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A Growing Number of Properties are Selling Above the Asking Price

The number of properties that are being sold above the asking price has been increasing in all of the province's metropolitan areas over the past year. Not surprisingly, the areas with the lowest number of months of inventory are those in which this phenomenon is most prevalent.

The rate used to establish the eligibility of mortgage borrowers is now 5.34 per cent

On May 9, the Bank of Canada raised its five year benchmark qualifying rate from 5.14 per cent to 5.34 per cent. This rise follows the increase in posted rates of the six major Canadian banks over the past few weeks.

Dramatic leap in the number of non-permanent residents in Québec in 2017

According to preliminary data published by the ISQ, the total migration balance (total of international and interprovincial migration) reached 37,140 in Québec in 2017, up from 33,582 new arrivals in 2016. This was the highest level in five years.
Québec City area: residential sales exploded in April

Residential sales concluded through the real estate brokers' Centris® provincial database jumped an impressive 25 per cent in April in the Québec City Census Metropolitan Area (CMA).
Study on the availability and price of vacant residential land in Montreal

The CMHC has just published a study on the availability and price of vacant residential land in Montréal, based on data from the 2014 Montréal Metropolitan Community.
Here are some points to keep in mind about recent economic conditions:
According to the Conference Board of Canada, in May, 42 per cent of Québec consumers felt that the time was right to make a major purchase, such as a property. This represents an increase of 2 percentage points compared to the previous month.
According to the Canadian Real Estate Association (CREA), residential sales in Canada fell by 13.9 per cent in April 2018 compared to April of last year. In particular, sales continued to fall in the Vancouver (-27 per cent) and Toronto (-33 per cent) areas. The actual average price for residential MLS® properties sold in Canada in April 2018 was just over $495,000, an 11.3 per cent decrease compared to the same month of last year.
According to Statistics Canada’s Labour Force Survey, there were 13,800 fewer jobs (seasonally adjusted) in Québec in April as compared to the previous month. Nevertheless, there were 72,800 more jobs than in April of last year. Finally, the unemployment rate in Québec decreased to 5.4 per cent in April.
According to preliminary data from the Canada Mortgage and Housing Corporation (CMHC), housing starts in Québec centres with 10,000 or more inhabitants jumped by 36 per cent in April 2018 compared to April 2017. The Trois-Rivières (+169 per cent) and Montréal (+59 per cent) metropolitan areas registered the largest increases.
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