Quebec housing market outperformed expectations in 2018

by Steve Randall15 Jan 2019

Despite the challenge of the tighter mortgage lending rules, home sales increased in Quebec in 2018, outperforming expectations.

The Quebec Federation of Real Estate Boards says that sales were up 5% year-over-year to a total of 86,557 transactions recorded by the province’s Centris database.

It was the fourth consecutive annual increase in sales and also saw a new record for sales in Montreal – 46,753 sales, up 5% year-over-year.

Montreal’s condo market saw a 13% rise in sales with single-family home sales up 1% and plexes (2-5 units) up 3%. Luxury sales were also strong with a 30% jump in sales of condos over $500K and a 14% increase in sales of single-family homes of $1 million or more.

Across the province, sales were up 13% for condos and 3% for both plexes and single-family homes.

"Once again, the Québec residential real estate market ended the year on an excellent note with 18,858 transactions in the fourth quarter, 6 per cent more than the same period in 2017," stated Yanick Desnoyers, Manager of the QFREB's Market Analysis Department. "This was the best result in 18 years for a fourth quarter.”

Saguenay and Gatineau took the lead among metropolitan areas with increases of 11% and 7% respectively. Notable increases were recorded in Sherbrooke (+6%), Montréal (+5%) and Québec City (+4%), while activity declined in the Trois-Rivières metropolitan area (-1%).

Median prices continued to rise for the second year in a row across the province. The median price of both single-family homes and condominiums increased by 3 per cent to reach $250,000 and $237,000, respectively.

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