Property prices: Ranking of cities with the highest growth since 2020
Published on October 28, 2022
The real estate market went into overdrive starting in March 2020, particularly because of the unprecedented global situation. The profile of property prices across Quebec was transformed by rock-bottom interest rates, a shortage of properties for sale and an increased demand from buyers.
Over the last two years, all residential property types gained in value, but single-family homes were most affected, experiencing a price hike of 41% on average in the province, according to the JLR Real Estate Radar1. The value of co-owned properties (condos) also rose, up to 30%, while multi-dwelling properties increased 25%2.
Time to take stock
Since the second quarter of 2022, the market has started to change. The overheated market is slowly starting to cool down, more properties are coming on the market, and there are signs of price levels going back down. So, it’s a good time to rank the cities in Quebec that experienced the strongest growth during the pandemic years.
Fascinating! Most of the municipalities ranking highest are not in major urban centres. They are often cities located in second or third suburbs or in popular areas for second homes, like the Laurentians or Estrie. There are a number of reasons for buyers’ interest in these municipalities, notably the increased prevalence of teleworking and the affordable selling prices prior to the pandemic.
Interested in taking advantage of higher property values in your area before things return to baseline? The DuProprio team offers you visibility and support to help you sell successfully. Contact us at 1-866-387-7677 or watch our webinar to learn more about our services: