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Hottest Real Estate Markets in Quebec: 2018 Recap

FCIQ's latest report compare residential real estate performance across all Quebec markets.

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FCIQ’s latest report compare residential real estate performance across all Quebec markets.


TL;DR: FCIQ compared sales, market conditions and affordability in various Quebec areas. Most of the hottest and most expensive markets were on Montreal Island.


86,557 properties were sold on Centris in 2018, which is a record number of transactions.

Half of all single-family homes sold for more than $250,000. This is 3% higher than the median price of 2017.

That being said, some markets performed better than others. This report looks at the sales, prices and appreciation rates across all Quebec municipalities, cities and boroughs. Areas with insufficient sales data were excluded from the report.

10 Largest Increase in Sales Activity

The largest jump in sales activity was mainly seen by areas in the Montérégie, Laurentides and Lanaudière areas. Five of these areas set a new sales record: the municipalities of Les Coteaux and Saint-Philippe, and the cities of Coteau-du-Lac, Carignan and La Prairie.

10 Hottest markets

An increase in sales activity alone does not necessarily indicate market desirability or competitiveness. To measure market conditions, FCIQ compares sales to active listings to produce a number of “Months of Inventory”, which accounts for the balance between demand and inventory. In a “hot,” “tight,” or “seller’s” market demand will outpace inventory, producing a low number of months of inventory (below 8 months). In comparison, months of inventory between 8 and 10 is considered a balanced market, and a number above 10 would indicate a buyer’s market.

About half of Quebec’s tightest markets are located in the Greater Montréal area, more specifically in the Western part of the Island of Montréal. The South Shore has also shown notable performance in 2018.

Prices

Unsurprisingly, many of the areas in the list of 10 hottest areas also made the list for highest price increases. In these markets, buyers faced the most competition and therefore bidding wars are more likely to have occurred.

The Montréal area once again dominated this list, but the Laurentides and Montérégie region also performed well due to their resort features. Given these rather spectacular price increases, it is important to remember that, for the province as a whole, the median price of single family homes and condominiums registered a much more modest increase, at 3% each. While Montreal is a seller’s market, the overall residential real estate market in the Quebec province is currently a balanced market.

Most and least affordable single family home markets

Despite rising prices, most areas in Québec are relatively affordable. The median price of single-family homes in about 10 municipalities is less than or around $130,000.

The City of Thetford Mines had the lowest median price for single-family homes, as was the case in 2016 and 2017. Half of all homes in this area sold for less than $100,000. In general, prices dropped as the distance from province’s metropolitan areas increased.

The ten most expensive areas, on the other hand, were all located on the Island of Montréal.

Most and least affordable condominium markets

Unlike the single-family home segment, the most affordable areas for condos were all located in one of the province’s six metropolitan areas.

Almost all of the 10 most expensive condo markets were on the Island of Montréal.

Read the report on the FCIQ website.

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This article, Hottest Real Estate Markets in Quebec: 2018 Recap, appeared first on Shupilov News.

 

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