QPAREB Archives - REM https://realestatemagazine.ca/tag/qpareb/ Canada’s premier magazine for real estate professionals. Wed, 23 Oct 2024 15:36:38 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://realestatemagazine.ca/wp-content/uploads/2022/09/cropped-REM-Fav-32x32.png QPAREB Archives - REM https://realestatemagazine.ca/tag/qpareb/ 32 32 Quebec’s Q3 market surges with 13% sales growth as buyers return amid lower interest rates: QPAREB https://realestatemagazine.ca/quebecs-q3-market-surges-with-13-sales-growth-as-buyers-return-amid-lower-interest-rates-qpareb/ https://realestatemagazine.ca/quebecs-q3-market-surges-with-13-sales-growth-as-buyers-return-amid-lower-interest-rates-qpareb/#respond Thu, 17 Oct 2024 04:02:56 +0000 https://realestatemagazine.ca/?p=35100 Sales jump due to lower interest rates and growing consumer confidence. Higher-end properties lead but supply shortages remain a challenge for entry-level buyers

The post Quebec’s Q3 market surges with 13% sales growth as buyers return amid lower interest rates: QPAREB appeared first on REM.

]]>

The Quebec Professional Association of Real Estate Brokers (QPAREB) recently released its quarterly real estate market statistics, revealing that 20,620 residential sales were recorded across the province in the third quarter of 2024 — marking a 13 per cent increase from the same period in 2023. This level of activity significantly outpaces historical averages for this time of year.

“The Quebec resale real estate market was robust in the third quarter, with transactional activity returning to levels well above the historical average for this time of year in most metropolitan areas and agglomerations. With the key interest rate dropping 75 basis points since the beginning of the summer, there was a sharp rise in the consumer confidence index in regard to major purchases, such as property.

It is also worth noting that the decline in fixed mortgage rates, which have already reached attractive levels, has occurred more quickly than that of variable rates,” notes Charles Brant, QPAREB market analysis director.

Brant also points out that the rapid financing cost decline has helped to curb the growing number of forced sales or repossessions in a market where job losses are increasing.

 

 

Sales trends: High-end market rebounds, many repeat buyers & lower entry-level transactions

 

Brant continues to note that the largest price increases in the single-family home segment involve transactions over $500,000 (29 per cent). Condominiums are in a similar situation. “This price segment is above the provincial median price ($448,550) and accounts for 40 per cent of transactions in this property category. “On one hand, the market continues to be driven by repeat buyers, and on the other, the high-end market, above $1 million, is experiencing a rebound,” Brant points out.

Sales of entry-level product ($300,000 and below) totalled 23 per cent of total transactions and have decreased by 6.0 per cent due to a lack of sufficient listings. “The mid-range price segment, which is seeing slightly above-average growth and despite the drop in interest rates, only allows the more affluent (or strategic) first-time homebuyers to access homeownership in competition with repeat buyers from Quebec or elsewhere,” concludes Brant.

 

Quarterly highlights for the province

 

Condominiums saw the highest sales growth in the province, with a 16 per cent increase in transactions. Single-family homes followed with a 13 per cent rise while plexes saw a 9.0 per cent increase.

Sherbrooke led among Census Metropolitan Areas (CMAs) with a 26 per cent rise in sales. Other CMAs such as Montreal, Quebec City and Gatineau saw increases of 12-13 per cent, while Trois-Rivières and Drummondville posted more modest growth.

Rouyn-Noranda and Lachute saw remarkable growth, with sales surging by 53 per cent and 47 per cent, respectively. Other cities like Shawinigan, Thetford Mines and Saint-Georges also posted gains ranging from 37-41 per cent.

 

Inventory, pricing, market conditions

 

Active listings increased by 17 per cent in the third quarter of 2024 compared to the same period last year, reaching 36,824 units. However, this remains well below the historical average of 46,645 listings.

The median price for single-family homes rose by 7.0 per cent to $448,550, while condominium prices increased by 4.0 per cent to $379,250. Small-income properties saw a 10 per cent jump in their median price, reaching $583,000. The upward pressure on median prices was driven by growth in sales of properties priced above $500,000.

On average, single-family homes took 60 days to sell in the third quarter of 2024, an increase of eight days compared to the previous year. Condominiums and small-income properties took slightly longer, with selling times of 61 days and 79 days, respectively (an increase for each of five days compared to last year).

 

Review the full Q3 2024 report, including by CMA.

 

The post Quebec’s Q3 market surges with 13% sales growth as buyers return amid lower interest rates: QPAREB appeared first on REM.

