Residential sales in Quebec jumped 13% in the third quarter compared to last year, stimulated by falling interest rates, according to the Professional Association of Real Estate Brokers of Quebec (APCIQ).
During the months of July, August and September, 20,620 properties were sold across the province. According to the APCIQ, this level of transactional activity is “well above the average recorded for this period of the year since the data were compiled by Centris in 2000”.
Condominiums experienced the strongest growth (16%) with 5,184 transactions. Single-family homes follow with 13,481 sales, for an increase of 13% compared to a year earlier. In the plex sector, 1,894 sales were recorded, which represents a jump of 9%.
It was the census metropolitan region of Sherbrooke which posted the largest increase at 26%. The Montreal and Quebec regions both saw a 13% increase in residential sales.
“Quebec’s resale real estate market was vigorous in the third quarter, with transactional activity returning to levels significantly higher than the historical average for this period of the year, in most regions. metropolitan areas and agglomerations,” comments the director of the market analysis service at the APCIQ, Charles Brant, in a press release.
“With the 75 basis point drop in the key rate since the beginning of summer, the consumer confidence index has recorded a marked increase when it comes to making a major purchase, such as a property,” adds -he.
Sales over $500,000 boost prices
The Quebec residential market was also marked by an increase in prices in the third quarter compared to a year ago. The median price of single-family homes across the province stood at $448,550 (+7%), while that of condominiums reached $379,250 (+4%).
According to the APCIQ, the growth in median prices in these two categories is largely explained by the fact that the increase in sales was mainly based on properties priced at $500,000 and above.
“By examining the sales statistics by price segment, it is interesting to note that the strongest increases in sales (+ 29%) for single-family homes concern transactions over $500,000. This is a price segment above the provincial median price ($448,550) and which represents 40% of transactions for this property category,” underlines Mr. Brant.
This trend was observed for both metropolitan areas and regional agglomerations, as well as for co-ownership.
“We can conclude that, on the one hand, the market continues to be supported by experienced buyers and that, on the other hand, the high-end market, above $1 million, is experiencing a certain rebound “, says Mr. Brant.
In the third quarter, active listings totaled 36,824 properties, a jump of 17%. The number was, however, below the historical average for a third quarter, which is 46,645 registrations, mentions the APCIQ.