Second quarter signals stability in sales and prices

The Quebec Professional Association of Real Estate Brokers (QPAREB) recently published its latest report on the residential real estate market in Quebec, drawing data from the Centris provincial database used by real estate brokers. During the second quarter of 2023, residential sales across the province totaled 23,550, representing a 13% decrease compared to the same period in 2022. Despite a timid return of buyers to the spring market, the second quarter of 2023 saw residential sales in Quebec fall below the historical average. Although there has been an increase of 36% in active listings over the past year, inventory levels remained at a historic low. Market conditions continued to favor sellers, even as the market showed signs of moving toward a more balanced state. However, high price levels in certain markets created challenges for first-time homebuyers. Despite the sluggish transaction activity, prices rebounded compared to the previous year, recovering a portion of the losses recorded since the summer of 2022.