Home sales in the greater Quebec City area continued to break records in September, while at the same time the real estate market in the Greater Montreal area began to rebalance.
Buyers in the Capitale Nationale are particularly eyeing condos, which appeared to be popular at the start of the school year. In fact, sales of co-ownership recorded a 16% increase between September 2022 and 2023, according to the Professional Association of Quebec Real Estate Agents (APCIQ).
In Quebec’s Census Metropolitan Area (CMA), other sales also performed well, with small property purchases increasing 13% year-over-year, while single-family home sales remained stable with 376 transactions.
Overall, residential sales increased 6% in September with 624 contracts signed. All sectors of the CMA recorded an increase in transactions, particularly on the south coast of Quebec (+16%).
“The Quebec market continues its momentum and is once again defying the pressure exerted by the recent wave of rising interest rates,” said Charles Brant, director of market analysis at the APCIQ, on Thursday.
“It should also be added that the proportion of experienced buyers in the Quebec CMA is potentially greater than in Montreal, with a significantly higher ownership rate,” he said.
The median price of single-family homes ($353,000) and condos ($248,500) rose 7% and 4%, respectively, while the price of multifamily homes fell 3% ($371,750).
Stable sales in Montreal
In the Montreal CMA, residential sales remained moderate in September and below their historical average for the period. The total number of transactions was 2,738, an increase of 9% between September 2022 and 2023.
“The Montreal CMA market confirmed its stabilization in September, with transaction activity comparable to a very quiet month of August,” commented Mr. Brant. “The new wave of interest rate increases at the beginning of the summer is clearly reflected in the renewed reluctance of buyers in September.”
On the island of Montreal and towards Saint-Jean-sur-Richelieu, sales increased by 18% and 14%, respectively. In contrast, Laval reported a 10% decline in sales.
Condominiums and small properties found buyers with a 13% increase in transactions compared to the same period last year, when single-family home sales increased 5%.
All average prices recorded a year-on-year increase in September 2023. Complex prices rose 7% to $730,000, single-family home prices rose 3% to $549,000 and finally condominium prices rose 6% to $402,000.