Quebec residential inventory shrinks to 7-year low

Quebec residential inventory shrinks to 7-year low

Quebec residential inventory shrinks to 7-year low

Much-increased activity levels have significantly pushed downward the number of properties for sale in Quebec during the third quarter of the year, according to the latest numbers from the provincial Federation of Real Estate Boards.

Inventory shrunk to a 7-year low of 62,123 residential properties for sale, which was 9% lower on a year-over-year basis and the 11th straight quarterly drop in the number of listings.

A total of 18,798 sales transactions were recorded in Q3 2018, up by 5% compared to the same quarter last year.

“What’s important to know is that this result represents a new third-quarter sales record, as well as the seventeenth consecutive quarterly increase in residential sales in Quebec,” QFREB market analysis manager Paul Cardinal said.

Read more: Is this Canada’s hottest real estate market?

Condos continued their streak as the most desired housing type in the province, posting a 12% annual increase in sales for a total of 4,387 transactions.

Meanwhile, single-family homes and plexes both saw 3% growth in activity, reaching 12,770 transactions and 1,539 sales, respectively.

Across Quebec, the median price of condominiums stood at $241,000 in Q3 2018, increasing by 3% annually. Single-family homes were at $248,000 with a 4% during the same time frame.