The Professional Association of Quebec Real Estate Brokers (APCIQ) recorded a 2% drop in sales for the month of May compared to the same period last year in the Quebec metropolitan area.
This is less than at the provincial level, where there was a 9% decrease in sales for the last month, compared to May 2021.
The drop in sales volume was marked in the category of small income properties, where there was a decrease of 19% compared to the month of May 2021.
However, sales were stable in the single-family and condominium categories.
The median price of single-family residences stood at $350,000 in the Quebec region for the month of May, a gain of 13% compared to a year earlier.
Market still overheated
APCIQ analysts argue that while properties remain affordable in Quebec, prices still tend to rise.
The conditions therefore continue to favor a certain overheating of the market without however knowing the excesses of several markets in the south of the province.
explains the director of the APCIQ’s Market Analysis Department, Charles Brant.
The latter maintains that the overbidding is less important in the Quebec market, which makes it possible to avoid an explosion of prices.
Despite a context of rapidly rising interest rates, Québec remains a safe and relatively affordable bet for those who wish to buy more serenely in a market context that is seeing the tide turn.
adds Mr. Brant.
Note that 872 residential sales were made in the Quebec City metropolitan area in May.