Condos favoured highly within the residential market for Quebec City last month. Overall, home sales posted above March 2019, with new listings still at historic lows.
According to the Quebec Professional Association of Real Estate Brokers (QPAREB), Quebec City posted 915 residential sales during March, which represents a decrease of 186 transactions or 19 per cent compared to the same period in 2022.
“While the single-family home and plex markets are showing themselves to be slightly more sensitive to the deterioration in financing conditions, the condominium market remains robust, thanks to median prices that are relatively affordable for first-time homebuyers,” notes Charles Brant, QPAREB market analysis director. “The result is a resumption of monthly price growth for condominiums and a significant drop in selling times.”
March highlights
Both Quebec City’s Northern Periphery and South Shore posted a higher decline with 100 and 197 sales respectively. This represents decreases of 26 per cent and 25 per cent. The urban agglomeration of Quebec City experienced a more modest drop of 16 per cent for a total of 618 sales.
Transaction activity is down in all property categories. The small income property category stands out with a drop in sales of -35 per cent. The decline amounts to -23 per cent for condominiums, for a total of 280 transactions. Single-family home sales dropped to 568, a decrease of 15 per cent compared to the same period last year.
A total of 3,201 active listings were recorded in the Quebec City CMA for March, a 32 per cent increase over last year. The single-family category stands out with a 48 per cent uptick in listings. Condos and small income properties follow with increases of 11 per cent and 10 per cent.
Increase in condo prices
The average price of condominiums reached $240,000 in March 2023, an increase of 4 per cent compared to the same period last year. The plex category follows, with an average price of $405,000. Single-family homes remained stable at $350,000.
In the main metropolitan areas of the Quebec City CMA, the dynamic is more variable. The South Shore of Quebec City sits at $340,000 for single-family homes, up 5 per cent from a year ago. The urban agglomeration of Quebec City, reached $350,500. In the Northern Periphery the median price of single-family homes was $355,000, a decline of -13 per cent compared to March last year.