]]>
https://realestatemagazine.ca/quebecs-q3-market-surges-with-13-sales-growth-as-buyers-return-amid-lower-interest-rates-qpareb/feed/ 0
Quebec City and Montreal markets surge in August, supported by falling interest rates: QPAREB https://realestatemagazine.ca/quebec-city-and-montreal-markets-surge-in-august-supported-by-falling-interest-rates-qparebquebec-city-and-montreal-real-estate-markets-surge-in-august-supported-by-falling-interest-rates-qpareb/ https://realestatemagazine.ca/quebec-city-and-montreal-markets-surge-in-august-supported-by-falling-interest-rates-qparebquebec-city-and-montreal-real-estate-markets-surge-in-august-supported-by-falling-interest-rates-qpareb/#respond Thu, 12 Sep 2024 04:02:53 +0000 https://realestatemagazine.ca/?p=34305 Both markets are benefitting from the impact of lower interest rates, but affordability concerns and rising prices may pose challenges as the year progresses

The post Quebec City and Montreal markets surge in August, supported by falling interest rates: QPAREB appeared first on REM.

]]>

The Quebec Professional Association of Real Estate Brokers (QPAREB) August market statistics show significant growth in both Quebec City and Montreal, thanks in part to recent interest rate cuts.

 

Quebec City: A strong market in expansion

 

Last month’s residential sales in Quebec City reached 626 transactions, marking a 10 per cent year-over-year increase — the second-highest transactional activity for this time of year.

Source: QPAREB

 

“The strength of the Quebec City market is impressive and is firmly positioned in an expansion phase. This situation is set to continue for some time as the downward movement in interest rates is well underway. All the more so since this strengthens the confidence of households and investors in a market where the sustained increase in property prices seems unwavering,” notes Charles Brant, QPAREB market analysis director.

However, Brant cautions that rising home prices, driven by limited inventory, could offset the benefits of falling interest rates, and affordability concerns are growing as the unemployment rate edges upward.

 

Montreal: Market recovery driven by rate cuts

 

Residential sales in Montreal totalled 2,991 in August, a 9.0 per cent increase from the same period last year. Brant attributes this growth to the Bank of Canada’s three consecutive rate cuts, which have given households more purchasing power despite the moderate rise in home prices.

Source: QPAREB

 

“The strength of the Montreal resale market contrasts with the decline posted by many other Canadian metropolises struggling with a much higher level of household debt, lower savings and diminishing purchasing power. All these factors limit transactional activity and contribute to more instability for mortgage renewals,” he adds.

“Montreal, unlike these markets, is benefiting and will benefit even more from the downward trend in interest rates. Buyers have more maneuvering room since household income tends to be similar to that of other major Canadian cities yet home prices remain almost half as high.”

 

Market highlights

 

Quebec City saw single-family home sales jump by 13 per cent, with a median price increase of 9.0 per cent, reaching $390,000. Condominium sales rose 7.0 per cent, with a 22 per cent median price increase to $279,500.

In Montreal, single-family homes saw a 9.0 per cent increase in sales, with the median price rising by 5.0 per cent to $590,000. Condominiums led the sales increase with an 11 per cent jump, reaching a median price of $407,100.

Active listings in Montreal grew by 18 per cent, while Quebec City saw a 13 per cent decline, reflecting low inventory in Quebec City and increasing supply in Montreal.

 

Get more details, including by province and city.

 

The post Quebec City and Montreal markets surge in August, supported by falling interest rates: QPAREB appeared first on REM.

]]>
https://realestatemagazine.ca/quebec-city-and-montreal-markets-surge-in-august-supported-by-falling-interest-rates-qparebquebec-city-and-montreal-real-estate-markets-surge-in-august-supported-by-falling-interest-rates-qpareb/feed/ 0
Montreal and Quebec City see significant gains in July: QPAREB https://realestatemagazine.ca/montreal-and-quebec-city-see-significant-gains-in-july-qpareb/ https://realestatemagazine.ca/montreal-and-quebec-city-see-significant-gains-in-july-qpareb/#respond Mon, 12 Aug 2024 04:02:11 +0000 https://realestatemagazine.ca/?p=33548 From a 12% increase in Montreal’s transactions to a 42% sales jump on Quebec City’s South Shore, data highlights a dynamic and competitive landscape

The post Montreal and Quebec City see significant gains in July: QPAREB appeared first on REM.

]]>

The Quebec Professional Association of Real Estate Brokers (QPAREB) recently released its residential real estate market statistics for July, showcasing significant growth in both the Montreal and Quebec City Census Metropolitan Areas (CMA). There were notable increases in sales and median prices across the board.

