Quebec City Real Estate

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Real estate roundup: Quebec City, QC housing market overview

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CITY GUIDE
QUEBEC CITY, QUEBEC

Quebec covers an area of 186.9 square miles. The city has a population of 1,347,394 as of 2015. Quebec is Canada’s tenth largest city and the Province Quebec’s second largest city after Montreal. It is known for its public administration, defense, services, commerce, transport and tourism. The city benefits from being a regional, administrative and service centre, the provincial government being its largest employer with 27,900 people in its fold as of 2007. Quebec, is one of the oldest settlements in North America being established by Samuel E. Champlain a French diplomat and explorer, on July 2, 1608.

Quebec is located in the Saint Lawrence River Valley on the North side where the Saint Lawrence River meets the St. Charles River. The area is flat but with it's rich and arable growing soil makes it the most fertile in the region.

Quebec experiences 4 distinct seasons. Summers are hot with high levels of humidity, temperatures in range in the highs (72-77 degrees Fahrenheit) the lows in the range (52-57 degrees Fahrenheit). The winters are snowy and cold with the temperatures the highs in the range (23-18 degrees Fahrenheit) and the lows in the range (9-0 degrees Fahrenheit.) Spring and fall are very short and bring chilly to warm temperatures. The city is unique in the fact that it’s surrounded by a stone wall.

KEY FACTS:

Quebec City, Quebec

Quebec City, Quebec
  • Country: Canada

  • Province: Quebec

  • Nickname(s): "La Vieille Capitale"

  • Population:  540,994

  • Area:

    City: 484.10 km2  

    Land: 454.10 km2 

    Metro: 3,349.12 km2

Entertainment and Tourism

Quebec City has a Francophone culture-it’s known as the keeper of the French language in the “new world”. To learn French, Quebec City is the choice of destination. The city’s culture is a bridge between continental Europe and the Americas.

It doesn’t matter what the season is there is always something going on in Quebec City. It offers shows, opera and symphonies. Also, Quebec is like an open air museum where there are many museums to visit and there are guided tours that explore the history of this grand metropolis. The city offers what are known as frescoes (which are painted murals of the city’s history).

Entertainment and Tourism
Neighbourhoods

Boroughs

Quebec City is divided into 35 districts in 6 boroughs (self-governing walled towns) the districts are numbered and named. They are for the most part named after the towns they replaced. Montcalm, Sillery, Cap-Rouge, and the Southern part of Sainte-Foy are the wealthiest districts and are located west of Quebec City along the Saint Lawrence River. The city’s working class is situated in the lower town below Quebec City.

Neighbourhoods

La Cité-Limoilou

La Cité-Limoilou is the central borough of Quebec City and it comprises the former boroughs La Cité and Limoilou. La Cité is the oldest architectural site of Quebec City and is composed of 6 districts: Vieux-Québec—Cap-Blanc—colline Parlementaire, Saint-Roch, Saint-Jean-Baptiste, Montcalm, Saint-Sauveur and Saint-Sacrement. Limoilou, on the other hand, has only 3 districts: Vieux-Limoilou, Lairet and Maizerets. It was a rural community until the end of the 19th century, and was only incorporated in Quebec City in 1909.

Les Rivieres

The borough Les Rivieres is placed in the center of the City and is mostly an industrial borough, but it also has a few residential areas. It comprises 5 neighborhoods: Neufchâtel-Est, Lebourgneuf, Duberger, Les Saules and Vanier.

Sainte-Foy–Sillery–Cap-Rouge

Sainte-Foy–Sillery–Cap-Rouge is a borough that was born in 2009. It is located in the South-West of La Cité-Limoilou. Sainte-Foy, Sillery and Cap-Rouge are its main neighborhoods.

Charlesbourgy

Charlesbourg is located in the northeast of the city and it was incorporated in Quebec City in 2002. This borough is the residential suburb of Quebec City and is one of the largest urban centers in Quebec.

Beauport

This is Quebec City's historic district, and it is one of the oldest communities in Canada. The residents and tourists can enjoy several festivals and events that take place here, this being a district that is also famous for the variety of churches and homes that it holds.

La Haute-Saint-Charles

This borough includes the Lac-Saint-Charles, Neufchâtel, Loretteville, Saint-Émile, Val-Bélair, Cap-Rouge as well as the Wendake Amerindian reservation. It holds several traditional Quebec homes, but the Loretteville district has mostly urban developments.

Real Estate Market

The real estate market in Quebec is varied and tailor-made to fit any buyer’s needs. There are historic homes, apartments, modern condos and suburban houses. The housing market for new home sales in metropolitan Quebec is predicted to slow down in the coming years. The housing starts will fall to 3,550 in 2016 and the drop will continue in 2017 coming in at 3,125.

The slowdown is primarily attributed to the increased number of existing properties put up for sale and the ample supply of unsold new condominiums and the slowing down of the conventional rental market. There are signs of growth in the existing house market. This market will increase by 4 percent in 2016 and another 3 percent in 2017. This translates to 7000 units being sold in 2016 and 7200 units in 2017. Factors contributing to this increase are the solid job market, lower interest rates and the wider choice of homes for sale. The market will favor buyers as the average prices of homes will slightly increase. The rental market is looking at a slowdown with the significant increase in the inventory coupled with a diminished demand. The rental market overall will slow down over the next year or two.

  • Average Home Price: $263,947
  • Average Rent Price: $749.60
  • Average Condo Price: $222,117
Home Style Average Price
2 storey $332,238
Bungalow $265,285
Condo $222,117

The following table, based on data taken from the Canadian Real Estate Association (CREA’s) National MLS® Report for April 2016 (the latest information available), demonstrates how homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Quebec and Canadian centres.

Education

Education

The University of Quebec is headquartered in Quebec City. The university system has 10 universities in the province of Quebec. The university coordinates 300 programs for 87,000 students. The university system was founded by the government. The universities have since gone public. Laval University is located in the western end of the city in the borough of Sainte–Foy. Quebec has many CEGEP in its city limits. These universities are publicly funded pre-college universities. They are like the American community colleges or junior colleges. The big difference is these CEGEP’S offer Diplomas of College studies. They offer 2 year programs and upon graduation from these programs the students will receive these diplomas. The Quebec educational system requires these diplomas before students may enter a proper university program. If the student is a mature student of 21 years old then they can enter the universities without these diplomas.

Education

Economic Overview & Outlook

Manufacturing accounts for 10% of the jobs in Quebec. Mainstays of their economy include pulp and paper products, processed food, metal/wood products, chemicals, electronics, electrical products and printed products. Their economy has a little bit of everything to keep its wheels rolling. If that wasn’t enough they even host the headquarters for many prominent companies. The fashion giant-La Maison Simons, engineering firms-BPR and Roche Ltd, Consulting Group, investment fund sector-Cominar, Industrial Alliance, La Capitale, Promutuel, SSQ Financial Group, and Union Canadienne. These are just a few of the names that are solid components in the city’s economy.

The forecast for 2016 promises that the economy will grow a healthy 1.9 percent. This is a positive outlook for residents of Quebec. Housing construction will pick up in the near future in coordination with new interest in the resale housing market. Also contributing to the upswing is the prospect for increased external export opportunities. Generally, economic forecasts are looking for the economy to rebound and show some solid growth. Quebec’s real merchandise exports increased by a solid 6.6 percent helping to keep the city’s economy strong in that sector.

Economic Overview & Outlook