The market's relative affordability is proving to be a major draw among would-be buyers
Quebec City’s housing sector activity in July indicated that the market saw its first annual sales increase in a year, according to the Quebec Professional Association of Real Estate Brokers (QPAREB).
The market saw a total of 650 residential transactions in July, a 19% year-over-year upswing. QPAREB said that this increase far exceeds the levels seen elsewhere in the province.
“The strength of the market is not just due to household purchasing power being less sensitive to rising interest rates,” said Charles Brant, market analysis director at QPAREB. “Median prices in each property category are, in fact, lower than those of the province.”
The region’s median condominium price went up by 5% annually to reach $247,000 in July, while the median price of single-family homes remained flat at $350,000. On the other hand, the median price of plexes ticked down by 1% to $380,000.
“Consequently, these favourable prices are contributing to attracting an ever-growing pool of potential buyers from outside the Capitale-Nationale,” Brant said.
“More specifically, according to the latest statistics from the Institut de la statistique du Québec, the percentage of recent international immigrants outside the Montreal CMA will reach 20.7% in 2021, including 7.3% in the Quebec City CMA.”
The annual pace of Canadian housing starts slowed in May by 23% over the previous month, with Toronto, Vancouver, and Montreal all posting big month-over-month declines.https://t.co/DSbVvoa9xl#breakingnews #mortgageindustry #marketdecline #housingmarket
— Canadian Mortgage Professional Magazine (@CMPmagazine) June 15, 2023
Quebec City saw its active listings reach 2,654 in July, growing by just 5% annually. QPAREB said that this was one of the lowest July levels recorded in the past two decades.
“The increase in active listings was more significant for single-family homes (+11%),” QPAREB said. “The inventory is stable for condominiums (0%). Note, however, a 10% decline in listings of plexes.”
