The Health Crisis Barely Slowed the Momentum of Quebec City’s Residential Real Estate Market in Q2 - APCIQ - Site web

Quebec City, July 16, 2020 – The Quebec Professional Association of Real Estate Brokers (QPAREB) has released its most recent residential real estate market statistics for the Quebec City Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database.

In total, 2,126 residential transactions were concluded in the Quebec City CMA in the second quarter of the year, an 11 per cent drop compared to the second quarter of last year.

Sales

  • This slowdown in sales in the second quarter of the year, caused by the unprecedented health crisis, ended a series of six consecutive quarterly sales increases.
  • By property category, sales of single-family homes fell by 12 per cent, as 1,467 homes changed hands. Sales of condominiums (515) decreased by 7 per cent, while that of plexes with two to five dwellings (140) fell by 19 per cent compared to the second quarter of last year.
  • Geographically, 1,426, 382 and 318 residential transactions were concluded in the agglomeration of Quebec City, on the South Shore of Quebec City and in the northern periphery of Quebec City, respectively. This represents a drop of 16 per cent for the agglomeration and only 1 per cent for the South Shore. The northern periphery bucked the downward trend and registered a 3 per cent increase in sales.
  • In more detail, Les Chutes-de-la-Chaudière-Ouest (+20 per cent) and the RCMs of L’Île-d’Orléans and La Côte-de-Beaupré (+17 per cent) stood out as the only sectors that posted an increase in sales.

Prices

  • The median price of single-family homes was unchanged in the CMA compared to the second quarter of last year, and stood at $266,500 (0 per cent).
  • Geographically, the areas of Sainte-Foy/Sillery ($380,000) and Les Rivières ($270,000) stood out by registering a sustained increase of 8 per cent in the median price of single-family homes. The areas of Charlesbourg ($257,000) and Chutes-de-la-Chaudière-Est ($249,000) also did well, with a 5 per cent increase compared to the second quarter of 2019.
  • Across the CMA, the median price of condominiums ($185,000) decreased by 5 per cent, while that of plexes grew by 1 per cent ($303,750).

Active listings

  • The number of active listings in the Quebec City CMA fell by 23 per cent in the second quarter of 2020, with an average of 6,135 properties for sale in the real estate brokers’ Centris system.
  • There was a noticeable decrease in supply for all three property categories: listings of single-family homes were down by 24 per cent, condominium listings were down by 19 per cent and plex listings decreased by 25 per cent

“As the QPAREB had anticipated, there was a relatively moderate decrease in sales in the second quarter despite the impact of measures to limit the spread of COVID-19,” said Julie Saucier, president and chief executive officer of the QPAREB. “The limited spread of the virus, the solid foundations of the Quebec City economy and the resulting household confidence in a context of very low interest rates are all factors that supported sales activity. At the same time, new listings fell, leading to a continued tightening of market conditions for all property categories combined.”

Market conditions

  • Market conditions remained relatively stable in the second quarter due to the slowdown in the real estate market, both in terms of sales and listings.
  • The market continues to favour buyers who are considering the purchase of a condominium or small plex with two to five dwellings.
  • For single-family homes, the agglomeration of Quebec City is the only area of the CMA where market conditions favour sellers. However, across the CMA, market conditions for single-family homes are balanced.

Average selling times

  • It took an average of 137 days (+19 days), 166 days (-4 days) and 146 days (+27 days), respectively, for a single-family home, a condominium and a plex to find a buyer in the second quarter of the year.

For more detailed market statistics for the province, click here.

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 13,000 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 is headquartered in Quebec City and has its administrative offices in Montreal. It has two subsidiaries: Centris Inc. and the Collège de l’immobilier du Québec. Follow its activities at qpareb.ca or via its social media pages: FacebookLinkedInTwitter et Instagram.

About Centris

Centris.ca is Quebec’s real estate industry website for consumers, grouping all properties for sale by a real estate broker under the same address. Société Centris provides real estate industry stakeholders with access to real estate data and a wide range of technology tools. Centris also manages the collaboration system used by more than 13,000 real estate brokers in Quebec.

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For more information:

Taïssa Hrycay
Director
Communications and Marketing
1-888-762-2440 or
514-762-2440, ext. 157
media@qpareb.ca