The Quebec Real Estate Market in 2013

Quebec real estate market in 2013

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The housing market in Canada has been relatively stable since the middle of 2011, but home sales have not been astronomical since November 2012. This is most likely due to the fact that people prefer not to move during the winter.

Regardless of the cause, however, the national average of home sales fell by 1.7% between October and November. The average home price also fell by 0.8 percent between November 2011 and November 2012.

This moderate drop off is not enough to cause concern for most real estate investors, and it is also not indicative of how the entire country is doing. In fact, Quebec has been experiencing a boost in several cities, including a 1.9% increase in the greater Montreal area.

Quebec’s real estate market is better than most

If the national average of Canada was not impacted by the lacklustre real estate sales of the greater Toronto and Vancouver areas, the country’s current housing outlook would be much different.

In fact, the decline in prices of 0.8% would have actually been an increase of 3.2% if those two areas were not included in the calculations. Therefore, anyone who is looking to make a solid real estate investment in Canada should probably steer clear of Vancouver and Toronto for the moment. Instead, they should consider Montreal, Calgary and Regina.

How does Quebec real estate compare to the rest of Canada?

Although the cities in Quebec have not experienced as big of an increase in real estate prices as areas like Regina, Calgary and Halifax, the area is still doing well. Montreal has shown the biggest improvement over the past year, and the average home within the city limits is now worth $331,000.

The price of houses in Montreal improved during 2012 by 3.5%, and this places the city in fifth for real estate growth among a list of major Canadian cities. Montreal and the overall Quebec area also provide homeowners with a low cost of living that is below Toronto and Vancouver.

Quebec has more than 7.5 million residents, and it benefits from Canada’s ranking as the fourth best country in the world for human development in key categories such as good health, literacy and the overall standard of living.

Should you buy Quebec real estate in 2013?

The market in Quebec has shown stable growth, especially in the Montreal area. However, before you decide whether or not purchase a home in Quebec, you need to first determine what the purpose of that purchase will be.

For example, if you are planning to move into the house, the Montreal area should provide you with small but steady increases in the value of your home, and you will also be able to take advantage of living in an area that has a low cost of living.

On the other hand, if you are simply looking for a real estate investment that you can flip in a few months for more money, you might want to stick with a city that is growing rapidly, such as Regina.

The provinces with the most real estate growth over the past 12 months are Prince Edward Island, Newfoundland and Labrador, Saskatchewan and Alberta. However, Quebec is tied with Ontario for fifth place with an increase of 3.6% and the average house price within the province is $274,000.

Therefore, although Quebec might not be experiencing the huge growth that some provinces are currently benefiting from, it is still a stable area that should provide new homeowners with a high quality of life and a gradual real estate appreciation rate.

If you plan to buy or sell a home in Quebec, visit DuProprio.com today.

Sources:
RealtyTimes.com
LivingIn-Canada.com
Immigration-Quebec.gouv.qc.ca

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Bio:
Jared Worthy writes exclusively on issues pertaining to real estate. To learn more, visit Houses.com.

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