 

Montreal highlights

 

Last month, the Montreal CMA recorded 3,439 residential transactions, marking a 12 per cent increase compared to the same period last year. This level of activity is slightly above the historical average for July since 2000.

“July starts off the summer period when transactional activity is usually quieter. It is interesting to note, however, that the Montreal CMA is back to a level of activity above the historical average calculated since 2000 for this period of the year. In fact, it posted the fourth-best July in the 25 years that market data has been compiled by the real estate brokers’ Centris system.

This is a clear sign that despite the fact that the CMA posts the highest prices in the province, the massive exodus towards other regions of Quebec is well and truly over, and that more and more newcomers are settling there. According to the Institut de la statistique du Québec, the Island of Montreal experienced a historical population increase of 90,000 between 2022 and 2023,” points out Charles Brant, QPAREB market analysis director.

Every major metropolitan area within the Montreal CMA saw a rise in sales. Notably, Saint-Jean-sur-Richelieu and Vaudreuil-Soulanges led with 25 per cent and 21 per cent increases, respectively.

Single-family home sales rose by 8.0 per cent to 1,765, while condominium sales surged by 20 per cent, reaching 1,350 transactions. Sales of small-income properties increased by 3.0 per cent.

The number of active listings climbed by 22 per cent to 17,545, although still slightly below the historical average. Median prices increased across all property types, with condominiums at $411,000 (up 4.0 per cent), single-family homes at $585,000 (up 6.0 per cent), and plexes at $755,000 (up 3.0 per cent).

 

Quebec City highlights

 

The Quebec City CMA also saw growth, with 667 residential sales in July, a 3.0 per cent increase compared to the same month last year. This marks the second-highest transactional activity for July since 2000.

“There is no recovery dynamic to the Quebec City market as is the case with many other markets in the province. It is, however, in a strong growth mode, and has been since the pandemic. Moreover, it has been unaffected by interest-rate fluctuations over the past 28 months.

Even if the increase in July sales seems relatively modest, make no mistake, the market posted its second-strongest activity in 25 years for this time of year. The resilience of this market, combined with the start of a cycle of lower interest rates, is increasing the confidence of buyers, particularly investors,” notes Brant.

The South Shore of Quebec posted a 42 per cent increase in sales, while the Northern Periphery of Quebec City saw a 41 per cent rise. The Agglomeration of Quebec City experienced a 7 per cent increase. 

Condominium sales were strong, with a 15 per cent rise to 210 transactions. Small-income properties saw a significant 32 per cent increase, while single-family home sales dipped by 5.0 per cent.

Inventory levels dropped by 11 per cent, with 2,305 listings on the market— the third-lowest for the month of July since 2000. Median prices surged, with condominiums up 15 per cent to $282,000, single-family homes up 7.0 per cent to $375,000, and plexes jumping 21 per cent to $437,750.

 

Review the full reports here.

 

The post Montreal and Quebec City see significant gains in July: QPAREB appeared first on REM.

]]>
https://realestatemagazine.ca/montreal-and-quebec-city-see-significant-gains-in-july-qpareb/feed/ 0
Quebec real estate market sees 12% surge in Q2 sales: QPAREB https://realestatemagazine.ca/quebec-real-estate-market-sees-12-surge-in-q2-sales-qpareb/ https://realestatemagazine.ca/quebec-real-estate-market-sees-12-surge-in-q2-sales-qpareb/#respond Tue, 16 Jul 2024 04:02:13 +0000 https://realestatemagazine.ca/?p=32924 Though sales were on track, buyers hoping to benefit from more inventory and the first interest rate drop in four years were likely disappointed

The post Quebec real estate market sees 12% surge in Q2 sales: QPAREB appeared first on REM.

]]>

The Quebec Professional Association of Real Estate Brokers (QPAREB) reported 26,166 residential sales in 2024’s second quarter, a 12 per cent jump compared to the same time last year and higher than the average recorded for this time of year since 2000.

“The momentum of the first quarter continued in most Quebec regions with an increase in sales and prices in the second quarter. Although the peak spring season lived up to expectations in terms of sales, it may have disappointed many buyers who anticipated benefitting from both an increase in property inventory and the first drop in the key interest rate in four years.

In reality, only those looking for a property in a recreational market benefited from more choice. This is particularly the case in Estrie, Laurentides and Lanaudière. Generally speaking, properties sold less quickly in these markets, particularly less desirable homes with less desirable features or those in flood zones,” notes Charles Brant, QPAREB market analysis director.

