Despite a 14% slowdown in Quebec home sales in the second quarter of 2022 compared to the same quarter of 2021, the price for new buyers in the region remains high, according to the Association professionnelle des courtiers immobiliers du Québec (APCIQ). .
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The association on Tuesday released the latest statistics on the Québec province’s residential real estate market, compiled according to the provincial real estate database Centris.
Thus, the median price for single-family homes in Quebec increased again, reaching $448,694 in the second quarter of 2022, an increase of more than $30,000 compared to the first quarter of this year.
As for condos, the median price in the province rose to $381,000, up $16,000 from the first quarter.
The median price for a two to five unit small income building is $541,000, a 15% increase from the same period last year. Low-income homes of two to five units averaged $541,000, up 15% from the same period last year and just over $30,000 from the first quarter of 2022.
“As a result, prices remain under pressure, particularly outside the Montreal region,” APCIQ said in a press release. In the Montreal metro area, on the other hand, home prices are showing signs of losing momentum, clearly impacted by the rapid rise in financing costs, putting an end to rampant price increases and helping to change the psychology of buyers and sellers and the face of market developments.
The number of residential real estate transactions in the second quarter was 27,150. However, this is higher than in Quebec in 2014, when there were fewer than 26,000 residential real estate transactions in the province.
“Quebec’s residential real estate market contrasts with a rapid process of market rebalancing seen in several Canadian provinces, particularly Ontario and British Columbia,” stated APCIQ.
However, the association considers it likely that there will be no price increase due to the interest rate hike in the second half of the year.