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Quebec’s real estate market is booming

Many real estate market experts and industry members had been wondering how the market would react to deconfinement. Judging by the amount of activity we’re seeing at DuProprio, the answer is clear: the market is off to a flying start!

The number of visits on the DuProprio website has exploded. “We recorded about 8.2 million visits in May, then 8.8 million in June. It's an all-time high,” says Martin Desfossés, real estate coach at DuProprio. 

A lot of buyers had to put their plans on hold during the lockdown, and now, they’re jostling for position!

Loads of offers to purchase

All these visits are resulting in talks, negotiations and a lot of transactions. Since the start of June, the number of calls made to DuProprio’s notaries has been 64% higher than in the same period last year.

“I don’t think we’ve ever been this busy,” admits Elena Maria Bejan, legal assistance team leader at DuProprio. “There are many, many clients getting offers to purchase right now, often more than one at a time. We’re there to guide them through the process.”

Inflated market

As Martin Desfossés mentioned in the article Surenchère surprise du prix des maisons à vendre (in French only), published in La Presse on June 15, some properties are currently selling at an inflated price. 

“The housing inventory is at a record low, since fewer people put their properties up for sale during the lockdown,” explains Desfossés. “But the number of buyers doesn’t seem to have decreased. So, the offer is down but the demand is up. That means buyers are fighting over the same properties. That puts upward pressure on prices.”

Similarly, the firm JLR Solutions Financières stated, in its report on the Quebec real estate market (in French only), that median property prices had continued to climb in May, rising about 5% for single-family homes and 8% for condos, as compared to 2019.

To find out how DuProprio can help you sell your property safely, call us at 1-866-387-7677 or watch our information webinar. »