Residential sales in Quebec’s real estate market hit a new high in the third quarter, one that hasn’t been seen Q3 2003. Sales jumped 16 per cent compared to the same time last year. In total, 21,662 sales were recorded.
This was also the 21st consecutive quarterly increase in residential sales, according to the Quebec Professional Association of Real Estate Brokers (QPAREB), who based these market statistics on the real estate brokers’ Centris provincial database.
Sales transactions for condos and plexes (two to five dwellings) saw the most activity, jumping 19 per cent. (5,227 and 1,817 sales, respectively). Sales of single-family homes also increased significantly, rising by 14 per cent.
In fact, all cities, including Montreal, Quebec City, Gatineau and Trois-Rivières, registered a double-digit increase in sales, with Quebec City topping it at 24 per cent. Smaller urban centres, such as Joliette, also saw strong sales results.
Supply continues to dip. Between July and September there were about 54,522 properties for sale, down 12 per cent compared to Q3 2018. This trend is most prevalent in Gatineau, Montreal and Sherbrooke.
It’s clear that the Montreal area does not have a monopoly on market vitality, as it has spread to other metropolitan areas and many agglomerations across Quebec,” said Charles Brant, director of the QPAREB’s Market Analysis Department. “The result is often a rapid decrease in active listings and, in many cases, significant price increases. There is thus a catching-up effect in recovering markets or signs of overheating, especially for condominiums, in the tightest markets, such as Montreal.”
The average price of a condo in Quebec increased by six per cent, with half of all condos selling for more than $255,000.
Properties sold in Q3 found a buyer faster year-over-year. The average selling time of condos also dropped significantly over the past year. Across the province, a condominium sold in this Q3 remained on the market for 91 days, a drop of 23 days compared to last year. This was the thirteenth consecutive quarter that average selling times fell for condos.