The Quebec City Census Metropolitan Area (CMA) has seen an 8% increase in residential sales in August 2023, according to the Quebec Professional Association of Real Estate Brokers (QPAREB). The QPAREB reported that the total number of transactions reached 573, up by 43 from the same period in 2022. Despite this overall growth, sales in the Northern Periphery of the Quebec City CMA have declined.
The rise in sales was primarily driven by increased activity on the South Shore of Quebec City, which saw a 26% increase with 116 transactions. The Agglomeration of Quebec City followed with a 10% growth, equivalent to 400 transactions. However, the Northern Periphery experienced a significant drop of 22%, resulting in a total of 57 sales.
Charles Brant, QPAREB Market Analysis Director, said that the slowdown is primarily due to an increase in properties for sale accumulating on the market compared to last year. "While prices are relatively stable and market conditions clearly remain favourable to sellers in the Agglomeration of Quebec City and on the South Shore, the situation could evolve in the Northern Periphery. In this regard, market conditions are more balanced and already provide buyers with more negotiation power," Brant commented.
In terms of property categories, transactional activity varied between 0% and 70%. Small income properties saw a notable increase of 70% with 51 sales. Condominium transactions also rose by 14% for a total of 180 sales, while single-family home sales remained stable at 342.
Active listings reached 2,709 in August 2023, a 5% increase compared to last year. The rise was more significant for single-family homes (11%). Condominium inventory remained fairly stable (2%), but listings of plexes declined by 16%.
The average selling time across all property categories was higher than that observed a year ago. Condominiums and small income properties had the longest average selling times at 64 days and 61 days respectively.
The median price for single-family homes was $355,000 in August 2023, up by 7% from the same period last year. However, the condominium category saw a drop of 3%, with a median price of $230,000. Plexes also experienced a decrease with their median price down by 4% to $385,000.
On an annual basis, median prices for single-family homes in the main metropolitan areas of the Quebec City CMA were stable or rising. The Northern Periphery posted a 7% increase while the Agglomeration of Quebec City saw an increase of 8%. The South Shore's median price remained unchanged from August 2022 to August 2023.
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