Residential Sales in Québec: Best First Quarter in Five Years
Apr 13, 2017, 06:00 ET
L'ÎLE-DES-SŒURS, QC, April 13, 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, 21,494 sales were concluded in the first quarter of the year, a 6 per cent increase compared to the first quarter of 2016. This was the 11th consecutive quarterly increase in sales and the best start to the year since 2012.
"The year 2017 got off to a great start, despite the mortgage tightening measures that came into effect in the fall of 2016," said Paul Cardinal, Manager of the QFREB's Market Analysis Department. "The exceptionally strong labour market and the significant increase in net migration helped stimulate the demand for housing," he added.
Click here to see the main residential statistics for the province of Québec.
Here are the other highlights of the first quarter of 2017:
- The condominium market segment had an excellent quarter, as the 4,660 transactions that were concluded represent a 13 per cent increase in sales compared to the first quarter of 2016.
- Sales of single-family homes and plexes rose by 5 per cent (15,081 transactions) and 3 per cent (1,660 transactions), respectively.
- Geographically, the Gatineau CMA stood out with a significant jump in sales of 19 per cent. All of the other CMAs also registered an increase in sales (Saguenay [+7 per cent], Montréal [+6 per cent], Québec City [+5 per cent] and Sherbrooke [+4 per cent]), with the exception of Trois-Rivières (-3 per cent).
- Several of the smaller urban centres registered a significant increase in transactions compared to the first quarter of 2016, including Sept-Îles (+55 per cent), Mont-Tremblant (+49 per cent), Saint-Georges (+47 per cent), Rivière-du-Loup (+36 per cent) and Rouyn-Noranda (+31 per cent).
- The median price of single-family homes in Québec stood at $240,000 in the first quarter of the year. This was a 3 per cent rise year-over-year.
- Although this price increase is relatively modest, on an annual rate it represents the largest increase in almost five years.
- The CMAs of Sherbrooke (+9 per cent), Gatineau (+7 per cent) and Montréal (+5 per cent) registered the largest increases in the median price of single-family homes.
The downward trend in the number of residential properties for sale in Québec, which began in 2016, continued. From January to March 2017, there was an average of 75,156 active listings on the real estate brokers' Centris® system, which represents a 9 per cent decrease compared to the first quarter of 2016.
Finally, in the first quarter of 2017, the average selling time fell for the first time in just over six years. In Québec, it took an average of 118 days (-3 days) for a residential property to sell, all categories combined.
Note: Regional press releases are also 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.
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. Centris®, a division of the Greater Montréal Real Estate Board, offers technology resources to Québec's 12 real estate boards and their 13,000 real estate brokers.
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, Assistant Manager, Communications and Public Relations, Québec Federation of Real Estate Boards, Tel.: 514-762-0212, ext. 175, [email protected]
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