to the same quarter in 2023, with all property categories contributing to this rise. However, the number of months required to sell the inventory only slightly increased, reaching 5.2 months (all categories combined)
  • Between the third quarter of 2023 and 2024, median price growth in the different property categories in the Montreal CMA ranged between 4 per cent and 6 per cent. The median price for single-family homes increased by 6 per cent to $590,000 Condominiums saw a 4 per cent rise, reaching $410,000, while the median price for plexes rose by 6 per cent to $771,000.

Quebec City CMA

  • The Quebec City CMA posted 2,062 residential sales in the third quarter of 2024, a 13 per cent gain compared to the same period in 2023. This level of sales for a third quarter is 33 per cent higher than the historical average and the second highest since 2000.
  • During this period, active listings in the Quebec City CMA declined by 15 per cent. This decrease was primarily driven by a 17 per cent drop in the single-family home category and a 16 per cent drop in condominium listings. For plexes, an 8 per cent decrease was recorded. Consequently, the number of months required to sell the inventory, across all categories, decreased once again to 3.5 months.
  • The median price for single-family homes reached $390,000, an 11 per cent increase compared to the same period last year. For condominiums, the median price rose to $279,900, a jump of 16 per cent. With a median price reaching $450,000 in the third quarter of 2024, small income properties once again experienced significant growth in this period, a gain of 18 per cent. This is the largest increase for a third quarter since 2009.

Gatineau CMA

  • The Gatineau CMA recorded 1,175 transactions in the third quarter of 2024, marking not only a 12 per cent rebound compared to the same quarter in 2023 but also the first increase for this period since 2020. The level of activity exceeded the historical average for a third quarter by 11 per cent.
  • Active listings in the Gatineau CMA rose again in the third quarter of 2024, rising by 26 per cent compared to the same period a year earlier. Although the number of months required to sell the inventory (all categories combined) continued to rise, reaching 4.0 months, it remained low compared to the third quarter historical average of 6.4 months.
  • The median price for single-family homes reached $460,000 in the third quarter of 2024, reflecting a 6 per cent increase compared to the same period in 2023. For condominiums, with a median price of $307,000, the increase was more modest at 2 per cent. As for small income properties, their median price grew by 5 per cent between the third quarter of 2023 and 2024 to reach $511,250.

Sherbrooke CMA

  • Residential sales in the Sherbrooke CMA totalled 494 transactions in the third quarter of 2024, marking a notable 26 per cent increase compared to the same period in 2023. Moreover, this is the first increase observed for a third quarter since 2020. With this strong growth, the level of transactional activity once again surpassed the historical average for this time of year.
  • Active listings in the Sherbrooke CMA rose by 23 per cent compared to the 2023 third quarter. This strong performance was driven by single-family homes (+31 per cent) and condominiums (+20 per cent), while small income properties posted a decline (-4 per cent). Additionally, the number of months required to sell the inventory continued to rise, reaching 4.4 months (all categories combined). However, this level remains approximately 45 per cent below the third quarter historical average of 8.2 months (from 2000 to 2023).
  • Between the third quarter of 2023 and 2024, median prices in the different property categories in the Sherbrooke CMA fluctuated between 4 per cent and 29 per cent. The single-family home median price reached $425,000, up by 9 per cent compared to the same period a year ago. With a median price of $300,000, the condominium category saw a 4 per cent increase. Small income properties recorded a median price of $536,000, representing a significant gain of 29 per cent, the largest increase observed since Centris began compiling market data in 2000 for this time of year.

Trois-Rivières CMA

  • The Trois-Rivières CMA posted 323 residential sales in its territory during the third quarter of 2024, a slight increase of 2 per cent compared to the same period in 2023. This transaction volume was nonetheless the second highest for a third quarter on a historical basis (an average of 234 sales from 2000 to 2023).
  • Active listings for the Trois-Rivières CMA rebounded by 17 per cent compared to the same quarter last year, with all property categories contributing to this recovery. However, the number of months required to sell the inventory only slightly increased, reaching 2.6 months (all categories combined).
  • The median price for single-family homes increased by 11 per cent in the third quarter of 2024 compared to 2023, reaching $345,000, while the condominium median price rose by 8 per cent to $263,500. Finally, the median price for small income properties grew by 10 per cent, reaching $341,000.

Saguenay CMA

  • There were 335 residential sales in the Saguenay CMA in the 2024 third quarter, a 16 per cent gain compared to the same period in 2023. This was the strongest sales growth recorded for this period of the year since 2020. This surge allowed the market to surpass the third-quarter historical average for the first time in three years.
  • Active listings in the Saguenay CMA decreased by 4 per cent compared to the third quarter of 2023, primarily due to a decline in single-family homes and, to a lesser extent, condominiums, while small income properties saw some growth. Furthermore, the number of months needed to sell the inventory of properties on the market dropped from 4.7 months to 4.2 months between the third quarter of 2023 and that of 2024 (all categories combined).
  • The median price for single-family homes and condominiums increased by 18 per cent and 17 per cent, respectively, reaching $300,000 and $260,000 in the third quarter of 2024. As for plexes, a 13 per cent increase was recorded, bringing the price to $295,000.

Drummondville CMA

  • Residential sales in the Drummondville CMA reached 202 transactions in the third quarter of 2024, up 6 per cent compared to the same period a year earlier. This marks the second-highest level of transactional activity observed for this time of year since 2007, when data began being collected for this CMA.
  • Active listings surged in the third quarter compared to the same quarter last year, up by 28 per cent, reaching 352 properties for sale on the market. This sharp increase is the largest recorded for this period of the year since 2007. The jump is mainly attributed to the growth in single-family homes (+61 listings) and, to a lesser extent, plexes (+16 listings), while a slight decrease was observed for condominiums (-2 listings). As a result, the number of months required to sell the inventory increased to 5.2 months (all categories combined).
  • The median price for single-family homes in the Drummondville CMA stood at $369,500 in the third quarter of 2024, up 3 per cent compared to the third quarter of 2023.

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Additional information:

Detailed and cumulative monthly 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 15,000 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 a major player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Québec’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: FacebookLinkedInTwitter and Instagram.

For more information:

Ariane Boulé
Morin Relations Publiques
media@qpareb.ca

Image bank (credit QPAREB) available free of charge.