Quebec City condominiums were willing to overbid for condominiums in April, says the Quebec Professional Association of Real Estate Boards in a new report.

Almost half, nearly one in two, condos on the market sold for more than their list prices, says the group. Single-family homes sold at a similar rate as overall sales rose 12% year-over-year, reaching a near-record high of 1,091 units sold.

Falling interest rates and strong buyer confidence supported the market as total sales fell just shy of the record 1,107 homes that traded in April 2021, said Charles Brant, QPAREB’s market analysis director. Condo sales drove the overall increase, jumping 21%, while single-family home and income property sales rose 9% and 7% respectively.

The Quebec City real estate sector seems to be ignoring the many economic and geopolitical uncertainties that are prevalent, said Brant, alluding to U.S. tariffs and the Canadian-American trade war.

“In April, almost as many properties were sold as were put on the market,” he said.

Today’s climate has “many parallels” with the COVID-19 pandemic period as near-record sales occur amid record-low inventory and an overheated market, he added.

Photo: Realtor.ca

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