Last Updated on August 14, 2024 by CREW Editorial
Quebec’s real estate market in Q2 2024 showed growth in both sales and new listings, with prices rising, according to a quarterly report by Edge Realty Analytics.
Sales
Sales increased by 2.0% quarter-over-quarter and surged by 10.7% year-over-year.
Listings
New listings rose by 2.1% quarter-over-quarter and by a significant 16.3% year-over-year.
Active listings saw a notable increase of 5.1% quarter-over-quarter and a significant rise of 25.5% year-over-year, offering an expanding inventory for more choices.
Months of Inventory
The months of inventory, a measurement of how long it would take to sell existing homes on the market given the current pace of sales, increased slightly from 5.2 in Q1 2024 to 5.4 in Q2 2024.
Sales-to-New Listings Ratio
The ratio decreased marginally from 63.3% in Q1 2024 to 62.6% in Q2 2024.
Prices
Prices increased by 1.3% quarter-over-quarter and by 4.9% year-over-year.
Construction
The number of properties under construction grew by 6.3% quarter-over-quarter but decreased by 3.7% year-over-year.
Economic Indicators
Population Growth
Population growth was modest, with a 0.5% increase quarter-over-quarter and a 2.5% rise year-over-year. This steady demographic growth continues to support housing demand.
Unemployment Rate
The unemployment rate increased from 5.0% in Q1 2024 to 5.7% in Q2 2024. Despite this rise, these levels remain lower than Canada’s unemployment rate overall in June, which was 6.4%.
Mortgage Arrears
Mortgage arrears remained stable at 0.16%, indicating consistent financial health among homeowners.
Rentals
As of July 2024, according to Rentals.ca, the rental markets in different cities showed diverse trends.
Gatineau saw a decrease in the average rent for a one-bedroom apartment by 0.1% month-over-month to $1,761 and a decline of 0.4% year-over-year. For two-bedroom apartments, the average rent decreased by 3.3% month-over-month to $2,136, although it increased by 13.8% year-over-year.
The average rent for a one-bedroom apartment in Montreal fell by 0.6% month-over-month to $1,753 but increased by 2.4% year-over-year. For two-bedroom apartments, the average rent decreased by 0.7% month-over-month to $2,299, with a year-over-year increase of 5.5%.
In Laval, the average rent for a one-bedroom apartment rose by 0.4% month-over-month to $1,595 but decreased by 0.6% year-over-year. Two-bedroom apartments saw a 1.4% increase month-over-month to $2,075 and a 2.6% increase year-over-year.
In Quebec City, the average rent for a one-bedroom apartment surged by 5.7% month-over-month to $1,431 and by 17.4% year-over-year, reflecting strong demand. For two-bedroom apartments, the average rent decreased by 1.8% month-over-month to $1,708 but increased by 8.8% year-over-year.
