Need a Real Estate Agent
to buy or sell a property?

Compare 3 Proposals 3 Real Estate Agent in 2 minutes and choose according to your criteria.

Compare 3 Real Estate Agents

Complete the form below and 3 Real Estate Agents will offer you a proposal. Compare: Commission, Service & Personality

Lower prices for homes and condos in Quebec: not a reason to panic

12 April 2019,
 0

Decreasing property values in Quebec based on the recent municipal roll is not a reason for homeowners to panic

The latest municipal assessment for 2019-2020-2021 period reflected a downward trend in Quebec, according to the data collected by the Journal de Québec last week!

Indeed, in their full article (do not follow), it clearly states that the values of condos are down in most areas of the old capital.

Is there a reason to get excited and panicky? Not at all!

If you are planning to sell your home in the next few years, the decline in municipal values does not necessarily mean that you will have to sell your property at a cheaper price.

Let us explain why and present a detailed analysis of the data put forward by the Journal de Québec.

The data and statistics were taken from the article in the Journal de Québec, as well as the Centris platform.

 

Property values in Quebec are in a downward trend based on the latest assessment.

 

The next valuation predicts a general drop in property values in Quebec City!

 

After a bullish real estate cycle of more than 20 years, the trend will be down in Quebec City for the next valuation.

The surplus of condos in the market has finally had an effect and the evaluators of the city of Quebec allowed the same to be reflected in their report which will be presented in the fall.

In general, prices of houses have remained stable, and it is mostly condo units that suffered a general decline with an average of 3.5%.

But are the good days over and should we expect more difficult times in the future?

According to many brokers and evaluators, there is no reason to panic. The market is simply in a state of correction, and the market in 2018 is already possibly different from the one analyzed in 2017 in terms of property values.

 

Condo prices may have declined but prices of homes have remained relatively stable

 

The municipal assessment presents the values as of July 1, 2017, not the current values in 2018!

One thing that is very important to understand when looking at the values on the assessment roll is that they reflect market conditions during a specific date which is not the same as today.

For example, for the assessment that will come into effect in 2019 until 2021, the values listed are based on market conditions as of July 1, 2017.

 If you want to sell in 2020, we can say that there is more than 2 years difference between the date of municipal evaluation and the date you want to sell.

 The market can change a lot in 2 years. That’s why you should never rely solely on municipal valuation to set your selling price.

A basic lesson taught by all real estate professionals is that the MUNICIPAL VALUE IS NOT THE SAME AS MARKET VALUE. 

The latest market data is now available and brokers and appraisers can provide you with a much more accurate idea of the market value of your property.

If you want to sell, don’t think you must sell your house 3% cheaper because of the lower property values assessed in your area.

To set your selling price, you should consult a real estate broker who will use 2018 market data to more accurately define the market value of your property.

We are giving you the # 1 Trick for comparing 3 top performers in your area to evaluate the value of your home!

  

Fill out our form to compare 3 brokers and get an assessment of your property’s current market value.

Are you discouraged to sell your house in Quebec City by the recent low municipal assessment?

Do not be discouraged because you just might be surprised by the CURRENT value of your home!

We also offer a #1 TIP that allows you to compare 3 real estate brokers to sell your property, and you will at the same time get an idea of its market value!

 All you need to do is fill out our free, no obligation form below and you will be able to quickly compare the profiles of 3 high performance brokers in your area!

Once you have selected your broker, he will analyze the market, pull up recent comparables, and give you the market value of your home.

The amount can be very different from what the municipal value indicates!

 Our broker partners can greatly help you in your sales project in Quebec, and could sell your property at a more interesting price than you think!

Whether you live in Sainte-Foy, St. Augustine, Cap-Rouge, Limoilou, etc., do not rely solely on the lower municipal values to establish your selling price. Fill out our form and let professional real estate brokers help you!

 

Compare 3 Real Estate Agents

Complete the form below and receive proposals from 3 real estate agents. Compare : Commission, Service and Personality

 

 

OVERVIEW OF THE NEXT EVALUATION ROLL DATA

According to the forecast statistics presented by the Journal de Québec, we must expect to see two different market trends for homes and condos.

After sharp increases in values over the last 10 years, we expect a slowdown in the growth of values on the real estate market in Quebec.

Here’s what the new assessment roll, coming into effect in the fall, indicates for homes and condos!

 

The market for single-family homes remains stable

The assessment roll for 2019-2020-2021 indicates some stability for single-family homes.

An overall increase of 0.1% is anticipated, while some sectors will experience sharp declines.

The statistics of the different sectors of the city are illustrated below.

 

The condo market is down in several areas

In the condo market, the values will experience an average decrease of 5.9% when the next evaluation roll is filed.

However, the evolution of values fluctuates greatly according to the sectors (+ 4.8% to -10.9%).

To get an idea of the evolution of condo values in a sector, it is necessary to refer to local statistics.

We have presented them below.

 

Housing and condo price trends by sector in Quebec City – Statistics

If you wish to consult local data for your area in Quebec City, we have taken the time to present them clearly below.

You can see the percentage change in prices for houses and condos for each sector of the city.

 

Agglomeration of Quebec

In the agglomeration of Quebec, the prices of homes is up very slightly while the prices of condos is down. The average prices are:

Single Family Home: $279,937
Condo: $223,149

 

HOUSE                                                  Increase of 0.1%
Will you pay more for a house in Quebec?

 

 

 

 

CONDO                                                  Decrease of 3.5%

Is there an increase or a decrease in price for a condo?

 

 

 

 

 

Sainte-Foy / Sillery / Cap-Rouge

After a decade of strong growth, property values will decline in both single-family homes and condominiums in Sainte-Foy / Sillery / Cap-Rouge.