 

A seller’s market, especially for plexes

 

Brant says that overall, the rise in active listings has been limited with market conditions continuing to favour sellers, including plexes:

“This property category experienced particular popularity due to the homeownership strategy of first-time homebuyers, as well as the interest of investors in more attractive rental income. Even if the lack of properties on the market continues in a number of sectors in the Montreal region, it is especially proving problematic in the Quebec City region and leading to new price peaks, all categories combined.”

 

Quarterly highlights for Quebec

 

There has been growth in transactional activity by property category between +10 per cent and +21 per cent from the second quarter of 2023 to the second quarter of 2024. Plexes, with 2,414 sales, saw a 21 per cent increase, while single-family homes (17,042 sales) and condominiums (6,630 sales) followed with increases of 11 per cent and 10 per cent, respectively.

In 2024’s second quarter, the province had 38,333 active listings, a jump of 22 per cent compared to the same period in 2023. However, this was still well below the historical average of 49,330 listings.

The single-family home median price across Quebec in 2024’s second quarter grew by five per cent compared to the same period last year, reaching $452,500. The median price of condominiums rose by three per cent to $379,000 compared to the same period last year. Small income properties, with a median price of $603,500, saw a 10 per cent increase during the same period.

 

Review the full report, including regional highlights, here.

 

The post Quebec real estate market sees 12% surge in Q2 sales: QPAREB appeared first on REM.

]]>
https://realestatemagazine.ca/quebec-real-estate-market-sees-12-surge-in-q2-sales-qpareb/feed/ 0
Quebec realtors face increased disciplinary cases for financial abuse of clients https://realestatemagazine.ca/quebec-realtors-face-increased-disciplinary-cases-for-financial-abuse-of-clients/ https://realestatemagazine.ca/quebec-realtors-face-increased-disciplinary-cases-for-financial-abuse-of-clients/#comments Fri, 05 Jul 2024 04:02:46 +0000 https://realestatemagazine.ca/?p=32430 With some accused of exploiting vulnerable homeowners for profit, QPAREB vows to address unethical practices and ensure professional standards

The post Quebec realtors face increased disciplinary cases for financial abuse of clients appeared first on REM.

]]>

Quebec realtors are facing an increasing number of disciplinary cases amid accusations of “financially abusing” their clients, CTV News reports.

Specifically, some are being accused of taking advantage of and making a quick profit from vulnerable or elderly homeowners by buying their homes themselves for a lower (than market) price and reselling them for much more. This was found over the past few years by the disciplinary committee of the Organisme d’autoreglementation du courtage immobilier du Quebec (OACIQ), which oversees the province’s real estate brokers.

The article describes this practice as “outright financial exploitation,” according to Jacinthe Roy, executive director of large senior organization, Reseau FADOQ. It also notes that Paul-René Roy, president of the Association quebecoise des retraite(e)s des secteurs public et parapublic (AQRP) says the organization considers these practices to be “profoundly inhumane and contrary to professional ethics.”

 

Conflict of interest complaints up 12% over one year

 

It goes on to note that OACIQ spokesperson, Joanne Beauvais, explains realtors wanting to buy property from a potential client should not be signing a brokerage agreement, as under contract they must represent their client’s interests above all else, including their own needs. This is called double representation and hasn’t been allowed in the province since 2022.

In an email to REM, the OACIQ confirms that the number of conflict of interest complaints from the public jumped from over 31 per cent in 2021 to over 43 per cent the following year (this then went down to 11.3 per cent in 2023). One example cited in the article is a realtor purchasing property from two clients and making $500,000 in profit. An investigation was launched following a complaint, and she was fined $150,000 for conflict of interest.

The OACIQ shares that after conflict-of-interest cases are investigated, the syndic decides whether to file a complaint with the discipline committee. Over the past three years, the percentage of requests for assistance received by the OACIQ increased by about two per cent.

 

‘(Realtors) must perform their duties ethically, in the interests of buyers & sellers, and in compliance with the Real Estate Brokerage Act’

 

In light of the issues, the Quebec Professional Association of Real Estate Brokers (QPAREB) released this statement on July 3: “QPAREB firmly and unequivocally denounces any illegal acts committed or that may have been committed by certain real estate brokers, as reported today and in recent months in various media forums. Real estate brokers must at all times perform their duties ethically, in the interests of buyers and sellers, and in full compliance with the Real Estate Brokerage Act.”

