Report suggests activity remains robust
Residential sales in Quebec City saw a minimal annual decrease of 2% in June, with activity remaining well above the historical average for the month, according to the Quebec Professional Association of Real Estate Brokers (QPAREB).
The region saw a total of 744 residential sales last month, which was still comparable to the best years for June results, the QPAREB said.
“The Quebec City market continues to behave predictably in the face of the latest interest rate hike, i.e., with relative insensitivity, unlike other markets in the province which have been more exposed to a significant inflation in property prices in recent years,” said Charles Brant, market analysis director at the QPAREB.
The market also continues to exhibit excellent absorption of inventory, Brant said. Active listings reached 2,832 in June, up by 19% annually.
“Despite everything, prices in the Quebec City CMA are tending to stabilize, remaining at competitive levels, especially for first-time home buyers, with the exception of the Northern Periphery,” Brant added.
The median price of single-family homes in Quebec City ticked up by 1% annually to reach $350,000. Similar stability was also observed in the condo sector, which saw a 2% increase to a median price of $245,000. Plexes posted a more robust 7% gain to reach $405,000.
“This more linear price trend is helping to stimulate sales and is proving to be a sign of buyer confidence in this market in all property categories,” Brant said.
