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For residential real estate, 2018 was the year of Quebec. While housing markets lost steam in other parts of the country, Quebec’s market remained poised as sales and prices grew.

That was one of the takeaways from data released this week by the Canadian Real Estate Association (CREA), which presented a broad picture of resale markets across Canada. The data also raised some interesting questions: For instance, in a year in which prices and sales declined in many regions, was it the average price that dropped or the price of the average house? Also, how has Quebec been able to avoid the declining trends?

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Housing is a heterogeneous good. That means the size and type of houses sold in one year can differ from those sold a year earlier. A decline in housing prices, therefore, could mean that smaller or otherwise cheaper homes sold in 2018 than before. Let’s look at the housing markets in the greater Toronto area to understand this better.