QPAREB president, Serge Brousseau, continues:

“This is a situation we take very seriously. We have taken note of the actions reported by the media, and we are determined to find lasting solutions that will ensure that our professional activities are practiced in an exemplary manner. For several months now, we have been working on a plan to ensure the professionalism of each and every one of our members, in full complementarity with the oversight role of OACIQ.”

 

The post Quebec realtors face increased disciplinary cases for financial abuse of clients appeared first on REM.

]]>
https://realestatemagazine.ca/quebec-realtors-face-increased-disciplinary-cases-for-financial-abuse-of-clients/feed/ 1
Montreal and Quebec City see rising residential sales and prices in May: QPAREB https://realestatemagazine.ca/montreal-and-quebec-city-see-rising-residential-sales-and-prices-in-may-qpareb/ https://realestatemagazine.ca/montreal-and-quebec-city-see-rising-residential-sales-and-prices-in-may-qpareb/#respond Tue, 11 Jun 2024 04:02:59 +0000 https://realestatemagazine.ca/?p=31790 Sales in Montreal and Quebec City rose in May with higher prices for all property types and 9% fewer active listings in Quebec City

The post Montreal and Quebec City see rising residential sales and prices in May: QPAREB appeared first on REM.

]]>

The Quebec Professional Association of Real Estate Brokers (QPAREB) reports 4,563 May residential home sales in Montreal, a four per cent increase compared to the same period last year and slightly more than the historical average for this time of year.

As for Quebec City, there were 877 residential sales last month, two per cent more than the same time last year and the third-highest transaction level for the time of year since 2000.

 

Montreal highlights

 

“Although sales for the month of May rose only by four per cent compared to May 2023, we should keep in mind that it is in comparison to the strong market at this time last year. Activity therefore remained particularly solid. Specifically, the North Shore of Montreal held the lead, not only by posting one in every four transactions in the Montreal region, but also by a 13 per cent jump in sales,” notes Charles Brant, QPAREB market analysis director.

The Montreal area saw 2,334 sales of single-family homes, a two per cent jump compared to the same time last year. Condominium sales were up five per cent at 1,786 transactions, while small-income properties saw 440 sales, an 11 per cent increase. Active listings were up 22 per cent from a year ago to reach 18,996 listings.

Prices went up overall from a year ago and remain stable compared to April, across property types. Compared to a year ago, condominiums were at $410,000, two per cent higher, single-family homes were at $575,500, five per cent up and plexes were at $780,000, an increase of seven per cent.

 

Quebec City highlights

 

“The month of May saw particularly high levels of transactional activity in Quebec City. As regional market strength was already well established in May 2023, the resulting low variation in sales compared to last year can be misleading. Single-family home activity was particularly strong in the peripheral markets, while the agglomeration of Quebec City saw considerable interest in plexes. We noted a spectacular jump in the median price for this property category, which, like other property categories, has reached record highs since the beginning of spring,” notes Brant.

Quebec City had 629 sales of single-family homes last month, which was 18 per cent higher than the same time last year. Condominium sales were up 13 per cent at 272 transactions, while small-income properties saw 75 sales, an increase of 34 per cent. Active listings went down from a year ago by nine per cent to 2,673 listings, because of fewer condominium and plex listings.

Prices went up overall both from a year ago and from April, across property types. Condominiums were up 19 per cent to $276,500, single-family homes were at $381,340, nine per cent up and plexes were at $425,000, an increase of four per cent.

 

Review the full reports here.

 

The post Montreal and Quebec City see rising residential sales and prices in May: QPAREB appeared first on REM.

]]>
https://realestatemagazine.ca/montreal-and-quebec-city-see-rising-residential-sales-and-prices-in-may-qpareb/feed/ 0
Busy spring markets in Quebec especially for repeat buyers: QPAREB https://realestatemagazine.ca/busy-spring-markets-in-quebec-especially-for-repeat-buyers-qpareb/ https://realestatemagazine.ca/busy-spring-markets-in-quebec-especially-for-repeat-buyers-qpareb/#respond Fri, 17 May 2024 04:02:59 +0000 https://realestatemagazine.ca/?p=31049 In Quebec City and Montreal, “higher price segments experienced the greatest variation in (sales activity), resulting in a considerable increase in the median price”

The post Busy spring markets in Quebec especially for repeat buyers: QPAREB appeared first on REM.

]]>

The Quebec Professional Association of Real Estate Brokers (QPAREB) recently released its April data on Quebec’s residential real estate market, which notes that sales in Quebec City totalled 976 last month, an increase of 18 per cent compared to the same period last year and the second-highest level for this time of year since 2000.