Still, we expect declines of less than 2% for condos, and less than 1% for homes, which is very low.

The market remains stable in this sector of the city which is very popular and continues to see development.

HOUSE                                                     Decrease of 1.0%

Will you pay more for a house in Quebec?

 

 

 

 


CONDO                                                  Decrease of 1.6%

Is there an increase or a decrease in price for a condo?

 

 

 

 

 

Saint Augustin

The real estate data from Saint-Augustin is surprising, to say the least.

It is in this sector that house prices will fall the most in Quebec City with 10.9%. It’s enormous!

However, this is one of the sectors where condo prices have risen the most, with a 4.8% increase in values.

Bad news for homeowners, but condo owners are happy.

HOUSE                                                  Decrease of 10.9%

Will you pay more for a house in Quebec?

 

 

 

 

 

CONDO                                                  Increase of 4.8%

Is there an increase or a decrease in price for a condo?

 

 

 

 

 

Haute-Saint-Charles

In Haute-Saint-Charles, homeowners do not have to expect a significant decline in the value of their property with the new assessment roll. With a drop of 0.6%, the difference should go almost unnoticed.

It is in the condo market, rather, that it will hurt because the values could fall to 7.2%.  That’s significant.

Haute-Saint-Charles is a market where it is worth consulting a real estate broker to get a better understanding of the market value of a property.

HOUSE                                                       Decrease of 0.6% 

            Will you pay more for a house in Quebec?

 

                

                      

 

CONDO                                                   Decrease of 7.2%

Is there an increase or a decrease in price for a condo?

 

 

 

 

 

L’Ancienne-Lorette

In L’Ancienne-Lorette, house prices will rise by 2.8% in the new roll which is very positive.

Data for condominiums is limited due to the small number of units and sales in the area.

Do you own a condo and want to sell it? You should have it evaluated by a broker before the sale since there is limited data available.

HOUSE                                                              Increase of 2.8%

Will you pay more for a house in Quebec?

 

 

 

 

 

CONDO                                                   Insufficient data available

Is there an increase or a decrease in price for a condo?

 

 

 

 

 

Les Rivières

In the Les Rivières sector, home prices posted a notable appreciation of 4.5%.

However, in terms of condos, it is in this sector that we are witnessing the worst decline in property values, with a percentage decrease of up to 10.9%.

Homeowners have something to celebrate, but condo owners will not like this news.

HOUSE                                                 Increase of 4.5%

   Will you pay more for a house in Quebec?

 

 

 

 

CONDO                                                Decrease of up to 10.9%

Is there an increase or a decrease in price for a condo?

 

 

 

 

 

Charlesbourg

In Charlesbourg, the price of houses remained the same as in previous years. The prices have not changed for several years, but the good news is that they have not fallen either!

On the condo side, that’s another story. Prices fell 4.2% globally in the sector.

Nothing very dramatic, but nothing very positive either in terms of property values.

HOUSE                                                      Stable at 0%

Will you pay more for a house in Quebec?

 

 

 

 

 

CONDO                                                  Decrease of 4.2%

Is there an increase or a decrease in price for a condo?

 

 

 

 

 

Beauport

In Beauport, house prices rose 0.6%, a difference of $1200-$1800 from the previous value for a house ranging from $200,000-$300,000.

In terms of condos, the market has actually dropped by about 6%, which is quite significant.

To obtain an accurate assessment of the value of your home or condo in Beauport, simply fill out our form to have a broker assist you.

HOUSE                                                             Increase of 0.6%

Will you pay more for a house in Quebec?

 

 

 

 

 

CONDO                                                   Decrease of about 6%

Is there an increase or a decrease in price for a condo?

 

 

 

 

 

Limoilou City

In the area of Limoilou City, there is a down cycle for both houses and condos.

In terms of single-family homes, we are talking about a slight decrease of 1.7%.

In terms of condos, we are talking about a decrease of 3.3%.

These are not drastic drops but it may be worth having an expert at your side to further analyze the market and accurately determine the value of your property.

HOUSE                                                      Decrease of 1.7%

Will you pay more for a house in Quebec?

 

 

 

 

 

CONDO                                                        Decrease of 3.3%

Is there an increase or a decrease in price for a condo?

 

 

 

 

DO YOU WANT TO KNOW THE MARKET VALUE OF YOUR HOME IN 2019? COMPLETE OUR FORM NOW!

 

Challenge the new assessment roll and find a real estate broker to sell your property!

 Despite the widespread decline of municipal values in Quebec, there is no reason to panic!

As many brokers will tell you, the municipal appraisal value on the roll is just one of many, and you should not rely solely on it to set the selling price of your home.

In fact, it is rather the market value that you must trust, and it can easily vary within a few months.

THEREFORE, CHALLENGE THE NEW ROLL AND SELL YOUR HOME WITH A REAL ESTATE BROKER IN QUEBEC!

As you will see, he will take care of everything for you, save you time, and in addition, evaluate the market value of your house and sell it at the best possible price!

You may be pleasantly surprised by the value of your home versus the value on the assessment roll.

Do not wait any longer and fill out our form to compare 3 real estate brokers in Quebec!

A few clicks could help you sell at the best price!

Find your broker now!

RECEIVE PROPOSALS FROM 3 PASSIONATE AGENTS AND CHOOSE FREELY THE BEST ONE FOR YOU

Buying or selling a property has a direct impact on your budget and your quality of life. This is why it is so important to have the right person assisting you. Use our service to find a real estate professionnal who truly meets your expectations.

Compare 3 Real Estate Agents

Complete the form below and receive proposals from 3 real estate agents. Compare : Commission, Service and Personality