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Real Estate Trends: Which Quebec Towns and Regions Performed Best in 2018?

A comparison of real estate performance in Montreal Island vs other Quebec areas.

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This week Centris published its fourth quarter statistics for the end of 2018, which summed up a record-breaking year for Montreal’s real estate market. Montreal Island saw the median price of single-family homes rise by 4% ($323,000). Condominiums recorded a 3% increase in median price, to reach $255,000. ‘Plexes reached a median price of $514,000 in 2018, an increase of 8%.


TL;DR: How did real estate performance in other Quebec towns and regions compare to Montreal Island? Rawdon, Rouyn-Noranda and Mont Trembland did particularly well at 12%, 11% and 11% respectively.


In this post we look at real estate performance in other Quebec towns and regions.

Sales

  • The agglomerations of Matane (+30 per cent), Mont-Laurier (+29 per cent), Cowansville (+19 per cent), Rivière-du-Loup (+17 per cent) and Saint- Hyacinthe (+15 per cent) recorded the largest growth in sales.
  • When it comes to metropolitan areas, Saguenay (+11%) and Gatineau (+7%) recorded the highest increases in sales activity. Notable increases were recorded in Sherbrooke (+6 per cent). In comparison, sales activity increased by 5% on Montréal Island and by 4% in Québec CityTrois-Rivières was the only metropolitan region to record a decline (-1%).
  • The largest jump in sales was recorded in the condo segment (13%). Single-family homes and plexes posted significantly smaller gains of 3%, due to limited inventory.

Prices

  • The agglomeration of Rawdon saw the biggest jump in single family home price: +12% to reach $169,900.
  • Rouyn-Noranda and Mont-Tremblant also saw notable increases. The median price of single-family homes in those areas increased by 11% to $228,288 and $271,250, respectively.
  • Mont-Tremblant topped the charts for condominium appreciation – prices grew by 12% to reach $255,000.
  • Québec City saw the smallest condo appreciation rates, at +1%.

Inventory and Market Conditions

  • An average of 64,289 properties were listed on Quebec’s MLS system in 2018, which is a 9% drop compared to 2017.
  • Inventory decreased in all Quebec regions with the exception of La Tuque (+ 25%), Sainte-Adèle (+15%) and Sept-Îles (+5%).
  • Falling inventory usually leads to heightened competition and rising prices (seller’s market)
  • Selling times shortened in 2018 compared to 2017. It took an average to 107 (-5 days) to sell a single family home, 111 days for a condo (-13 days), and 98 (-4 days)for a plex.

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This article, Real Estate Trends: Which Quebec Towns and Regions Performed Best in 2018? appeared first on Shupilov News.

 

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