Insights into Quebec's Real Estate Landscape: A November 2023 Overview
30 Nov 2023
The real estate market in Quebec, as detailed by the monthly reports from the Registre foncier du Québec, reflects a nuanced picture of trends and shifts. The November 2023 data indicates a continuation of the slowdown observed throughout the year, albeit at a more moderate pace compared to the first six months. Four key indicators shape this analysis: the number of sales by price range, property transfers, mortgages, and the financial difficulty index.
In comparison to October, November witnessed a 2.1 percentage point decrease in sales and a 3.3 percentage point decline in mortgages. These figures, combined with data from previous months, highlight an ongoing deceleration in real estate activity across Quebec compared to 2022.
For the entire province, November 2023 saw a 9.2% decrease in sales compared to the same month in 2022. Property transfers also dropped by 7.2%, while mortgages decreased by 8.4%. Interestingly, the financial difficulty index rose by 3.4%, reaching its lowest point since the beginning of the year.
Regional analysis reveals a general decline in sales across all areas except Montreal, which experienced a notable 13.3% increase, and the Centre-du-Québec region, maintaining the same number of sales as in November 2022.
Examining sales by price range provides further insights. In the "Less than $250,000" category, Montreal leads with a 2.8% increase, while the Outaouais region experiences a 4.6% decline. In the "From $250,000 to $500,000" category, the Centre-du-Québec region takes the lead with a substantial 17.9% increase, followed by Chaudière–Appalaches with a 12.7% rise. Sales of properties over $500,000 increased by 3.2%, with the Côte-Nord and Gaspésie–Îles‑de‑la‑Madeleine regions leading, each doubling the number of sales in this bracket. The mortgage market, however, witnessed a general decline across regions, except for the Saguenay–Lac‑Saint‑Jean region, which recorded a 3.6% increase.
In conclusion, while the Quebec real estate market continues its 2023 slowdown, the November figures suggest a measured decline. Montreal's resilience and the varied regional performance underscore the market's adaptability. The fluctuation in mortgage numbers emphasizes the growing importance of financial caution for potential buyers. These insights provide valuable guidance for real estate professionals and investors navigating the ever-evolving Quebec real estate landscape.
