QUEBEC CITY, Oct. 05, 2021 (GLOBE NEWSWIRE) -- The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its residential real estate market statistics for the Quebec City Census Metropolitan Area (CMA) for the month of September, based on the real estate brokers’ Centris provincial database.
“The combined effects of an improved pandemic situation, a low supply of single-family homes on the market and a strong recovery in the new home market over the past several months have contributed to an overall slowdown in the resale market, while accentuating the popularity of condominiums,” said Charles Brant, director of the QPAREB’s Market Analysis Department. “The result is a clear tightening of condominium market conditions in favour of sellers with only 5.3 months of inventory, the first time this has happened since 2009. This translates into a jump in the median price of this property category, setting a new record."
September highlights
- Sales: Sales in the Quebec City CMA fell for a fourth consecutive month in September, decreasing by 26 per cent compared to September of last year. Year-to-date sales have increased by only 1 per cent over last year. Geographically, the Northern Periphery of the city registered the largest drop in sales in the region at 34 per cent, followed by the South Shore of Quebec City, where sales also fell significantly by 33 per cent. Sales in the Agglomeration of Quebec City had the smallest drop in sales at 23 per cent.
- Sales by property category: In total, 402 single-family home transactions were concluded in September, a 35 per cent decrease compared to September of last year and the largest drop among the three main property categories. Sales of condominiums fell by 14 per cent, while plex sales increased slightly, rising by 7 per cent compared to September of last year.
- Active listing: The supply of residential properties continued to contract in September, registering a substantial 33 per cent drop compared to September of last year. This decline is primarily due to an insufficient number of new listings on the market. From January to September, active listings were down 45 per cent, continuing the tightening of market conditions that has been observed for several months now, primarily in the single-family home category where inventory represents only 3.2 months of sales.
- Median price: The median price of single-family homes continued to rise, reaching $315,000, a 12 per cent gain compared to September 2020. Condominiums saw a 13 per cent jump in median price to reach $225,000. The median price of plexes was unchanged at $335,500.
Additional information:
Detailed and cumulative statistics for the province and regions
If you would like additional information from the Market Analysis Department, such as specific data or regional details on the real estate market, please write to us.
About the Quebec Professional Association of Real Estate Brokers
The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 13,300 real estate brokers and agencies. It is responsible for promoting and defending their interests while taking into account the issues facing the profession and the various professional and regional realities of its members. The QPAREB is also an important player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Quebec's residential real estate market statistics, provides training, tools and services relating to real estate, and facilitates the collection, dissemination and exchange of information. The QPAREB is headquartered in Quebec City and has its administrative offices in Montreal. It has two subsidiaries: Centris Inc. and the Collège de l'immobilier du Québec. Follow its activities at qpareb.ca or via its social media pages: Facebook, LinkedIn, Twitter and Instagram.
About Centris
Centris is a dynamic and innovative technology company in the real estate sector. It collects data and offers solutions that are highly adapted to the needs of professionals. Among these solutions is Centris.ca, the most visited real estate website in Quebec.
For more information:
Marie-Rose Desautels
Morin Relations Publiques
media@qpareb.ca
Image bank (credit QPAREB) available free of charge.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cd68d39a-153e-49ef-b062-646047f191ca
