This morning, the Canadian Real Estate Association (CREA) released the cumulative statistics for 2024 based on data from various MLS® systems used by Canadian real estate brokers. Among all Canadian provinces, Quebec posted the strongest performance in residential property sales growth.
Across Canada, thanks to a surge in sales at the end of the year, 2024 ended on a positive note with just over 490,000 sales, representing a 7% increase compared to 2023. While sales in the two most expensive markets in the country, British Columbia and Ontario, grew by only 2% and 3%, respectively, Quebec recorded a strong 19% increase in properties sold last year, taking the top spot in this category.
Next came Manitoba, with an 11% increase in sales, followed by Alberta, Saskatchewan, and Prince Edward Island, each with a 9% increase in activity.
Prices Continue to Rise, Except in Ontario
Quebec’s residential real estate market also performed well in terms of price growth. The average price of properties across all categories rose by 7% in 2024 compared to 2023, while the nationwide increase was only 1%. Ontario was the only province to see a slight decline (-1%) in prices last year. Meanwhile, in British Columbia, the average price saw a modest 1% increase.
However, Quebec (+7%) was not the province with the highest price growth last year. It was surpassed by Alberta, New Brunswick, and Newfoundland, with respective price increases of 10%, 10%, and 9%.
Eastern Quebec Markets Are the Most Dynamic
In Quebec, the number of completed sales accelerated across all major urban centers in 2024. The Sherbrooke metropolitan area led the way with a 26% increase in sales, earning the top spot for sales growth in 2024. The Montreal and Quebec City metropolitan areas also saw significant increases in the number of transactions, rising by 20% and 19%, respectively.
In terms of prices, the markets east of the metropolitan area showed the strongest performance. The average price of residential properties jumped by 8% in the Sherbrooke region, 11% in the Quebec City region, 13% in the Trois-Rivières region, and an impressive 17% in the Saguenay region. By comparison, price increases were 6% in the Montreal and Gatineau regions.
