Québec's Residential Real Estate Market Continues its Momentum in the Second Quarter of 2016

L'ÎLE-DES-SŒURS, QC, July 14, 2016 /CNW Telbec/ - The Québec Federation of Real Estate Boards (QFREB) has released its most recent residential sales statistics for the province of Québec, based on the real estate brokers' Centris^® provincial database. In total, 24,605 sales were concluded in the second quarter of 2016, a 4 per cent increase compared to the second quarter of last year and the eighth consecutive increase in sales. It was also the best second quarter result in four years. 

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

Among the province's census metropolitan areas (CMAs), Gatineau registered the largest increase in sales (+12 per cent) for a second consecutive quarter. The Trois-Rivières CMA registered a 5 per cent increase in transactions, setting a new second quarter sales record. The Montréal and Québec City CMAs both posted a 2 per cent increase in sales in the second quarter of 2016 as compared to the second quarter of 2015, while the Sherbrooke (-1 per cent) and Saguenay (-2 per cent) CMAs registered small decreases.

Elsewhere in the province, two agglomerations in the Lanaudière area – Joliette and Saint-Lin-Laurentides – stood out with dramatic sales increases of 47 and 37 per cent, respectively. Sales results in the agglomerations of Saint-Georges (+42 per cent), Mont-Tremblant (+33 per cent) and Rimouski (+22 per cent) are certainly worth mentioning as well. In contrast, the most notable sales decreases were in the agglomerations of Baie-Comeau (-19 per cent), Thetford Mines (-24 per cent) and Sept-Îles (-40 per cent).

There has still not been an acceleration in price growth. In the second quarter of 2016, the median price of single-family homes in Québec stood at $237,500, which is only 1 per cent more than in the second quarter of last year. Prices did not increase at all in the Sherbrooke (0 per cent) and Saguenay (0 per cent) CMAs, while in the Québec City CMA, single-family homes sold for only 1 per cent more than in the second quarter of 2015. The Montréal (+2 per cent), Trois-Rivières (+3 per cent) and Gatineau (+3 per cent) CMAs registered somewhat more convincing increases.

"In terms of the supply of properties for sale, the downward trend has been confirmed," said Paul Cardinal, Manager of the QFREB's Market Analysis Department. "The number of properties listed on the real estate brokers' Centris^® provincial system fell by 5 per cent in the second quarter of 2016, the second consecutive decrease. Moreover, this drop in supply now affects the majority of regions across the province," added Mr. Cardinal.

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

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.

About Centris.ca

Centris.ca is Québec's real estate industry website for consumers, grouping all properties for sale by a real estate broker – more than 100,000 – under the same address. Visit Centris.ca to obtain more information and quarterly statistics for the province of Québec.

For more information on Centris^® statistics for each of the province's regions, please read the QFREB Barometers.

SOURCE Fédération des chambres immobilières du Québec

For further information: Jacynthe Alain, Assistant Manager, Communications and Public Relations, Québec Federation of Real Estate Boards, Tel.: [phone], ext. 175, Cell: 514-647-8249, [email protected]