Increase in Residential Sales and Modest Price Growth in Québec in 2016

L'ÎLE-DES-SOEURS, QC, Jan. 17, 2017 /CNW Telbec/ - The Québec Federation of Real Estate Boards (QFREB) has released its most recent residential real estate market statistics for the province of Québec, based on the real estate brokers' Centris® provincial database. In total, 78,231 sales were concluded in 2016, a 6 per cent increase compared to 2015.

Click here to see the main residential statistics for the province of Québec.

Here are the highlights of 2016:

Sales

  • By property category, sales of single-family homes increased by 5 per cent, while condominium sales and plex sales rose by 6 per cent and 7 per cent, respectively.
  • Sales increases were registered in five of the province's six Census Metropolitan Areas (CMAs): Gatineau (+12 per cent), Sherbrooke (+9 per cent), Montréal (+5 per cent), Trois-Rivières (+3 per cent) and Québec City (+2 per cent). The Saguenay CMA registered a decrease in sales of 2 per cent.
  • Among the smaller urban centres, Rouyn-Noranda (+15 per cent), Victoriaville (+13 per cent), Rimouski (+13 per cent), Saint-Jean-sur-Richelieu (+12 per cent), Joliette (+11 per cent), Salaberry-de-Valleyfield (+11 per cent) and Sainte-Agathe-des-Monts (+10 per cent) registered the largest sales increases.
  • There was also a growing interest in high-end properties, as transactions concluded at more than $500,000 increased by 19 per cent in 2016 compared to 2015.

Prices

  • Price increases in Québec remained modest for a fourth consecutive year. The median price of single-family homes across the province rose by 2 per cent compared to 2015, to reach $234,500.
  • Geographically, the Montréal CMA registered a 2 per cent increase in the median price of single-family homes, while the Gatineau and Québec City CMAs registered an increase of 1 per cent.
  • In the Saguenay, Sherbrooke and Trois-Rivières CMAs, the median price of single-family homes remained unchanged compared to 2015.
  • Elsewhere in Québec, the agglomerations of Val-d'Or (+14 per cent) and Sainte-Adèle (+12 per cent) registered the largest increases in the median price of single-family homes.

From January to December 2016, there were, on average, 77,733 active listings on the real estate brokers' Centris® system, which represents a drop of 5 per cent compared to 2015. "This was the first decrease in six years in the number of residential properties for sale," said Paul Cardinal, Manager of the QFREB's Market Analysis Department. "This resulted in a tightening of market conditions in many areas of the province," he added.

Finally, selling times across the province remained relatively stable compared to 2015. It took an average of 119 days for a single-family home to find a buyer (1 day more than in 2015), and 135 days (unchanged) for a condominium.

A good end to 2016

  • The year 2016 ended on a high note as 16,623 transactions were concluded in Québec in the fourth quarter of the year, a 6 per cent rise compared to the fourth quarter of 2015.
  • The Saguenay and Sherbrooke CMAs particularly stood out at the end of the year, as both of these areas registered an 11 per cent increase in residential sales.

Note: Regional press releases are available on the QFREB website in the Newsroom section.

About Centris®

Centris.ca is Québec's real estate industry website for consumers, grouping all properties for sale by a real estate broker – more than 90,000 – under the same address. Centris®, a division of the Greater Montréal Real Estate Board, offers technology resources exclusively to Québec's 12 real estate boards and their 13,000 real estate brokers

About the Québec Federation of Real Estate Boards

The Québec Federation of Real Estate Boards is a non-profit organization composed of Québec's 12 real estate boards and the close to 13,000 real estate brokers who are their members. Its mission is to support Québec's real estate boards in order to defend, protect and promote the interests of real estate brokers through the provision of services in the areas of professional practices, public affairs and market analysis. The QFREB is guided by an approach that is centred on collaboration and resource sharing.

For more detailed statistics on each of the geographic areas of Québec, read the QFREB Barometer.

SOURCE Québec Federation of Real Estate Boards

For further information: Jacynthe Alain, Tel.: 514-762-0212, ext. 175, jacynthe.alain@fciq.ca

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