The market for commercial real estate transactions is growing in Quebec, which resulted in an increase of 66% in the second quarter, compared to the same period in 2023, according to the most recent report commissioned by RE/MAX Quebec.
According to a statement, the monetary volume of transactions reached $4.73 billion in the second quarter.
Tax changes regarding capital gains may explain this sudden growth, according to the executive director at Côté-Mercier Data Service, Christian-Pierre Côté.
“We see a significant rebound after the sharp drop in the first quarter, where the market was down 44% compared to 2023,” he said. This marked increase in the second quarter can be explained in particular by the tax changes announced by the federal government concerning the taxation of capital gains.
“However, it is important to keep a realistic perspective,” he added. Overall, the first half of the year was quite similar to the previous year, reflecting the continued stagnation of the commercial real estate market since the sharp rise in interest rates in 2022.”
Strong comeback
For its part, the commercial real estate market saw a strong recovery in the second quarter of 2024, with a 155% jump in transaction volume compared to the previous year, reaching $1.2 billion.
For its part, the industrial sector, which began the year with a 33% drop in volume, showed an impressive recovery in the second quarter with an increase of 117%, for a total of $1.28 billion in transactions. . The number of transactions also increased to 281 during this period.
