T
he Quebec Professional Association of Real Estate Brokers (QPAREB) has released its quarterly residential real estate market statistics for the province of Quebec, based on data from the Centris provincial database. In the third quarter of 2024, a total of 20,620 residential sales were recorded across the province, representing a 13% increase compared to the same period in 2023.

    This level of transactional activity is significantly higher than the historical average for this time of year since Centris began compiling market data in 2000. According to Charles Brant, QPAREB Market Analysis Director, "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."

    The decline in fixed mortgage rates has contributed to a sharp rise in consumer confidence, particularly among repeat buyers. This trend is evident in both metropolitan regions and regional agglomerations, where sales of single-family homes priced over $500,000 have increased by 29%. The high-end market above $1M is also experiencing a rebound.

    In terms of urban centers, several localities posted significant growth in the number of transactions between the third quarter of 2023 and that of 2024. These include Rouyn-Noranda (+53%), Lachute (+47%), Thetford Mines (+41%), Saint-Georges (+38%), and Shawinigan (+37%).

    The number of active listings across Quebec continued to rise in the third quarter, reaching 36,824, a 17% increase compared to the same period last year. However, this level remains below the historical average.

    Median prices for single-family homes and condominiums increased by 7% and 4%, respectively, reaching $448,550 and $379,250 in the third quarter of 2024. The median price for small income properties reached $583,000, a 10% increase compared to the same period last year.

    In terms of market conditions, the number of months required to sell inventory continued to favor sellers across the province, with an average of 5.2 months needed to sell all categories combined. Selling times also increased, with single-family homes taking an average of 60 days to sell, condominiums taking 61 days, and small income properties taking 79 days.

    Regional highlights include:

    * Montreal CMA: Residential sales reached 9,608 transactions in the third quarter, a 13% increase compared to the same period last year.

    * Quebec City CMA: Sales totaled 2,062 residential sales, a 13% gain compared to the same period in 2023.

    * Gatineau CMA: Transactions increased by 12%, reaching 1,175 transactions in the third quarter.

    * Sherbrooke CMA: Residential sales surged by 26%, totaling 494 transactions in the third quarter.

    * Saguenay CMA: Sales grew by 16%, reaching 335 residential sales in the third quarter.

    Overall, the Quebec real estate market remains robust, with transactional activity returning to levels above the historical average for this time of year. The decline in fixed mortgage rates has contributed to a rise in consumer confidence, particularly among repeat buyers.