We can say that the impact of lower interest rates was quickly felt in the residential real estate market. After property sales increased by 34% in October and 41% in November, the latest statistics published by APCIQ show another spectacular jump: a 52% [1] increase in the number of transactions completed in December 2024.
What’s more, for the first time since June 2022, the number of properties for sale (active listings) declined last month.
Over the past year, price growth has been steady. Median prices rose by 12%, 8%, and 23% for single-family homes ($460,000), condominiums ($390,000), and plexes with 2 to 5 units ($623,750), respectively.
2024: A Year of Recovery
Despite a slow start, 2024 ended on a high note, with a 19% increase in residential sales in Quebec, driven by the market’s momentum in recent months. In contrast, sales had dropped by 13% in 2023.
For the year as a whole, price increases significantly outpaced inflation [2], with median price growth of 8% for single-family homes, 5% for condominiums, and 12% for plexes with 2 to 5 units.
While there were, on average, 14% more properties for sale last year, market conditions consistently favored sellers.
Lastly, selling times remained quick in 2024, with only slight increases. On average, it took 60 days to sell a single-family home or a condominium, up by 6 and 2 days compared to 2023, respectively. Plex sales were completed in an average of 78 days (+2 days).
[2] Inflation in Quebec is expected to be around 2.3% in 2024.
