2019 Real Estate Market: Heading for a New Sales Record
While Québec's residential real estate market is heading towards the most active year ever recorded in terms of sales, the Québec Federation of Real Estate Boards (QFREB) predicts that this record will be broken in 2019.
If the trend of the first ten months continues, approximately 86,800 residential sales will be concluded in 2018 in Québec through the real estate brokers' Centris system (+5 per cent). This will be the fourth consecutive year of growth and will set a new high.
The strong performance of the job market, the increase in disposable income, the high level of consumer confidence and the low interest rates are behind the strong demand on Québec’s residential real estate market. Given the excellent health of these fundamental factors, the QFREB predicts that, next year, there will be a 1 per cent increase in the number of transactions in Québec, which should reach a new record of approximately 87,650 sales in 2019.
The increase in the median price of single-family homes will be around 3 per cent both this year and next year. It will therefore cost some $250,000 and $257,000 in 2018 and 2019 respectively to acquire an average property in Québec.
For full details on the QFREB's 2019 forecasts, read the Word From the Economist.