October 22, 2021

Residential Real Estate Market Barometer - Q3 2021

According to the Quebec Professional Association of Real Estate Brokers, “Quebec’s real estate market is slowed by a lack of properties for sale in the third quarter of 2021”.


In total, 22,333 residential sales transactions were concluded in the third quarter of 2021, a 30 per cent decrease compared to the third quarter of last year.

This is a sharp decline in activity compared to the third quarter of 2020, which was characterized by a historic rebound in sales after a period marked by a forced pause in the market due to a lockdown.

Among the province’s six census metropolitan areas (CMAs), the Saguenay CMA registered the largest decrease in sales, falling by 37 per cent, followed by the Quebec City CMA (-32 per cent), the Montreal CMA (-29 per cent) and the Gatineau CMA (-24 per cent). The Trois-Rivières CMA registered the smallest drop in sales, at 8 per cent. However, it is important to put these statistics into perspective and remember that the Trois-Rivières CMA registered the smallest surge in sales in the third quarter of 2020, at 16 per cent.

Price


Across the province, the median price of single-family homes climbed to $365,000 in the third quarter, up 18 per cent from 2020. Median prices also increased for condominiums ($334,000, +18 per cent) and small plexes ($450,000, +5 per cent).

Active Listings

From July to September, there were an average of 24,939 properties for sale, which is a 31 per cent decrease compared to the same period last year. This is the lowest level of active listings on record since 2003, when the size of the residential housing stock was much smaller than it is today.

Market condition and selling times


The significant decrease in supply resulting from continued strong demand in most areas of the province led to record-setting tight market conditions, which are extremely favourable to sellers. Provincially, it took an average of 45 days (-49 days) to sell a single-family home, 51 days (-11 days) to sell a condominium and 68 days (-26 days) to sell a plex.

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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