Quebec's real estate market is getting pricier and for aspiring homeowners, it might feel like chasing a moving target. Recent figures show some cities in the province are seeing house prices soar, and not the ones you might think.
Based on data from The Quebec Professional Association of Real Estate Brokers, Calgaryhomes.ca points to the classic economic scenario of high demand meeting low supply. Enticingly low interest rates have also opened the floodgates to a wave of buyers eager to stake their claim, further inflating prices.
"There's a limited supply of housing, especially in desirable urban areas like Montreal, and the high demand is driven by factors like population growth, immigration, and investment. This has led to increased competition for available properties, driving prices up," according to the real estate platform.
Leading the surge in Quebec, Saguenay shows an 18% price jump, translating to a steep $40,463 hike within a year, between 2022 and 2023.
Drummondville follows suit, marking its territory with a $34,900 increase. Trois-Rivières isn't far behind, leaving aspiring homeowners to contend with a $27,517 bump. The top three cities are bound to shape expectations and budgets across the province.
On one hand, the value of potential investments is climbing, suggesting that buying sooner rather than later could be wise. On the other, higher prices mean higher stakes — and potentially higher mortgages.
Even in larger markets like Montreal, Quebec City, and Gatineau, where increases are more modest, the trend is clear: prices are on an upward trajectory. Montreal's 4% increase might seem slight in comparison to Saguenay, but it adds nearly $20,000 to the average home price putting the average at $551,333. And in the current housing climate, every percentage point counts.
Quebec City saw a 5% price increase, nudging the average house price up by $16,417 to $333,667 in 2023. Sherbrooke home prices rose by $16,367, reaching $349,167, and Gatineau, with its 4% increase, saw a rise of $15,885, setting the average house price at $401,533.
So, what's a hopeful homeowner to do? The landscape is competitive, with prices reflecting a high demand and a strained supply. But opportunities still exist for those with a keen eye and a bit of patience. It might mean extending your search to less traditional neighbourhoods or considering homes that need a bit of TLC.
Either way, you're playing the long game. With prices on the rise and supply dwindling, perseverance and adaptability are going to be the keys to unlocking your dream home.
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A view of the house from the lake, showing the sheer cliff below.© Groupe Venise & Peter Wyslouzil
A view of the lake from the house itself at dusk.© Groupe Venise & Peter Wyslouzil
The screened-in veranda features an outdoor grill and seating area.© Groupe Venise & Peter Wyslouzil
View of the kitchen and dining room in the townhouse for sale.
View of the dining room in the townhouse.
The spacey living room i the townhouse for sale.
One of the bedrooms in the townhouse.
The bathroom in the house for sale.
The backyard at the townhouse.
