The real estate market in Quebec experienced a slowdown in June 2024, following a period of strong activity in April. Compared to May, June data shows a 3-percentage point decrease in sales and a 4.3-percentage point drop in mortgages. However, year-to-date, real estate sales have increased by 11%, while mortgages have risen by 7.2% compared to the same period last year.

In June, the total number of sales reached 24,001, representing a 16.6% increase compared to June 2023. The number of property transfers also increased by 14.7%, reaching 28,825. Additionally, the number of mortgages grew by 5.7%, while the financial hardship index dropped by 23.1%, marking the third decrease since the beginning of the year, following declines in March and May.

At the regional level, most regions in Quebec saw an increase in sales, except for Bas-Saint-Laurent and Côte-Nord. Montreal stood out with a 35.1% increase in sales, followed by Estrie with a 30.6% rise. In the category of properties sold for over $500,000, a significant increase of 54.4% was observed across all regions.

Regarding the mortgage market, the Estrie region recorded the highest growth with an increase of nearly 16%. Despite these positive figures, some financial indicators show that household financial difficulties continue to decline, with a general 23.1% decrease in financial hardship-related acts, including a 23.7% drop in legal construction mortgages.

In retrospect, while the Quebec real estate market has shown some resilience, economic and financial challenges continue to influence regional trends. The evolution of market conditions in the second half of 2024 will be crucial in determining whether these trends will continue or if new adjustments will be necessary to stabilize the market.