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