Photo: Artur Staszewski
While housing markets like Toronto and Vancouver have gotten off to a rough start in 2018, the first quarter of the year held nothing but good news for the increasingly hot Quebec real estate market.
According to the latest data release from the Quebec Federation of Real Estate Boards (QFREB), the province saw a 3 per cent sales bump in Q1 2018, marking one of the best first quarter sales performances in years.
According to QFREB market analysis manager Paul Cardinal, the province’s lower price point has allowed it to dodge the effects of a new mortgage stress test, which came into force on January 1 and has dampened many of the country’s more expensive markets.
“Because [Quebec] homes are at a lower price point, it [doesn’t] have as much of an impact on buyers in this area,” he told BuzzBuzzNews.
BuzzBuzzNews has rounded up 7 stats for a closer look at the province’s strong first quarter:
1. Quebec saw a 3 per cent increase in sales in Q1 2018, marking the 15th consecutive quarterly increase in sales, and the best Q1 sales performance since 2012.
2. There was a 13 per cent increase in condo sales and a 2 per cent increase in multiplex sales, marking a shift towards higher-density housing.
3. Montreal saw the largest sales increase with a 7 per cent sales bump, continuing a streak of sales increases that began last spring.
4. As demand increases in the province, the number of listings continues to fall, tightening the market. Q1 saw a 9 per cent year-over-year decline in listings. Listings for single-family homes, condos and multiplexes dropped 8 per cent, 13 per cent and 4 per cent, respectively.
5. “The downward trend in active listings is widespread across the province,” writes Cardinal, in a statement. “The supply of properties has decreased in all of the province’s urban centres, with [only] five exceptions.”
6. Prices also rose across property types, with the median price of a single family home rising 3 per cent to $248,000, while the median price of a condo jumped 3 per cent to $229,000 and the cost of multiplex grew 6 per cent to $380,000.
7. Properties are selling faster, too. Single-family homes sold in an average of 110 days, 5 days fewer than in Q1 2017. It took an average of 115 days for a condo to sell, a year-over-year decrease of 16 days.