Montreal saw 4,688 sales last month, which was 26 per cent higher than the same period last year and slightly under the historical average for this time of year.

 

Rebound results in tighter, seller-favoured market conditions

 

About the Quebec City market, Charles Brant, QPAREB’s market analysis director, says, “April posted robust sales well above the historical average, and which even compared to the all-time highs reached for this time of the year during the pandemic. This rebound, different from what is happening in other Quebec markets, is an intensification of the upward trend in the number of transactions.

The result is a tightening of market conditions in favour of sellers and the emergence of acute overheating conditions, leading to an increase in cases of overbidding, particularly in Quebec City’s central metropolitan area and the south shore. Just as in Montreal, the higher price segments experienced the greatest variation in the level of activity, resulting in a considerable increase in the median price, particularly for condominiums.”

 

Quebec City highlights

 

The South Shore of Quebec saw 42 per cent more sales compared to April 2023, while the Northern Periphery of Quebec City was up by 41 per cent during this time.

Transactional activity by property type sat between 13 per cent and 34 per cent, with single-family home sales reaching 629, condominium sales reaching 272 and small-income properties reaching 75 sales.

Active listings last month declined by nine per cent from a year ago, due to a drop in listings of condominiums and plexes. This is the third-lowest inventory of available properties for this time of year since 2000.

Median prices were up compared to the same time last year, with condominiums reaching $276,500 (19 per cent up), single-family homes reaching $381,340 (nine per cent up) and plexes reaching $425,000 (four per cent up). As well, median prices for all property types were up from March.

 

Reactive recovery market with repeat buyers taking action

 

About the Montreal market, Brant shares, “Following an early rebound in activity in February, a very reactive recovery of the market took place in April due to two clear factors: an increasingly obvious and imminent return to a downward cycle in interest rates, in addition to a resumption of price growth that this drop in rates may suggest.

However, even if purchasing intentions are tangible, the ability to take action belongs to repeat buyers as prices in the Montreal region have reached the highs of 2022 for the same time of year. Helped by better market fluidity, the wealthiest are particularly active in single-family homes and condominiums in price ranges above $700,000 with sales up by 48 per cent in this price segment, compared to 25 per cent for all price ranges combined.”

 

Montreal highlights

 

All of Montreal’s main metropolitan areas saw higher property sales in April, with Laval’s increase the highest at 35 per cent compared to the same period last year.

Transactional activity by property type sat between 24 per cent and 34 per cent, with single-family home sales reaching 2,438, condominium sales reaching 1,814 and small-income properties reaching 433 sales.

Active listings last month went up by 19 per cent from a year ago across all property types. This was slightly under the historical average for this time of year.

Median prices were up compared to the same time last year, with condominiums reaching $400,598 (three per cent up), single-family homes reaching $575,000 (seven per cent up) and plexes reaching $754,000 (four per cent up). Overall, median prices for all property types were stable compared to March.

 

The post Busy spring markets in Quebec especially for repeat buyers: QPAREB appeared first on REM.

]]>
https://realestatemagazine.ca/busy-spring-markets-in-quebec-especially-for-repeat-buyers-qpareb/feed/ 0
Quebec’s real estate market sees solid growth in first quarter 2024: QPAREB https://realestatemagazine.ca/quebecs-real-estate-market-sees-solid-growth-in-first-quarter-2024-qpareb/ https://realestatemagazine.ca/quebecs-real-estate-market-sees-solid-growth-in-first-quarter-2024-qpareb/#respond Fri, 19 Apr 2024 04:01:07 +0000 https://realestatemagazine.ca/?p=30361 Sales grew 17 per cent thanks to a decline in the CPI and signals from the Bank of Canada on potential interest rate cuts

The post Quebec’s real estate market sees solid growth in first quarter 2024: QPAREB appeared first on REM.

]]>

The Quebec Professional Association of Real Estate Brokers (QPAREB) has unveiled its latest data on the residential real estate market in Quebec, showcasing significant growth in the first quarter of 2024.

According to the report, province-wide residential sales reached 21,337, marking a 17 per cent increase compared to the same period in 2023. Despite this surge, sales levels remain just below historical averages for this time of the year.

 

First quarter since 2021 with double-digit rise in sales

 

“This is the first quarter since 2021 to have posted a double-digit rise in sales, something we have not seen in the last ten quarters. This rebound in activity was observed in all CMAs across the province, with the exception of Gatineau and Trois-Rivières,” says Charles Brant, QPAREB market analysis director.

However, he points out that the results must be put into perspective: “Although the number of sales seems to indicate a recovery, which will have to be confirmed in the second quarter, it remains slightly below the historical average for this period of the year.”

