Real estate statistics for the 3rd quarter of 2024: sales prices reach record highs
Published on November 5, 2024
Quebec's real estate market remained buoyant in the third quarter, thanks in part to key rate cuts that made home ownership easier for a number of buyers, and to a limited supply of available properties. This combination appears to be putting upward pressure on prices, which could continue to influence the real estate landscape in the months ahead.
Read the Q2 2024 Real Estate Minute for past statistics!
Contents:
- Gatineau: a marked slowdown in new listings
- Montreal: a sustained pace of transactions despite the decline in new listings
- Quebec: supply is not enough to meet demand
- Saguenay: a rebound in the number of transactions
- Sherbrooke: median prices are rising sharply
- Trois-Rivières: still one of the hottest markets
- Analyzing trends and looking to the future
During the first 6 months of the year, the proportion of owners putting their property on the market had seen a sustained increase of 12%1. However, a notable slowdown was observed in the third quarter, with an increase in supply limited to only 4% compared to the same period last year2.
On the other hand, sales followed a different trajectory. After a significant increase of 8% in the first half of 2024, the third quarter showed even stronger growth, reaching 12% compared to the previous year3.
This slowdown in the number of new listings, combined with a significant increase in transactions, had a direct impact on the inventory, which was already limited. It decreased by 6% compared to the previous quarter, marking a first decline after several months of moderate growth4.
Although the number of properties for sale is higher than last year, this limited supply continues to maintain a relatively dynamic market across the province. For buyers hoping for a return to balance, the number of months of inventory indicates that the market remains favourable to the sellers, without any real improvement compared to the average of the last 12 months.
In this type of market, sales times remain fast, similar to those of previous months and slightly higher than those of last year. On average, it takes 62 days to sell a single-family home, 63 days for a condominium and 81 days for a multiplex (2 to 5 dwellings)5.
These different indicators contribute to a significant increase in median property prices in Quebec. Single-family residences reach a record median price of $425,000, an increase of 8% compared to last year6. Condominiums display a median price of $387,500, up 4%, while multiplexes see their value climb sharply to $520,000, which represents an increase of more than 10%6.
Gatineau: a marked slowdown in new listings
The Gatineau Census Metropolitan Area (CMA) presents results comparable to those of Quebec, but with slightly more pronounced trends. After a strong increase in the supply of properties during the first 6 months of the year (+19%), new listings suddenly slowed down, increasing by only 1% compared to 2023 for the third quarter7.
Despite the scarcity of listings, the number of transactions remains active, showing an increase of 11% compared to the same period last year8. Thus, the number of properties available on the main sales platforms puts an end to the progression previously observed and decreases by 4% compared to the previous quarter9.
This shortage of offers helps to maintain advantageous conditions for sellers wishing to put their property on the market.
Selling times remain fast in the Gatineau CMA – among the shortest in the province – with an average of 45 days for a single-family home, 48 days for condominiums and 59 days for plexes with 2 to 5 units10.
In terms of prices, the median cost of a single-family home is approximately $478,000, marking a 7% increase over the previous year, a trend similar to that observed in the province11. The increases are less pronounced for condominiums and plexes, which have median prices of $320,000 and $525,000 respectively11.
Montreal: a sustained pace of transactions despite the decline in new listings
After several months of growth in new listings in the Montreal CMA, there were fewer listings, recording only a 4% increase, compared to a rate of 13% during the first 6 months of the year12. On the other hand, the number of transactions continued its upward trend, posting an 11% increase compared to 2023, a rate consistent with that observed since the beginning of the year13.
This situation affects the number of properties available on the various real estate platforms, which fell by 8% compared to the previous quarter14.
These factors demonstrate that the market remains favorable for the selling party, with trends very similar to those noted over the past 12 months. Although some indicators suggest a potential return to balance, this has not yet materialized, thus maintaining a favorable environment for owners wishing to sell their homes.
The Montreal CMA continues to post relatively short sales times, in line with the provincial trend. On average, it takes about 50 days for a single-family home to find a buyer, 63 days for a condominium and 82 days for a plex with 2 to 5 units15.
In a market where prices are the highest in the province, buyers continue to acquire properties at high prices, up from the previous year. The median price of a single-family home is $585,000, marking a significant increase of 6% compared to last year, which is a historic high16. Condominiums also saw a 4% increase, setting a new record with a median price of $420,000, while plexes posted median prices of $728,000, an increase of 3% compared to last year16.
Quebec: supply is not enough to meet demand
For several quarters, the Québec City CMA market has been showing signs of overheating. A dynamic without slowdown was apparent at the beginning of the year and the third quarter is part of this trend.
Buyers are seeing a 4% decrease in the number of new listings compared to the previous year17. On the other hand, the number of transactions continues to increase, up 10% compared to 2023 for this quarter18.
These fluctuations have clear consequences: the inventory of properties for sale on the main real estate platforms is decreasing significantly. While the province had recorded a certain stability compared to the previous year, the region is experiencing a decrease of 15% compared to last year and 7% compared to the second quarter of 202419.
By analyzing the pace of sales in relation to available inventory, the market dynamics strongly favor the selling party. Indeed, the number of months of inventory is among the lowest in Quebec and is even lower than that observed over the last 12 months in the region.
