November 5, 2024

3rd quarter 2024 Quebec real estate market report

The latest statistics based on the Centris platform from the Quebec Professional Association of Real Estate Brokers (QPAREB) show a rebound in Quebec’s residential real estate market. After a quiet start to 2024, the third quarter was not only marked by renewed vigour but proved to be more robust than previous quarters—a positive trend for those looking to sell or buy property in Quebec.

“Transactional activity has reached levels well above the historical average for this time of year in most metropolitan areas and agglomerations. With the key interest rate dropping 75 basis points since early summer, there has been a sharp rise in the consumer confidence index in regard to making a major purchase, such as a property. It’s also worth noting that fixed mortgage rates, which have already reached attractive levels, have dropped more rapidly than variable rates,” observes Charles Brant, QPAREB Market Analysis Director.

This October 2024 report, also discussed in episode 29 of the Real Estate in Motion podcast, provides an overview of key residential market trends and the 2024–2025 forecast. Find all the information you need to understand the residential market barometer and grasp the new dynamics shaping Quebec’s real estate market. You will then be able to navigate the market with confidence.

Q3 2024 sales trend for the province

Real estate trends across Quebec saw a significant increase in sales between the third quarter of 2023 and that of 2024. This reflects a sustained demand with transactional growth varying between 9 per cent and 16 per cent depending on property type. Condominium sales have driven this recovery, rising by 16 per cent, followed by single-family homes with a 13 per cent increase, and then plexes, with sales growing by 9 per cent.

Certain census metropolitan areas (CMAs) stood out for their strong activity. Sherbrooke posted the highest growth in real estate sales, closely followed by other CMAs such as Saguenay, Montreal, Quebec City, and Gatineau. Outside major centres, some local markets also saw increases of over 40 per cent, reflecting growing interest in the more affordable regions of the province.

Increase in property sales in large municipalities
CMA	Q3 2024
Sherbrooke	+26 per cent
Saguenay	+16 per cent
Montreal	+13 per cent
Quebec City	+13 per cent
Gatineau	+12 per cent

Regional outlook: impressive performance of local markets

While Quebec’s major cities posted solid growth in the 2024 third quarter, several smaller municipalities also experienced remarkable increases in sales. Rouyn-Noranda, Lachute, and Thetford Mines, in particular, saw notable growth. The performance of the residential real estate market in other municipalities, including Val-d’Or, Saint-Sauveur, and Alma, was also strong.

However, some towns and municipalities further from urban centres experienced a decrease in transactional activity. This trend was observed in Cowansville and Sorel-Tracy, where sales declined by 3 per cent. Rivière-du-Loup and Matane recorded even sharper drops, with sales decreasing by 12 per cent and 24 per cent, respectively.

Increase in property sales in small municipalities
Municipality	Q3 2024
Rouyn-Noranda	+53 per cent
Lachute	+47 per cent
Thetford Mines	+41 per cent
Val-d’Or	+29 per cent
Saint-Sauveur	+19 per cent
Alma	+18 per cent

	Tips and tricks In a vibrant context like the one observed in recent months, selling with a broker has never been more advantageous. They will help you understand the October 2024 market and monitor major trends to maximize your return on your investment.

Increase in listings: the market remains challenging for buyers

In the third quarter of 2024, the number of properties for sale reached 36,824 active listings, jumping by 17 per cent compared to the same period in 2023. While this indicates a recovery, the market remains below the historical average of 46,645 listings for this time of year. In other words, despite more listings, the real estate market remains relatively challenging for buyers.

In such a competitive environment, buying with a broker can prove to be your best asset. With their in-depth expertise and personalized support, you can maximize your chances of realizing your project. This professional will be there to guide you throughout the process. They will facilitate negotiations and provide access to a wide network of experts to help you finalize the transaction with the best possible conditions.

	Tips and tricks If you are a first-time homebuyer or are considering buying a home on a low income, check out our blog post on the 8 common mistakes to avoid. You’ll find valuable advice that could save you from costly situations!

Price trends by property type

Across Quebec, the median price of a single-family home grew by 7 per cent to reach $448,550. Condominiums also saw a 4 per cent increase in the median price, up to $379,250. However, it was small income properties that posted the greatest median price increase, rising 10 per cent to $583,000.

This rise in median prices has primarily been driven by properties priced at $500,000 and above, which account for a significant portion of sales for both single-family homes and condominiums. This market segment continues to remain strong, supported by repeat buyers.

Market conditions and selling times: key figures

Market conditions in the real estate sector remain favourable to sellers. The number of months required to sell the inventory of residential properties has remained relatively stable, increasing from 4.9 to 5.2 months. This figure shows that supply continues below demand, thus maintaining an upward pressure on prices. Average selling times have also seen a slight increase.

Average selling time by property type
Property type	Q3 2024
Single-family homes	60 days (+8)
Condominiums	61 days (+5)
Small income properties	79 days (+5)

Regional analysis: a look at the CMAs

In addition to the provincial analysis, QPAREB economists have also examined trends in several census metropolitan areas (CMAs) throughout Quebec. Here are the highlights from four CMAs with particularly strong real estate markets.

Montreal CMA

The Montreal real estate market has remained dynamic, recording an increase in residential sales with 9,608 transactions. The number of active listings rose by 17 per cent, indicating a growing supply. The median price of single-family homes increased by 6 per cent to reach $590,000. Condominiums followed the regional trend with a median price of $410,000, up by 4 per cent.

Quebec City CMA

Intentions to sell and buy in the Quebec City metropolitan area translated into an increase in sales, with 2,062 transactions. This activity contributed to an 11 per cent rise in the median price of single-family homes, now reaching $390,000. Condominiums experienced 16 per cent growth, bringing their median price up to $279,900.

Gatineau CMA

In the Gatineau region, the residential real estate market also strengthened in the third quarter with 1,175 transactions. The median price of single-family homes increased by 6 per cent to $460,000. Condominiums saw a more modest 2 per cent rise.

Sherbrooke CMA

Sherbrooke is one of the metropolitan regions that posted the strongest gains in sales, growing by an impressive 26 per cent. The median price of single-family homes rose by 9 per cent, reaching $425,000. Small income properties saw growth of 29 per cent, with a median price reaching $536,000.

Quebec outlook for buyers and sellers

The Quebec real estate market remains dynamic and favourable to sellers, particularly in the high-end segments. However, opportunities are available to buyers in certain high-growth regions.

Statistics from the residential barometer for Q3 2024 show sustained demand despite rising median prices. Consequently, sellers are faced with slightly longer selling times in some areas. Overall, favourable opportunities are abundant for buyers looking to purchase a home in smaller municipalities and certain vibrant census metropolitan areas.

Ready to take action? Check out the latest monthly statistics available on the website of the Quebec Professional Association of Real Estate Brokers (QPAREB) or browse Centris.ca to discover a wealth of properties in just a few clicks. Whether you are a buyer or a seller, stay informed about developments in the Quebec real estate market to maximize your chances of realizing your project under the best possible conditions.

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