Brant attributed this resurgence to several factors, including a decline in the Consumer Price Index and optimistic signals from the Bank of Canada regarding potential interest rate cuts.

 

A move toward recovery in many markets

 

Furthermore, Brant highlighted a notable increase in the number of properties listed for sale in many markets, signalling a move toward market recovery. This increased fluidity in the market offers more opportunities for buyers, particularly in the small-income properties segment. 

However, certain markets, such as Quebec City CMA, still exhibit unbalanced conditions favoring sellers, he notes.

 

First-quarter provincial highlights

 

Source: QPAREB

 

Sales

 

Transactional activity across property categories increased between 16 per cent and 26 per cent, with plexes experiencing a 26 per cent surge.

Growth in sales was most pronounced in CMAs such as Sherbrooke, Saguenay and Quebec City, recording increases ranging from 21 per cent to 34 per cent.

Urban centers like Rawdon and Saint-Hyacinthe saw substantial sales gains, while markets like Riviere-du-Loup and Victoriaville witnessed large declines.

 

Active listings

 

The number of active listings surged by 20 per cent compared to the first quarter of 2023, reaching 36,666 province-wide.

 

Median prices

 

Median prices for single-family homes, condominiums, and small-income properties witnessed significant increases (10 per cent, 5 per cent and 15 per cent, respectively) compared to the previous year.

 

Market conditions

 

Despite the increase in active listings, the market continues to favour sellers, with the number of months required to sell inventory remaining relatively low at 5.1 months (for all property categories combined).

 

Selling times

 

Average selling times for different property types remained consistent compared to the previous year, with single-family homes averaging 64 days, condominiums averaging 62 days and small-income properties averaging 83 days.

 

Review statistics in detail for the province’s first quarter, and for March.

 

The post Quebec’s real estate market sees solid growth in first quarter 2024: QPAREB appeared first on REM.

]]>
https://realestatemagazine.ca/quebecs-real-estate-market-sees-solid-growth-in-first-quarter-2024-qpareb/feed/ 0
Quebec City and Montreal real estate markets heat up: QPAREB https://realestatemagazine.ca/quebec-city-and-montreal-real-estate-markets-heat-up-qpareb/ https://realestatemagazine.ca/quebec-city-and-montreal-real-estate-markets-heat-up-qpareb/#respond Mon, 18 Mar 2024 04:01:36 +0000 https://realestatemagazine.ca/?p=29512 “Quebec City’s market continues to be among the most dynamic and top performing large-scale markets in the province and even in the country”

The post Quebec City and Montreal real estate markets heat up: QPAREB appeared first on REM.

]]>

The Quebec Professional Association of Real Estate Brokers (QPAREB) released its latest report on the residential real estate market for February 2024 in the Quebec City and Montreal Census Metropolitan Areas (CMAs).

 

Quebec City highlights

 

“The market in the greater Quebec City area is the only one in the province that is seeing a decline in the number of properties available on the market, while other CMAs are posting increases … This February is the fifth most active month recorded over the last 25 years, absorbing most of the properties returning to the market,” notes Charles Brant, QPAREB’s market analysis director.

“It goes without saying that the Quebec City market continues to be among the most dynamic and top performing large-scale markets in the province and even in the country, and is seen by buyers as an attractive alternative.”

 

Accelerated sales

 

Residential sales in the Quebec City CMA reached 967 in February, marking a 33 per cent increase compared to the same period last year. This surge in transactional activity, occurring a month earlier than in the previous year, mirrors the robust market conditions experienced in February 2022.

 

Constrained supply

 

Contrary to the provincial average, Quebec City witnessed a moderate number of new listings, leading to a drop in the inventory of available properties on the market. This scarcity of listings continues to favor sellers in the market dynamics.

 

Rising prices

 

Prices, especially for condominiums, experienced a notable surge as the market remains firmly in favor of sellers. The median price for condominiums rose by 16 per cent, reaching $268,000, while single-family homes saw a 9 per cent increase, with a median price of $362,500.

 

Variances by region

 

The Northern Periphery of Quebec City recorded the area’s highest increase in sales, up by 74 per cent compared to February 2023, followed by the South Shore with a 19 per cent increase. The Agglomeration of Quebec City saw a 26 per cent rise in sales, indicating widespread market activity across the region.

 

Montreal highlights

 

“The dynamic start to the year can be explained by a conjunction of several factors which support sales, particularly in the Montreal area. One demographic factor that has primarily impacted the metropolis is the sustained migratory flow since the end of the pandemic.