In a market that favors the seller, quick sales are common for DuProprio's clientele. Approximately 46% of properties listed for sale in the third quarter on DuProprio.com were declared sold in less than 30 days and 26% of them were sold in a bidding war, marking a 7% increase over last year20.
As for average selling times, these stand at 56 days for a single-family home, 59 days for condominiums and 60 days for plexes21.
In this still dynamic market, median prices continue to rise and peak in all categories. The median price of a single-family home is $385,000, an increase of 6% over the previous year22. For condominiums, the price is $284,000 (+9%), while multiplexes reach $420,250 (+11%)22.
Saguenay: a rebound in the number of transactions
The third quarter in the Saguenay CMA was very active. After a decrease in the number of transactions in the previous quarter, a notable increase of 15% was recorded compared to last year23. This strong increase occurred despite an 8% decrease in new listings24.
As a result, the inventory of properties for sale fell by 9% compared to the previous quarter25. In addition, the inventory, which has struggled to accumulate since the beginning of the year, is lower than that of 2023 at the same date, with a decrease of 7%25.
Owners wishing to sell their property are still in a strong position, and their situation is even more advantageous compared to the average of the last 12 months.
Selling times are fast and relatively stable compared to last year, with an average of 49 days for single-family homes and 74 days for multiplexes26. Although the bidding war rate remains at the same level as the province, at 15%, approximately half (47%) of DuProprio clients who put their property up for sale in the Saguenay CMA in the third quarter reported selling their property within the first 30 days, which reflects the intensity of the market in the region27.
Single-family home prices continue to rise, posting a sharp 12% increase compared to last year, reaching a median price of $301,75028. This is the first quarter in which the region has crossed the $300,000 mark28. On the other hand, the price of condominiums has not changed compared to the previous year, remaining at a median price of $235,00028. Plexes, for their part, have a median price of $290,500, an increase of 6%28.
Sherbrooke: median prices are rising sharply
The Sherbrooke CMA market recorded an 18% increase in new listings compared to the first 6 months of 2023, with transactions sustained at the same pace29. However, during the third quarter, as in the rest of the province, the number of new properties on the market decreased, although it remained higher than the previous year (+6%)29. At the same time, transactions increased by 19% compared to last year30.
Unsurprisingly, inventory fell by 4% compared to the previous quarter, but benefited from the cumulative totals of previous months, finding itself above last year's levels at the same date (+24%)31.
Analyzing the market dynamism, influenced by the pace of sales and available inventory, it is clear that the situation remains stable: the market remains favorable to the selling party.
Average residential sales times remain short and are slightly higher than last year. It takes approximately 50 days to sell a single-family home, 70 days for a condominium and 75 days for a plex with 2 to 5 units32.
The real estate market in the Sherbrooke CMA continues to show strong momentum. Prices for single-family homes have crossed the $400,000 mark for the first time, reaching a median price of $425,000, which represents an increase of 12% compared to the previous year33. Condominiums are following this trend with a median price of $300,000, an increase of 8%33. Plexes have a median price of $460,000, marking an increase of 8%33. These figures reflect sustained demand and a very active market.
Trois-Rivières: still one of the hottest markets
Quarter after quarter, the Trois-Rivières CMA market stands out as one of the most active in Quebec. Since the beginning of the year, new listings have decreased by 7%, but this trend has intensified in the third quarter with a 15% drop34.
Despite this decrease, the volume of transactions remains stable compared to the previous year35. This creates additional pressure on the inventory of properties for sale, already limited, which has recorded a 12% drop compared to last quarter36.
The scarcity of listings in the Trois-Rivières region reinforces the competitiveness of the market, which now has the lowest number of months of inventory in the province. This situation gives this corner of the country the status of a market to the advantage of the selling party, where demand far exceeds supply.
People who put their property up for sale on DuProprio.com took advantage of this enthusiasm: 34% of owners who sold on the platform did so in a bidding war, marking a 2% increase compared to last year37.
In terms of selling times, the Trois-Rivières CMA has some of the fastest times in the province: it takes an average of 43 days to sell a single-family home, 40 days for a condominium and 75 days for a plex38.
In this booming market, prices continue to rise sharply. Single-family homes jumped 10%, reaching a median price of $345,43839. Condominiums posted an even more marked increase, with a spectacular 15% surge, bringing their median price to $282,00039. Plexes are also following this upward trend, with an increase of 8%, which pushes the median price to $319,000 for the third quarter39.
Analyzing trends and looking to the future
For several quarters, we have been witnessing a slow return to balance with an accumulation of property offers for sale, thus giving buyers a little more choice4. However, the third quarter marked a break in this trend. Indeed, owners put fewer homes up for sale, thus reducing the supply, while the buyer segment remained very active, supported by greater confidence and better borrowing capacity, partly thanks to successive cuts in the Bank of Canada's key rate4.
Bank of Canada key interest rate
The recent cut in the key rate, which occurred on October 23rd, could reinforce this dynamic and further delay a return to equilibrium. The coming months will be crucial in assessing whether the provincial market risks tipping into a more generalized overheating, already observed in certain territories. A constant influx of new properties on the market will be necessary to contain this trend, even if the third quarter took a direction opposite to that observed at the beginning of the year.
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