The aftershocks of higher mortgage rates did not slow down activity during the first six months of the year. Subsequently, the first reduction in the Bank of Canada’s key rate, in June, propelled sales of recreational homes, Royal Lepage analysis.
The Stoneham and Lac-Beauport sectors recorded the strongest price appreciation for detached single-family properties (20.9%) during the first nine months of 2024 compared to the same period in 2023.
Sales also increased by 14.4% during the same period. “The region is welcoming more and more professionals seeking to settle there permanently, which contributes to strong real estate demand,” explains Michèle Fournier, certified real estate broker and vice-president, Royal LePage Inter-Québec.
The median price increased from $459,000 to $550,000. For those looking for real estate near the slopes, the minimum price threshold is currently around $600,000 for a detached single-family home.
Bond at Mont-Sainte-Anne
On the Mont-Sainte-Anne side, the median price of a single-family home jumped 13.6% to reach $335,000. Sales increased by 43%.
Conversely, condominium prices fell 12.5%, going from $251,000 to $220,000. Sales followed the same curve, declining by 18.3%.
Currently, you need to budget around $530,000 to acquire a detached single-family home near the slopes, and $400,000 for a two-bedroom condominium.
Decrease in part of Charlevoix
Between January and September 2024, the median price of a detached single-family home, near the Massif de Charlevoix, fell by 17.9%, compared to the previous year, to reach $327,500.
This drop, however, led to an increase in sales of 12.1% over the same period.
“The period of higher interest rates pushed prices down in the Charlevoix-Ouest region as sellers clung to higher market values from the pandemic era,” reports Denis Lavoie, residential real estate broker and salesman at Royal LePage Blanc & Noir.
Currently, the minimum threshold for a single-family home near the slopes is around $450,000.
In the Mont Grand-Fonds sector of Charlevoix, the median price of a detached single-family home increased by 5.9% to reach $250,000. Sales also rose 2.2%.
Forecast 2025
In the opinion of the executive vice-president of Royal Lepage, Dominic St-Pierre, the reductions in interest rates should have a positive effect on real estate activity around skiable peaks in 2025. But without causing a surge in prices .
“The increase in inventory observed in 2024 is expected to continue in 2025, giving buyers more choice and increasing their negotiating power,” he foresees.
“However, if supply remains insufficient relative to demand in desirable locations, this could limit the ability of housing supply to contain price increases,” he adds.
Royal LePage forecasts a 10% increase in the median price of single-family properties in Stoneham — Lac-Beauport over the next 12 months. An increase of 5% is expected in Mont-Sainte-Anne.
For Charlevoix (Massif du Sud), prices should stabilize with an increase of 3%. In Charlevoix-est, the construction of a hospital will help create jobs and stimulate real estate investments in the region. A 5% price increase is planned for 2025.
Related News :