Sustained demand in the condo segment is playing a major role in magnetizing further activity towards Quebec’s housing market, according to the province’s Federation of Real Estate Boards
Condos exhibited a 12% year-over-year increase in sales transactions during the third quarter of 2018, reaching a total of 4,387 transactions.
The median price of this housing type also grew by 3% during the same time frame, up to $241,000.
To compare, activity involving single-family homes and plexes both rose by 3%, reaching 12,770 transactions and 1,539 sales, respectively. The median price of single-family homes was at $248,000, having gone up by 4%.
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In total, 18,798 transactions across all housing types were recorded in Q3 2018, up by 5% year-over-year.
“What’s important to know is that this result represents a new third-quarter sales record, as well as the seventeenth consecutive quarterly increase in residential sales in Quebec,” QFREB market analysis manager Paul Cardinal said.
This level of activity pushed down inventory to a 7-year low of 62,123 residential properties for sale, around 9% lower on a year-over-year basis. This also represented the 11th consecutive quarterly shrinkage in the number of listings.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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