2023-10-12 21:30:00
Despite recent increases in interest rates, the value of homes sold in Quebec is still on the rise, mainly due to multiple offers by first-time buyers.
• Read also: Real estate market: Quebec sets records while Montreal stagnates
At least that’s the reading from broker Royal LePage, which published an update to its national summary of home prices Thursday morning. For the Quebec region, the price of detached single-family homes is up 8.6% compared to last year in the 3rd quarter.
The median price of such a property was $372,300 in 2023, while it stood at $342,700 in 2022.
“We still have the same problem: we lack properties for first-time buyers,” explains Journal the director of Royal LePage Inter-Québec, Michèle Fournier.
According to her, many buyers often find themselves in a situation of multiple offers and bidding wars push sales prices up. Properties priced between $300,000 and $450,000 are particularly popular on the market.
House for sale in the Lévis sector, Thursday October 12, 2023. STEVENS LEBLANC/JOURNAL DE QUEBEC/AGENCE QMI) Stevens LeBlanc/JOURNAL DE QUEBEC
“When prices are higher than that, it takes longer to sell,” adds Ms. Fournier.
The market in the Quebec region is “overheating,” says the director of market analysis for the Professional Association of Real Estate Brokers of Quebec (APCIQ), Charles Brant.
“There are more bidding wars in Quebec than elsewhere,” he adds, estimating that a little less than a quarter of single-family homes sold received several offers.
A market resistant to rate increases
What surprises Michèle Fournier in the current market is “the good down payments” from buyers, even the youngest. “I think a lot of parents help out,” she says.
Earlier this month, the APCIQ noted an increase in real estate transactions in the Quebec region, particularly among co-ownerships.
This situation is unlikely to resolve with possible interest rate increases, with Charles Brant calling Quebec a “resilient market” due to strong demand.
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