(Montreal) The number of properties sold in Quebec rose in July, despite rising interest rates making mortgage payments more onerous.
There were 6,474 transactions accompanied by a broker in the Quebec residential real estate market in July, according to data from the Association professionnelle des courtiers immobiliers du Québec (APCIQ). This is a 2% increase over the same period last year.
The total for the first seven months of the year still remains in negative territory, down 18%.
Across Quebec, the median price of a single-family home remains relatively stable with a 1% increase over last year to $421,000.
The resumption of activities is particularly strong on the island of Montreal and in the metropolitan region of Quebec.
The rise comes “despite recent interest rate hikes,” said National Bank economist Darren King. It should be noted, however, that the Montreal real estate market had experienced a less significant recovery than other major Canadian cities since the start of the year, which could partly explain this catch-up. »
The market is more moderate in the suburbs. The number of transactions fell by 13% on the North Shore. The decrease is 2% on the South Shore. Vaudreuil-Soulanges and Laval recorded growth of 3% and 5%, respectively. Saint-Jean-sur-Richelieu is an exception with a 23% increase.
In the Quebec City metropolitan area, the number of transactions increased by 19%, still compared to last year. Prices remain relatively stable for condominiums, single-family homes and plexes.
For example, the median value of a single-family home in the region is $350,000, the same as last year. This relative lull in prices seems to be attracting buyers from other regions, believes Charles Brant, director of the APCIQ’s market analysis department. “Thus, these advantageous price levels are helping to attract an ever-growing pool of potential buyers from outside the Capitale-Nationale. »
He points out that Quebec attracts a large proportion of immigrants who settle in a region other than Montreal. “This trend has sharply increased in 2022 and is inevitably reflected in robust activity on the resale market, particularly in the most accessible areas such as the South Shore of Quebec. »