Quebec real estate prices down 10 per cent in just three months

Rising interest rates are having an impact on the real estate market across Quebec, which is showing signs of slowing down in the third quarter, according to data from the Association professionnelle des courtiers immobiliers du Québec (APCIQ).

The number of sales in Quebec decreased by 18 per cent in the third quarter compared to the same period last year, reaching 18,146 transactions. This figure is below the pre-tax average for the third quarter.

Real estate prices are also down from their all-time high in the second quarter, from April through June. The median price of a single-family home decreased by nearly 10 percent for the period including July, August and September, compared to the previous three months, from $448,694 to $400,000. The median price is still 10 per cent higher than the same period last year.

"This data suggests that the overheating in the market is easing," said Charles Brant, director of market analysis at the APCIQ, in a press release. He pointed to an increase in the number of months it takes to clear the inventory of properties and a decrease in the number of transactions concluded following an overbid.

- This report by The Canadian Press was first published in French on Oct. 13, 2022