Quebec City market activity at pre-pandemic levels for third month in a row

However, home sales saw a noticeable annual decline in April

Quebec City market activity at pre-pandemic levels for third month in a row

With Quebec City’s home sales at pre-pandemic levels since February, the market has seen a significant reduction in activity slowdown compared to the most recent peak seen in April 2022, according to the Quebec Professional Association of Real Estate Brokers (QPAREB).

The market saw a 14% annual decrease in home sales in April, for a total of 833 residential transactions.

The year over year slowdown was primarily seen in plexes (down by 36%), while condos (down by 15%) and single-family homes (11%) fared a bit better in terms of sales, the QPAREB said.

Quebec City’s active listings totalled 3,031 units in April, up by 31% annually. Single-family homes led the charge with a 49% increase during this period, while condos only saw listings rise by 15% and plexes by only 3%.

“The potential of Quebec City market activity is based on a pool of buyers motivated by stabilized interest rates and competitive prices,” said Charles Brant, market analysis director at the QPAREB.

“However, this potential is faced with a small number of new properties coming onto the market and thus, unable to build up the limited inventory of properties for sale, all categories combined.”

Average home prices remained relatively static, with plexes showing the greatest change (up by 9% annually to $410,000) and single-family homes posting a more modest increase (up by 2% to $350,000). Meanwhile, condo prices ticked down slightly (1% to $232,750).