The market continues to see strong momentum, in defiance of rising costs spurred by interest rate hikes
Quebec City saw its third best level of transactional activity recorded for the month of September, according to the Quebec Professional Association of Real Estate Brokers (QPAREB).
Residential sales went up by 6% annually for a total of 624 deals closed last month.
“The Quebec City market continues its momentum, once again defying the pressure exerted by the recent wave of rising interest rates,” said Charles Brant, market analysis director at the QPAREB.
“Buyers from the CMA seem more confident in the economy of their region, despite a more negative provincial economic outlook. The relatively affordable and attractive residential market, combined with solid economic fundamentals, means that households in this region are less sensitive to rising interest rates.”
The market’s September performance largely spurred by a strong showing from the condo sector, which saw sales increase by 6% year over year.
“The strong sales of single-family homes seem to be losing steam in favour of condominiums,” Brant said. “This can be explained by the fact that, despite sharply rising interest rates, the price of single-family homes in 2023 has already exceeded the spring 2022 peak and inventory of this property category on the market remains low.”
Homebuying activity is beginning to gather pace in Canada’s housing market this spring – and some of the country’s biggest cities are leading the charge for sales and home price growth.https://t.co/kb4ODrpk1k#mortgagenews #housingmarket #homesales #interestrates
— Canadian Mortgage Professional Magazine (@CMPmagazine) May 9, 2023
Active listings increased by 4% annually to reach 2,929 units in September, mainly driven by an influx of single-family homes (up by 6%). Inventory remained stable for both condos and plexes (both up by 1% year over year).
Last month, the median price for single-family homes was $353,500 (up by 7%) annually, while condo averages stood at $248,500 (up by 4%) and plexes were at $371,750 (down by 3%).
