House hunting in Canada: a restored 19th century farm in Quebec

According to the October 2021 statistics from the APCIQ, the median price of a house in the Quebec City metropolitan area is 315.00 Canadian dollars ($ 255,000), up 14% from the same quarter the last year. Condominiums cost an average of $ 220,000 Canadian ($ 178,000), up 13% year over year and the largest quarterly increase since 2004. In upscale southern suburbs like Sillery, Cap Rouge and Sainte-Foy, prices can vary from 500,000 to over 3 million Canadian dollars. ($ 404,000 to $ 2.43 million) for a lakeside property, Donovan said.

In contrast, the median price of a single-family home in Montreal in September was $ 504,500 Canadian ($ 408,000), with median condominium prices at $ 365,000 Canadian ($ 295,000), according to the APRCQ. The average price of a single-family home is nearly 1.8 million ($ 1.45 million) in Toronto and Vancouver, according to local real estate boards.

The downtown Quebec City market is an opportunity for investors, said Mr. Dostie of Sotheby’s. “Values ​​will pick up once tourism picks up.” But he warned that the city’s strict rules new rules around Airbnb rentals can disqualify many condo units in the historic district.

Ultimately, Quebec should take advantage of “the tendency of people to leave the big cities,” said Carl Viel, President and CEO of Quebec International, the city’s economic development agency. “Our cost of living is lower, wages go further and house prices are not rising as quickly.”

Investments in the region are also expected to boost the market, Viel said. In 2023, construction is expected to start with a delay of $ 3.3 billion tram across town, and some investors have already started speculating on properties along the proposed routes, said Bryan Péladeau, co-owner of the Péladeau Real Estate Agency in Quebec.

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