Soaring property prices in Quebec

The price of houses continues to climb, everywhere in Quebec, reveals data from the Canadian Real Estate Association.

The increase is particularly marked in the Sherbrooke region, where the purchase of a property costs 35.5% more than last year.

The data also shows a 24.2% jump in prices in Gatineau, which is being hit by the real estate boom on the Ottawa side. The latter pushed the Ottawans to settle on the other side of the Ottawa River.

The metropolis is not spared by this surge in prices either. It now costs 15.7% more to buy a house and a condo in Montreal.

The scarcity of properties on the market and low interest rates are factors that have a direct impact on prices, we can see.

In Trois-Rivières and Saguenay, property price increases are 14.4% and 17.5% respectively.

Finally, the Quebec City region seems to be the one least affected by this outbreak. Residents of the Capitale-Nationale still have to pay 6.3% more than at the same date last year to buy a property.

In light of these presumably enticing data for sellers, one question remains: is it time to sell or to buy?

“There are a lot of people looking for houses right now. The inventory is very good, and I would even say too good, so it’s time to sell, ”explains Ghislain Larochelle, real estate columnist for the Journal de Montréal.

“What do we do to buy if it’s a good time to sell?” Often what you have to do is get pre-approved and you have to be able to find a house before you put your house up for sale, ”he adds.

Concretely, how much should we expect to pay for a house or a condo?

In Montreal, the average price of a property is $ 418,000, while it is more like $ 200,736 in Saguenay.

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