“Right now we’re seeing a market that Quebec has never seen before.”
That’s how real estate expert Peter Thompson sums up the lightning-fast pace of home sales across the province. In fact, the latest data shows that properties are spending a mere 69 days on the market—3 days less than last year and more than 2 weeks less than before the pandemic.
So what’s behind this record-breaking market velocity? Let’s dive in.
The Perfect Storm: Low Supply Meets High Demand
The Quebec housing market is currently experiencing a perfect storm of factors that have turbocharged the sales process:
- Historically low inventory levels, with fewer homes for sale than ever before
- Surging buyer interest, as low mortgage rates spur more people to jump into the market
- Pandemic-driven shifts in housing preferences, as more buyers prioritize space and suburban living
This intersection of constrained supply and red-hot demand means that homes are getting snapped up faster than a poutine platter at a Habs game.
Why Sellers are Staying Put
Curiously, several pandemic-related trends have actually put the brakes on many would-be sellers, exacerbating the supply shortage:
- Seniors are delaying downsizing and staying in their homes longer due to health concerns
- Families who previously considered selling have instead decided to renovate and “fall back in love” with their homes
- The rise of remote work has reduced the urgency for homeowners to relocate
The net result? Even fewer available properties to meet the voracious appetite of eager buyers.
A Tough Market for Buyers
This rapid sales pace can be frustrating for buyers, who often find themselves:
- Outbid by investors flush with cash
- Struggling to line up showings before listings go under contract
- Facing intense competition and pressure to make snap decisions
However, there are still opportunities for savvy buyers who:
- Partner with an experienced local agent to stay ahead of new listings
- Get pre-approved for a mortgage to demonstrate their buying power
- Keep searching and stay resilient in the face of rejection
What It Means for Sellers
For homeowners contemplating a sale, the current dynamics represent a golden opportunity:
- Blazing fast sales timelines
- Often with multiple offers
- Driving prices steadily upwards
If you’ve been on the fence about selling, now could be the perfect time to make your move. Just be sure to:
- Consult with a trusted real estate professional to craft an effective marketing strategy
- Price competitively to generate maximum interest
- Be prepared to act quickly when strong offers roll in
The Bottom Line
Quebec’s housing market is moving at a blistering pace, and all signs point to continued heat in the months ahead. For sellers, that presents a prime window to capitalize on peak demand. For buyers, it means working smarter and faster to secure your dream home.
No matter which side of the transaction you’re on, the key is to stay informed, work with seasoned professionals, and act decisively when opportunity knocks.
Peter graduated from Lasalle College in hospitality and spent 13 years managing the infamous Chateau du Lac, where he built a reputation for leadership and forming genuine, trusting relationships.
Peter’s real estate career is built on a foundation of honesty, trust, and tireless effort. He takes pride in going above and beyond to ensure his clients feel supported and confident throughout their journey.
Outside of work, Peter’s world revolves around his wife and two young boys, who inspire him every day. A die-hard Montreal Canadiens fan, Peter never misses a chance to cheer on the Habs or crack a dad joke to keep everyone smiling.
This is #AskPete. If you have any real estate questions, feel free to send them and I will get you the answers. Or stay up to date on the latest tips for real estate buyers and sellers by clicking the YouTube button below:
