The rise in interest rates is having an impact on the real estate market across Quebec, which is showing signs of slowing down in the third quarter, according to data from the Association professionnelle des courtiers immobiliers du Québec (APCIQ).
The number of sales in Quebec fell by 18% in the third quarter, compared to the same period last year, to 18,146 transactions. The figure is below the pre-pandemic average for a third quarter.
Real estate prices are also down from their all-time high reached in the second quarter, from April to June. The median price of a single-family home fell by nearly 10% for the period including the months of July, August and September, compared to the previous three months, dropping from $448,694 to $400,000. The median price is still 10% higher than at the same time last year.
These data suggest an easing of the overheating in the market, estimated the director of market analysis of the APCIQ, Charles Brant, in a press release. He pointed to the increase in the number of months required to sell off the inventory of properties and the decrease in the number of transactions concluded following a higher bid.
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