Quebec City residential sales strong despite decline

May 2023 residential sales rank third highest on record for this period of the year in Quebec City, QC, says the Quebec Professional Association of Real Estate Brokers (QPAREB). The Quebec City census metropolitan area (CMA) posted 865 residential sales during the month of May, a drop of 14 transactions and a decrease of only 2% compared to the same period in 2022. Despite the decline, the level of sales is once again well above the historical average for a month of May. “The Quebec City market experienced an intensification of its transactional activity in May. Buyers continue to be encouraged by the good performance of the market and its upturn outlook which seem unstoppable,” says Charles Brant, QPAREB market analysis director. “It is also interesting to see that the number of new listings is developing favourably, making it easier for buyers to find a property. The Quebec City market should continue to inspire confidence in both buyers and sellers in a context where mortgage interest rates are more in line with historical averages and prices, although constantly rising, remain competitive.”