Quebec posts consistent quarter-over-quarter sales growth

During Q2 2019, the province of Quebec saw its 20th straight quarter-over-quarter increase in residential sales activity.

Figures from the Quebec Professional Association of Real Estate Brokers indicated that the province saw 29,212 sales during the second quarter of the year, representing 8% annual growth.

This was the largest quarter-over-quarter growth since Q3 2005.

Condos had the largest gain with a 14% year-over-year upward surge, but with a total of just 7,253 sales across the province.

Plexes also posted a strong 13% increase (2,400 transactions), while single-family home activity went up by 6% (19,410 deals).

Quebec’s strongest markets during Q2 2019 were Trois-Rivières (19% increase), Saguenay (17%), and Quebec City (15%).

Montreal fared relatively poorly with an 8% annual sales growth, along with its worst condo sales volume in the last two years, Altus Group reported.

A significant contributor to the trend is consistent unit scarcity brought about by robust demand. Over the last few years, the city has experienced a steady, strong stream of visitors and immigrants.

“The new condo supply in the Greater Montreal Area was too small to accommodate growing demand” during the first quarter of the year, Altus stated.

The market’s overall supply went up by 7% annually, versus a 56% year-over-year decline in actual inventory (built and unsold units) and a 12% drop in potential inventory (units under construction).

 

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