Gatineau home sales up 10% in Q2 as Quebec housing market booms

Gatineau

Gatineau’s realtors were especially busy these past few months as the wider province of Quebec saw its biggest quarterly surge of home sales in more than a decade, according to data released Friday.

Some 1,685 homes changed hands in Gatineau over the three-month period ending June 30, an increase of 10 per cent compared with the same quarter a year ago, according to figures from the Outaouais Real Estate Board.

Single-family homes accounted for 1,293 transactions, an increase of just three per cent. On the other hand, Gatineau’s 282 condo sales and 108 townhome sales in the quarter marked year-over-year increases of 44 per cent and 37 per cent, respectively.

Divided by geography, the city’s top performer was Aylmer, which saw 428 sales in the quarter, an increase of 22 per cent over last year. On the other end, the periphery of Gatineau saw a one per cent dip in sales this past quarter, coming off what the local real estate board called “12 months of strong activity” in the area.

The median sale price of a single-family home in Gatineau rose four per cent in the quarter to $267,400. Median prices for townhomes went up eight per cent to $303,000, while condo prices dropped three per cent to $166,000 in the quarter.

The Quebec Professional Association of Real Estate Brokers also reported Friday that 29,212 homes were sold in the province this past quarter – an eight per cent jump from 2018 and the largest quarterly year-over-year increase since the third quarter of 2005. Trois-Rivières, Saguenay and Quebec City all saw double-digit growth in Q2 home sales over 2018.

Charles Brant, the organization’s director of market analysis, said it’s an especially remarkable jump given inventory levels across the province have dropped at an average pace of 10 per cent each quarter for the past three-and-a-half years.

“The most remarkable thing is that this situation is widespread throughout the majority of the province's CMAs and agglomerations," Brant said in a statement.