According to the Quebec Professional Association of Real Estate Brokers,
2024 presents an interesting outlook for the province’s real estate market.
On average for Quebec, prices should remain stable, with an increase of
0%; while sales volumes will experience a slight reduction, somewhere
around 2%. For the Greater Montreal area however, the outlook is slightly
different with a forecasted price increase of 2%, and a reduction in sales
volume of 3%.
According to economist Charles Brant, this price stability can be explained,
in part, by the cautiousness of buyers who are waiting for an eventual drop
in interest rates. He suggests this period could be an opportunity because
once rates fall, prices will rise in response to reinvigorated demand.
It is important to note that these figures do not predict a real estate
recession. Demand remains relatively high, while supply remains limited. It
is therefore more a question of a smooth market adjustment than of a
precipitous fall in prices.
What’s more, it’s worth bearing in mind that demand for real estate should
continue to rise over the next few years, given the impressive immigration
figures for Canada and for Québec.
In conclusion, the Québec real estate market in 2024 looks set for a period
of stability, allowing for regional variations. Buyers are advised to keep a
close eye on interest rates, remaining aware that prices are likely to rise
should rates fall; and, demand for real estate will also increase as a result
of significant immigration to the province.