Quebec City condominium sales transactions rose 15% year-over-year in July, says the Quebec Professional Association of Real Estate Boards.

Condo sales totalled 210 during the period as the average selling time selling time declined by 11 day to 54 compared to a year earlier.

“There is no recovery dynamic to the Quebec City market as is the case with many other markets in the province,” said Charles Brant, QPAREB’s market analysis director.

“It is, however, in a strong growth mode, and has been since the pandemic. Moreover, it has been unaffected by interest-rate fluctuations over the past 28 months.”

Overall Quebec City sales increased a modest 3.3% year-over-year. But Brant noted that the market posted its second-strongest in the past 25 years for the July period. Condo sales factored heavily into the overall total as the sector’s transactions neared a record high seen in 2020 during the pandemic.

The market’s resilience and lower interest rates are increase buyer confidence, particularly among investors, he added.

“This transactional frenzy is reflected by a constant decline in the inventory of properties which has had difficulty keeping pace as the number of new listings remain below their historical average,” said Brant. “As with single-family homes, condominiums and small income properties are suffering from market conditions that are once again tightening in favour of sellers.

“This has contributed to overbidding, particularly in the Agglomeration of Quebec City, with prices jumping to new highs.”

Active listings declined 11% year-over-year to 2,035 due to fewer condos and single-family homes on the market.

The region’s small-income residential property sales ballooned 32% year-over-year.

Photo: Destination Canada