While the number of listings continues to fall, more than half of single-family homes sold for $400,000 in the Quebec region in September and October, according to the most recent report from the Professional Association of Brokers real estate of Quebec (APCIQ).
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“High market activity combined with limited inventory continues to drive prices higher. In September and October, we exceeded the threshold of $400,000 for the first time and this should continue,” notes the director of the APCIQ Market Analysis Service, Charles Brant.
He recalls that in 2019, the median price of a single-family residence was around $300,000 in the census metropolitan area (CMA). “Unlike the rest of the province, the Quebec market has never experienced a slowdown with the pandemic.”
Market conditions therefore remain strictly in favor of sellers, adds Mr. Brant. According to APCIQ data, the median price of single-family residences has increased by $55,000 since the start of 2024.
“It’s starting to become less and less easy for first-time buyers,” argues the real estate expert. We are also seeing a resurgence of overbidding in sales.”
Lowest inventory
According to Mr. Brant, there are not enough new listings to bring the market back into balance and slow the rise in prices.
In a balanced market, there should mathematically be enough homes for sale to meet demand for 8 to 10 months without new listings. In the Quebec CMA, all real estate products on the market would be “sold out in four months,” according to Charles Brant.
“The region is completely against the flow of the rest of Quebec and Canada. There is a marked imbalance between supply and demand. People are not in a hurry to sell their house, because they know that prices will continue to rise.”
Affordable nonetheless
The director of the APCIQ Market Analysis Service maintains that access to property nevertheless remains affordable “for a city of the caliber of Quebec” in comparison with other large cities in the province and the country.
“Quebec is getting closer and closer to Gatineau, but it started from afar. With the predicted population growth and the level of construction which has increased, but which remains low, it is quite rare to see this level of affordability in the country.”
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