There are also behavioural factors associated with this year’s anticipated interest rate cuts … (the Bank of Canada) stresses that the door remains wide open to upcoming cuts in the key rate. It is against this background that more buyers are starting to take action. This month of February has been particularly indicative of this phenomenon,” notes Brant.

 

Higher sales

 

Residential sales in the Montreal CMA totaled 3,843 in February 2024, representing a 30 per cent increase compared to the same period last year. The Island of Montreal led in sales, experiencing a 40 per cent jump, followed by other metropolitan areas posting increases ranging from 11 per cent to 29 per cent.

 

More listings

 

The market saw a surge in new listings, up to over 36 per cent for the first time in February since 2004. This increase in supply, coupled with anticipated interest rate cuts, contributed to a resurgence in sales activity.

 

Steady price climbs

 

Despite the increase in total listings (18 per cent), prices continued to climb steadily across property categories. The median price for condominiums rose by 4 per cent to $395,000, while single-family homes saw a 7 per cent increase, reaching $550,000.

 

See more February details and statistics here.

 

The post Quebec City and Montreal real estate markets heat up: QPAREB appeared first on REM.

]]>
https://realestatemagazine.ca/quebec-city-and-montreal-real-estate-markets-heat-up-qpareb/feed/ 0
Despite economic challenges, Quebecers maintain strong intentions to buy while rental market squeezed: Survey https://realestatemagazine.ca/despite-economic-challenges-quebecers-maintain-strong-intentions-to-buy-while-rental-market-squeezed-survey/ https://realestatemagazine.ca/despite-economic-challenges-quebecers-maintain-strong-intentions-to-buy-while-rental-market-squeezed-survey/#respond Mon, 26 Feb 2024 05:03:32 +0000 https://realestatemagazine.ca/?p=28952 Despite economic hurdles, Quebecers stand firm on their dreams of homeownership while renters face rising pressures. How is the housing market holding steady?

The post Despite economic challenges, Quebecers maintain strong intentions to buy while rental market squeezed: Survey appeared first on REM.

]]>

Results of a major survey on Quebec’s residential real estate market were recently released by the Societe d’habitation du Quebec (SHQ) and the Quebec Professional Association of Real Estate Brokers (QPAREB).

Conducted by Léger in fall of 2023, the survey of 4,162 respondents outlines home-buying and -selling intentions over the next five years and what this means for the province’s rental market. It centred on effects and behavioural changes from post-pandemic impacts, like high interest rates, on consumer choices.

 

Strong home-buying intentions

 

Despite soaring property prices and interest rates, Quebec households remain committed to their intentions to purchase homes.

The survey highlights that 20 per cent of respondents bought a property within the past five years, with intentions to buy holding steady at 22 per cent in 2023, slightly up from 21 per cent the year prior. Notably, younger demographics, particularly those aged 18 to 34, show strong interest in homeownership despite financial constraints.

 

Rising property prices

 

The average expected price for a principal residence over the coming years is $440,000, marking a significant 34 per cent increase from 2020.

This surge in prices, coupled with high interest rates, poses challenges for prospective buyers, with only 72 per cent of Quebecers able to meet their financial obligations easily in 2023, down from 86 per cent in 2021.

 

Preference for single-family homes

 

Single-family homes remain the top choice for prospective buyers, accounting for 81 per cent of home-buying intentions.

Condominiums, while still popular, face challenges due to rising fees, which increased by 20 per cent over the past two years.

 

Limited selling intentions

 

Despite some increase in selling intentions, particularly among young homeowners looking to upgrade, only 14 per cent of Quebec homeowners plan to sell their properties over the next five years.

This limited supply could contribute to a potential deficit in the housing market.

 

Rental market under pressure

 

The rental market experiences upward pressure on rents due to limited property supply.

Tenants face challenges, with average rent prices steadily increasing from $862 in 2021 to $963 in 2023, with the Montreal CMA recording the highest rent prices at $1,045.

 

Efforts to increase rental housing

 

Recognizing the challenges faced by tenants, the SHQ emphasizes efforts to increase the supply of rental housing.

However, low vacancy rates in many regions highlight the need for early housing searches and financial assistance for tenants.

 

Get more information on the survey results and implications for the province.

 

The post Despite economic challenges, Quebecers maintain strong intentions to buy while rental market squeezed: Survey appeared first on REM.

]]>
https://realestatemagazine.ca/despite-economic-challenges-quebecers-maintain-strong-intentions-to-buy-while-rental-market-squeezed-survey/feed/ 0