Home sales in Quebec rose for the 17th consecutive quarter in the third quarter of 2018.
The 5% year-over-year increase to a total of 18,798 through the province’s Centris database means a new record high for any third quarter.
Growth was seen across all three property types with condos continuing to see the strongest gains with a 12% increase to 4,387 transactions. Single-family homes and plexes both posted more modest 3% gains to 12,770 and 1,539 sales respectively.
The Quebec Federation of Real Estate Board’s data shows that four of the six CMAs gained, led by an 11% rise for the Saguenay CMA. The Gatineau, Sherbrooke and Montréal CMAs saw increases of 8%, 6% and 5% respectively.
Quebec City and Trois-Rivières posted declines of 1% and 3% respectively.
Prices post best gain in 4 quarters
The strong demand for homes in Quebec – coupled with tight supply - helped the province’s median price of a single-family home rise to $248,000. The 4% increase was the biggest in four quarters. The median prices for condos and plexes both gained 3%.
Inventory hit a 7-year low of 62,123 as active listings dropped 9% year-over-year, continuing the quarterly declines for an 11th period.
Unsurprisingly, homes sold faster in the third quarter with the average single-family home selling in 108 days, 3 fewer than a year ago; condo sales averaged 114 days, down 9 from Q3 2017; and plexes sold 1 day faster at 99 days.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate