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Canada  + Quebec  + Apartments  | 
Quebec City condominium transactions increased 13% in April.

Quebec City Condo Sales Rise 13%

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

(Connect CRE will hold its inaugural Canada Kick-off Event in Toronto on June 11. This will be Connect’s first commercial real estate industry conference in Canada. Panelists will include Syl Apps, managing director and co-country head for Hines; Lindsay Brand, chief investment officer at Concert Properties; Mark Kenney, CEO of Canadian Apartment Properties REIT; and, Marie-France Benoit, Avison Young’s director of Canadian market intelligence. Come and gain insights from industry leaders on such matters as buyer sentiment amid a lower interest-rate environment, cross-border commercial real estate transaction trends, and investors’ outlook for 2024 and beyond. Register today.)


Inside The Story

QPAREBCharles Brant

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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