June Quebec City residential sales see small decline

The Quebec City, QC, census metropolitan area (CMA) posted 744 residential sales during the month of June, a drop of 17 transactions which is a decrease of only 2% compared to June 2022, says the Quebec Professional Association of Real Estate Brokers (QPAREB). Despite the decline, the level of sales remains well above the historical average for a month of June. “The number of sales is still comparable to the best years for a month of June, which translates into an excellent absorption of the inventory of properties for sale and the maintenance of market conditions favourable to sellers,” says Charles Brant, QPAREB market analysis director. “Despite everything, prices in the Quebec City CMA are tending to stabilize, remaining at competitive levels, especially for first-time homebuyers. This more linear price trend is helping to stimulate sales and is proving to be a sign of buyer confidence in this market in all property categories.” The decline in sales varies by property category. With 60 transactions, sales of small income properties fell by 34% compared to the same period last year. This is actually the only category to record a decline in June. Single-family homes and condominiums experienced a resurgence in sales to reach 471 and 213 sales respectively, rising by 3% and 1%. Active listings reached 2,832 for the month, growing by only 19 per cent compared to last year. The increase in active listings was more significant for single-family homes (31%). An increase in inventory was also observed for condominiums (9%), but plex listings had a decrease of 8%.