Quebec City condominium sales transactions rose 13% year-over-year in April.

The market witnessed 272 condominium sales during the month, the Quebec Professional Association of Real Estate Boards reported. The condo sales percentage increase lagged behind total residential sales, which rose 18%, or 147 transactions, to 976.

Sales were well above the historical average for the month and compared to all-time highs reached before the COVID-19 pandemic. Quebec City’s rebound is different from those in other markets, because it involves an intensification of the upward trend in transactions, said Charles Brant, the QPAREB’s market analysis director.

“The result is a tightening of market conditions in favour of sellers and the emergence of acute overheating conditions, leading to an increase in cases of overbidding, particularly in Quebec City’s central metropolitan area and the south shore,” he said.

“Just as in Montreal, the higher price segments experienced the greatest variation in the level of activity, resulting in a considerable increase in the median price, particularly for condominiums.”

The median condo price jumped 19% to $276,500.

Photo: Destination Canada

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