The latest data released on December 16, 2024, by the Canadian Real Estate Association and the Canada Mortgage and Housing Corporation highlight two key developments in Quebec’s housing market: an exceptional increase in residential sales across the country, with Quebec leading the way, and a surge in housing starts. Here is an overview of the key takeaways.
Residential sales: Quebec leads the market
According to data released yesterday by the Canadian Real Estate Association, the number of residential real estate transactions in Canada surged by 26% in November compared to the same month last year. This follows a 30% increase in October.
Sales increased in every province without exception. Quebec led the way with an impressive 41% rise in sales last month, followed by Ontario (+31%) and British Columbia (+25%).
The average price of residential properties (all categories combined) sold last month in Canada was $694,411, representing a 7% increase compared to November 2023. This marks a clear acceleration compared to the price growth seen in the previous two months (2% in September and 2% in October).
The strongest price increases were observed in the Prairie provinces last month (Manitoba +14%, Alberta +11%, Saskatchewan +11%). However, Quebec also delivered a strong performance, with average property prices rising 11% year over year to reach $541,701.
Housing starts: a spectacular surge in Quebec
According to data released yesterday by the Canada Mortgage and Housing Corporation, housing starts jumped an impressive 137% in November in Quebec compared to the same month last year. Construction began on 5,660 housing units last month, including 5,193 multi-unit dwellings (semi-detached homes, townhouses, and apartments) and 467 single-family homes, representing increases of 162% and 14% respectively versus November 2023.
Across Canada, housing starts rose by 30% in November, with notable gains in Alberta (+46%) and British Columbia (+30%), while Ontario recorded a decline of 3%.
The support of a mortgage broker
In such a dynamic market, it is essential to rely on the expert advice of a mortgage broker. Whether you are buying, renewing, or planning a real estate project, a mortgage broker provides personalized support, guiding you through every step of the process.