Real Estate Climate in Quebec
Quebec is one of the fastest growing real estate markets in Canada. Real estate prices in this Canadian province are expected to increase by approximately 4.1 percent in the following years, if this continuing tendency of high demand on Quebec’s residential housing is going to stay the course.
Quebec, located in the east of Canada, has a population of 8.39 million people which makes it the second most populated province in Canada. The largest city is Montreal, which is also one of the hottest spots real estate-wise.
The province, in general, is getting more and more traction with real estate investors.
Seller’s or Buyer’s Real Estate Market
In the 2nd quarter of 2019 real estate sales increased by 8%, however active listings decreased by 11% and there were no growth in new listings, consequently Quebec’s real estate market is considered to be in favor of Seller’s.
Sales and Active Listings by Property Type
Single-family home sales in Quebec reached 19,410 which is 6% growth, last 4 quarters also saw 5% growth along with the median price ($264,900) growth by 4%.
However, active listings in single-family type homes decreased by 10% along with the sale time, which decreased by 9%
Condominium, among other property types saw the most growth- 14% in the 2nd quarter of 2019 and 12% in the last 4 quarters. Growth is also a tendency in median price for condos- 2% in the second quarter and 3% in the last 4 quarters.
As single-family houses, condominiums saw a decrease in the active listings department. The number doubled for condos- if single-family residential housing saw 10% decrease, the number for condominiums was 20% in the 2nd quarter of 2019.
Average selling time for condos is 94 days, number decreased by 15% in the 2nd quarter continuing the tendency from 12% decrease in the last 4 quarters.
2 to 5 unit Plexes, is the only type of housing that saw growth in the active listings by 1%, approximate number of plex listings in 2019 was 6,047. Sales also grew by 13% which is the highest number after condominium sales. It also should be noted that the number for the 2nd quarter of 2019 doubled compared to the last 4 quarters.
The median price- $425,000 also grew by 9% in the 2nd quarter of 2019.
Montreal’s Real Estate Market
In the first quarter of 2019 the real estate market in Montreal continued its momentum, having the best first quarter sales results in nine years.
The tendency of condominiums leading the way in the province of Quebec is the same in Montreal- largest city of the province.
All of the main areas of Montreal- North Shore, Saint-Jean-sur-Richelieu, Laval, South Shore and Vaudreuil-Soulanges- increased in sales from 7 to 12%, the North Shore, and Saint-Jean-sur-Richelieu having the highest- 13% and Vaudreuil-Soulanges having the lowest – 7%.
However, one area of Montreal- Island of Montreal- didn’t register the same tendency of growth, sales decreased by 2%.
The biggest increase in the median price of single family homes registered in Saint-Jean-sur-Richelieu at 12 percent and in South Shore at 7%.
The drop in supply, as in the entire province, also affected Montreal’s real estate market and is in favor of Sellers. Active listings in Montreal dropped by 15% compared to the first quarter of the last year.
Bottom Line
Demand on Quebec’s real estate market is increasing and the province becoming one of the most popular spots in the country. On the other hand, supply is having trouble keeping up. Right now, the market is in definite favor for sellers.
Want to know more about Canada’s real estate market? Read our blog What is DDF (Canada) and how is it different from RETS (U.S.)? Or How to Build a Real Estate Site With WordPress and Outrank Zillow in Canada
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