According to a Royal LePage home price and market forecast study released Tuesday morning, the median aggregate price — the term Royal LePage uses to refer to all single-family homes and condominiums — of a property ended the year 2024 with an increase of 10.7% compared to the fourth quarter of 2023, going from $327,800 to 362 $900.
The median price of a detached single-family home increased by 9.9% from one year to the next, going from $355,200 to $390,500.
An increase which is a little less marked than last year, when the increases amounted to 14.7% for a single-family home and 13.1% for the aggregate of all types of properties.
This is an increase that still remains significant. It is also a little higher than the provincial average which recorded an upward variation in property prices of 8.6% from one year to the next.
Trois-Rivières actually ranks second in the province in terms of annual variation in property prices, behind Quebec (11.3%) and just ahead of Sherbrooke (10.4%).
An expected increase of 4% in 2025
Royal LePage is also forecasting slightly more moderate increases for this year, estimating that property prices should increase by 4% by the last quarter of 2025.
A slowdown which is normal according to Martin Leblanc, certified real estate broker at Royal LePage Centre. “If it decreases, it’s because prices are still high for the region. There is a limit to always increasing,” he argues.
“Prices are starting to reach a certain level. It should decrease, because at a given moment, it cannot maintain a ratio of 10%,” he emphasizes, indicating that prices have increased by 89% over the last five years.
The Trois-Rivières market also experienced a period of stabilization towards the end of 2024, with an increase limited to 2.6% over the last three months.
-Sustained demand
Buyer demand still remains strong in the region, so much so that there is still a significant proportion of transactions with overbidding.
Martin Leblanc also believes that the gradual decline in interest rates contributed to the increases over the past year. “Buyers anticipate a relatively rapid rise in prices and make the calculation that it is better to buy now before the competition increases,” he explains.
He adds that we are observing an increase in the number of sales compared to last year as well as gradual increases in inventory levels, which demonstrates that buyer demand remains strong in the region.
He does not expect that the marked increase in municipal assessments will influence the work of brokers, other than that sales will be a little closer to it. This is because the sales prices were already well above the valuation for several years.
He also believes that the downward adjustment of the key rate by the Bank of Canada, which is expected to continue this year, favors access to credit, with more and more buyers turning to fixed-rate mortgages over three years.
On the rental property side, the dynamic is also changing, with vacancy rates which are extremely low. Many investors have indeed returned to this sector, increasing interest in multiplex projects.
“We are seeing a real rebound in the rental sector. Investors can now expect a more attractive return on investment, which explains the renewed activity in the plex segment,” adds Mr. Leblanc.
“Most people who buy renovate correctly, because they know that by renovating correctly, they will be able to increase the rents correctly too.”
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