March 4, 2025

4th quarter 2024: Key market takeaways from last year

The latest statistics from the Quebec Professional Association of Real Estate Brokers (QPAREB), based on the Centris platform, reveal an impressive rebound in Quebec’s residential real estate market in 2024. The year was particularly dynamic with sales and prices reaching new highs, driven by the gradual decline in interest rates.

“The resale real estate market experienced a rebound in 2024, primarily due to repeat buyers who had waited for the first sign of a downward movement in interest rates. These buyers, including investors, were particularly active in the early months of the year. In the fall, first-time homebuyers took advantage of lower interest rates and the greater number of listings on the market to further boost activity,” notes Charles Brant, QPAREB Market Analysis Director.

The 2024 annual review, also discussed in episode 31 of the Real Estate in Motion podcast, highlights the main trends in Quebec’s residential real estate market and provides insight into the dynamics that will shape 2025. Whether you’re a buyer or a seller, you will findthe key figures and outlook to help you understand market developments and make informed decisions.

2024 sales trend for the province

Residential sales in Quebec rose by 19 per cent in 2024 to reach a total of 90,369 transactions, 14,460 more than in 2023. This level of activity is above the historical average and is comparable to 2018–2019. The main drivers of this growth were repeat buyers, particularly investors, who capitalized on the gradual cuts in interest rates throughout the year. At the end of the year, first-time homebuyers also contributed to the booming market, as they took advantage of the latest mortgage reforms.

Sales intensified in 2024, particularly in major metropolitan areas. These sales were supported by the announcement that the amortization period for insured mortgages has been extended to 30 years, which boosted transactions during this period.

Increase in property sales in large municipalities
CMA	Annual data
Sherbrooke	+26 per cent
Drummondville	+21 per cent
Montreal	+20 per cent
Quebec City	+19 per cent
Gatineau	+14 per cent
Saguenay	+14 per cent
Trois-Rivières	+5 per cent

Regional outlook: particularly strong momentum in certain regions

While Quebec’s large municipalities enjoyed strong growth, some smaller agglomerations also posted impressive sales increases. Salaberry-de-Valleyfield, Lachute, and Sainte-Marie had exceptional gains of over 28 per cent, confirming a growing interest in these more affordable regions.

On the other hand, certain smaller communities, such as Rivière-du-Loup and Matane, saw a slight decline in sales, both experiencing a modest decrease of 2 per cent.

Increase in property sales in small municipalities
Municipality	Annual data
Salaberry-de-Valleyfield	+37 per cent
Lachute	+37 per cent
Sainte-Marie	+28 per cent
Saint-Georges	+28 per cent
Saint-Hyacinthe	+25 per cent

A more competitive market: tips for navigating the sale

Although the market has shown signs of recovery, the number of active listings remains limited. In 2024, 36,230 properties were available for sale, an increase of 14 per cent compared to 2023. However, supply remains below the historical average, as buyers continue to face a tight market.

In such a dynamic environment, sellers are advised to partner with a real estate broker to take full advantage of this upturn in the market. With their expert help, you’ll be better prepared to navigate current trends and maximize your return on your investment.

Price trends: prices reach new highs

Prices have continued to rise significantly across Quebec. In 2024, the median price of a single-family home rose by 8 per cent to reach $450,000, while the condominium median price was up 5 per cent to $378,000. Small income properties recorded a more substantial increase of 12 per cent, bringing their median price to $585,000.

Market conditions and selling times: key figures

The market remains favourable to sellers, with an average selling time of 60 days for single-family homes and condominiums, and 78 days for small income properties. However, this figure has remained relatively stable compared to the previous year, illustrating sustained demand.

Average selling time by property type
Property type	Average selling time (in days)	Change from 2023
Single-family homes	60	+6 days
Condominiums	60	+2 days
Small income properties	78	+2 days

Regional analysis: a look at the CMAs

Montreal CMA: With 43,742 sales, the Montreal CMA posted growth of 20 per cent. This represents a sharp increase of 7,421 transactions and a return to the historical average. The median price of single-family homes reached $578,000, a 7 per cent increase from 2023.
Quebec City CMA: The Quebec City CMA posted 9,835 residential sales in 2024. Sales in this region rose by 19 per cent, with the median price of single-family homes reaching $385,000 (+10 per cent).
Gatineau CMA: Residential sales in the Gatineau CMA totalled 4,584 in 2024. This represents a 14 per cent increase in sales, with the median price of single-family homes reaching $465,000 (+6 per cent).
Sherbrooke CMA: Residential sales in the Sherbrooke CMA totalled 2,173 in 2024. This region saw the highest growth in terms of sales, with a 26 per cent increase. The median price of single-family homes climbed to $420,000, up 11 per cent from 2023.

Outlook for 2025: A year full of promise

The 2025 Quebec real estate market is expected to continue to build on the momentum of 2024, with conditions remaining favourable to sellers and prices seeing a slight increase. However, certain regions may offer more opportunities for buyers, particularly in small municipalities and fast-growing metropolitan areas.

Sellers will need to keep a close eye on market trends and, if possible, work with an experienced real estate broker to obtain the best selling conditions. As for buyers, 2025 may present opportunities in segments where supply remains relatively abundant.

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