<\/p>\n
In Quebec\u2019s largest real estate markets, sales activity during the third quarter was uneven. Some markets returned to seasonal norms, while others continued to see demand outpace supply. The majority of the province\u2019s markets saw slight quarterly price increases, with values for all property types remaining higher than a year earlier in all reported regions.<\/p>\n
One trend appears to be emerging consistently across the board: first-time buyers are keenly awaiting further interest rate cuts from the Bank of Canada. With affordability\u00a0 a key concern for many, experts anticipate that rising demand stemming from lower rates and relaxed borrowing measures may contribute to price growth in 2025.<\/p>\n
During the third quarter of 2024, the aggregate1<\/sup>\u00a0price of a home in the area was up by 5.2% compared to the same quarter in 2023, to $605,400, representing an increase of 1.0% on a quarterly basis.<\/p>\n \u201cDespite three Bank of Canada rate cuts, we have yet to see a buyer rush. On the one hand, buyers are standing by, confident that further rate cuts are imminent and will create a more opportune time to buy. On the other hand, sellers are fine-tuning their strategies, counting on a wave of motivated buyers in the next few months,\u201d said Dominic St-Pierre, executive vice president, business development, Royal LePage. \u201cThe Greater Montreal Area real estate market is performing well, with healthy growth in activity and prices, considering that Canada\u2019s other two major markets are stagnating.\u201d<\/p>\n \u201cThe dilemma that seems to be keeping buyers awake at night is whether to jump in now before prices go up due to higher demand, or keep waiting and take advantage of even more attractive mortgage rates,\u201d St-Pierre added. \u201cWe\u2019re already seeing an uptick in activity, which began in September.\u201d<\/p>\n Royal LePage forecasts that the aggregate price of a home in the Greater Montreal Area will appreciate by 8.5% in the fourth quarter of 2024 compared to the same period in 2023.<\/p>\n The aggregate price of a home in Quebec City increased 10.5 per cent year over year to $388,600 in the third quarter of 2024. This represents the highest year-over-year price increase in Canada in Q3, and the highest price gain among the report\u2019s major regions for the second consecutive quarter.<\/p>\n \u201cOverall, the province\u2019s markets have been relatively unaffected by the post-pandemic correction in real estate prices, compared to Ontario and British Columbia. Where declines did occur, they were slight and short-lived,\u201d said Mich\u00e8le Fournier, vice-president and certified real estate broker, Royal LePage Inter-Qu\u00e9bec. \u201cIn Quebec City, the real estate correction simply never materialized. Instead, local and out-of-town demand continued to fuel rising prices without tiring, until late September. Now, buyers seem to have taken a breather, awaiting a possible further boost from the Bank of Canada with a rate cut this autumn, before repositioning themselves in the market.\u201d<\/p>\n Royal LePage forecasts that the aggregate price of a home in Quebec City will increase 9.5% in the fourth quarter of 2024, compared to the same quarter last year.<\/p>\n In Gatineau, the aggregate price of a home rose 8.0% year over year, to $451,200. On a quarterly basis, however, the price of a property declined by 0.7%.<\/p>\n \u201cIn Gatineau, sales have declined since the spring, but increased compared to the third quarter of last year,\u201d said Karine S\u00e9guin, certified real estate broker, Royal LePage Vall\u00e9e de l\u2019Outaouais. \u201cDemand remains healthy, but buyers are willing to wait for further interest rate cut announcements before acting, and meanwhile, inventory continues to grow. The closer rates get to inflation, the more those who have been priced out of the market will come back for an opportunity. I\u2019m expecting real estate demand to pick up this fall, and a very active start to 2025. Prices should rise moderately in the Gatineau region, as this demand will coincide with an increase in inventory.\u201d.<\/p>\n The aggregate price of a home in Sherbrooke posted a 9.5% increase in the third quarter of 2024, compared with the same period in 2023, rising 1.2% on a quarterly basis to $376,200.<\/p>\n \u201cActivity on the Sherbrooke residential resale market was relatively flat this summer, until the last week of September, which is in stark contrast to the Montreal market, in particular, which became more active with back to school,\u201d said Jean-Fran\u00e7ois B\u00e9rub\u00e9, certified real estate broker, Royal LePage \u00c9volution in Sherbrooke. \u201cThe question is whether the next round of interest rate cuts, expected between now and the end of 2024, and through to 2025, will push prices up again by stimulating demand,\u201d he said. \u201cTo that, I say: It\u2019s not a question of if, but of when. I\u2019d say that the start of 2025 should resemble the start of 2024: on a roll,\u201d he concluded.<\/p>\n In the third quarter of 2024, the aggregate price of a home in Trois-Rivi\u00e8res climbed 9.7% in the third quarter of 2024, compared to the same period in 2023 to $353,700, an increase of 2.5% on a quarterly basis.<\/p>\n \u201cThe summer market has returned to more seasonal norms and a slower pace of transactions,\u201d said Martin Leblanc, certified real estate broker, Royal LePage Centre in Trois-Rivi\u00e8res. \u201cThe latest lending rate cuts didn\u2019t seem to trigger the anticipated rush of buyers. But that is only a temporary setback.\u201d<\/p>\n Despite the steady decline in interest rates through 2024, Leblanc believes that prices will remain relatively stable through the end of the year, with the market rebounding in the first half of 2025. \u201cImproved access to homeownership stimulated by interest rate cuts and increased inventory on the real estate market should see buyers return early in the first half of 2025. I expect this to put upward pressure on prices over the coming months, with low-to-medium appreciation for the Trois-Rivi\u00e8res real estate market,\u201d he concluded.<\/p>\n Source: Royal Lepage<\/p>\n Director, Communications & Marketing, Quebec<\/p>","protected":false},"excerpt":{"rendered":" Royal LePage maintains year-end forecasts for the province’s two largest markets In Quebec\u2019s largest real estate markets, sales activity during the third quarter was uneven. Some markets returned to seasonal norms, while others continued to see demand outpace supply. The majority of the province\u2019s markets saw slight quarterly price increases, with values for all property […]<\/p>\n","protected":false},"author":724,"featured_media":1874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1873","post","type-post","status-publish","format-standard","hentry","category-non-classe"],"acf":[],"_links":{"self":[{"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/posts\/1873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/users\/724"}],"replies":[{"embeddable":true,"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/comments?post=1873"}],"version-history":[{"count":1,"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/posts\/1873\/revisions"}],"predecessor-version":[{"id":1875,"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/posts\/1873\/revisions\/1875"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/media\/1874"}],"wp:attachment":[{"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/media?parent=1873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/categories?post=1873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/tags?post=1873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Quebec City<\/strong><\/h2>\n
Gatineau<\/strong><\/h2>\n
Sherbrooke<\/strong><\/h2>\n
Trois-Rivi\u00e8res<\/strong><\/h2>\n
Roseline Joyal-Guillot<\/h3>\n