Stable Market Conditions
As we step into the promising landscape of 2024, Quebec's real estate market is set to undergo a welcome transformation. The Quebec Professional Association of Real Estate Brokers (QPAREB) recently released its comprehensive year-in-review and 2024 outlook, shedding light on key trends and projections.
In the first of this year's NOBLE & HOME Real estate, Lifestyle and Design Blog post, we dissect the valuable insights provided by QPAREB, giving you a glimpse into what the year holds for both homebuyers and homesellers.
QPAREB Unveils 2024 Quebec Real Estate Forecast | The Time is Now... A Return To A More Normal Market
According to Stéphanie Lapierre, QPAREB's chief economist, 2024 is poised to usher in a return to a more normal market. The forecast predicts stable prices and sales close to historical norms, offering a breather for realtors, buyers, and sellers alike. While a slight drop of 2% in province-wide transactions is anticipated, this aligns closely with the historical average of 78,000 transactions over the last two decades, making it a robust year ahead for the Quebec real estate market.
Factors Influencing Market Dynamics
The anticipated transaction drop is attributed to factors such as high-interest rates at the beginning of 2024, a modest increase in the unemployment rate, and a slowdown in the economy. However, Lapierre suggests that the market is expected to pick up as the year progresses, driven by a combination of low inventory and subsequent interest rate cuts by the Bank of Canada.
Buyer Negotiating Power – A Short-Lived Advantage
Buyers are expected to wield more negotiating power at the start of the year, thanks to an increase in new listings. This window of opportunity, however, is projected to be short-lived. The announcement of interest rate cuts later in the year, coupled with increased immigration, is predicted to shift the market dynamics, empowering sellers once again.
Regional Variances in Price Trends
While the overall median prices for single-family homes in the province are expected to remain relatively stable in 2024, Montreal and Quebec City tell slightly different tales.
In Montreal, median prices for single-family homes are projected to rise by 2%, reaching $549,400, while condos are expected to see a 1% increase, reaching $395,600.
In contrast, Quebec City is set to outperform the province, with a 5% increase in single-family home prices (to $368,000) and a 1% growth in condo prices (to $244,900).
Overbidding Trends and Negotiation Processes
Overbidding, which was in decline throughout most of the province, remains a common practice in the capital, particularly in Quebec City. Demand for single-family homes is strong, yet availability is limited, leading to one out of every four transactions experiencing overbidding. Montreal, despite a decline in overbidding, still sees competitive scenarios for well-priced, high-quality homes in desirable locations.
More Balanced Conditions
QPAREB Unveils 2024 Quebec Real Estate Forecast and the time to prepare is now. As we venture into the new year, Quebec's real estate market appears to be navigating towards more balanced conditions. The insights provided by QPAREB offer valuable guidance for both buyers and sellers, highlighting the importance of timing and market dynamics. Whether you're looking to negotiate favorable terms or capitalize on strategic pricing, staying informed about the ever-evolving real estate landscape will be key to success in the year ahead.
Considering Selling or Buying?
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