July 19, 2021

Residential Real Estate Market Barometer – Q2 2021

According to the Quebec Professional Association of Real Estate Brokers (QPAREB), “the market has more than rebounded: it has experienced phenomenal acceleration and has posted record-setting sales and price increases.”

Sales

In total, 31,899 residential sales transactions were concluded in the second quarter of the year in Quebec, a 45 per cent increase compared to the second quarter of last year.

“One year after the lockdown measures that caused residential sales to plummet, it is clear that the market has more than rebounded: it has experienced phenomenal acceleration and has posted record-setting sales and price increases.”

By property category, a total of 19,842 single-family home transactions were concluded in the second quarter of the year, a 28 per cent increase compared to the second quarter of last year. Sales of condominiums rose by 76 per cent, while sales of plexes jumped by 119 per cent with a total of 3,505 transactions. In the second quarter of last year, plex sales fell by 33 per cent, dropping from 2,391 sales in Q2 of 2019 to 1,604 sales of Q2 of 2020.

As for the province’s 6 CMAs, the Montreal CMA registered a sustained increase in sales (60 per cent), which was primarily due to the impact of the pandemic last year. In the second quarter of last year, the Montreal CMA registered a 36 per cent drop in sales compared to an average of -19 per cent for the province’s five other metropolitan areas. 

Prices

The median price of single-family homes in Quebec climbed to $373,000 in the second quarter of 2021, a 35 per cent jump compared to the second quarter of last year. The median price of condominiums rose significantly as well, by 31 per cent, to reach $335,000, while that of plexes (2 to 5 dwellings) also followed the trend, increasing by 23 per cent to reach $470,000.

Active listings

The inventory of properties for sale fell by 36 per cent compared to the second quarter of last year.

Market conditions and selling times

The decline in properties for sale continued across the province and reached a record low: in the second quarter of 2021, there was less than three months of inventory on the market, the first time this has happened since the Centris system began compiling market data. The slowdown in sales that was observed in June, however, may help to reverse this trend in the third quarter.

For more detailed statistics on each of Quebec’s regions, read the QPAREB Barometers and visit https://apciq.ca/en/real-estate-market/.

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