L'ÎLE-DES-SŒURS, QC, Jan. 15, 2018 /CNW Telbec/ - The Québec Federation of Real Estate Boards (QFREB) has just released its results for the province's 2017 residential real estate market, based on the real estate brokers' Centris® provincial database. In total, 82,639 residential sales were concluded in 2017, a 6 per cent increase compared to 2016. This was the third consecutive annual increase in sales, as well as a new sales record as the 80,647 transactions that were registered in 2007 have now been surpassed.
"What's more, 2017 ended on a high note as 17,804 residential sales were concluded across Québec in the fourth quarter, an 8 per cent increase compared to the fourth quarter of 2016," said Paul Cardinal, Manager of the QFREB's Market Analysis Department. "This was the best fourth quarter result since 2009," he added.
Here are the highlights of 2017:
- Condominium sales stood out in 2017, as they jumped by 15 per cent. Sales of single-family homes and plexes posted more modest gains of 3 per cent and 4 per cent, respectively.
- Among the metropolitan areas, Montréal and Gatineau stood out with respective sales increases of 8 per cent and 6 per cent. Sales grew by 2 per cent in the Québec City and Trois-Rivières metropolitan areas, but fell in Sherbrooke (-1 per cent) and Saguenay (-4 per cent).
- In the smaller urban centres, the agglomerations of Mont-Tremblant (+23 per cent), Sept-Îles (+21 per cent), Rouyn-Noranda (20 per cent) and Sorel-Tracy (+19 per cent) posted the largest increases in sales.
- After four years of rather modest increases, median price growth was stronger in 2017 across the province. The median price of all three property categories – single-family homes, condominiums and plexes – increased by 3 per cent to reach $242,500, $230,000 and $380,000, respectively.
- The median price of single-family homes in the agglomeration of Mont-Tremblant jumped by 14 per cent to reach $245,000. The areas of Granby, Joliette, Montréal and Sainte-Adèle all registered a 7 per cent increase in the median price of single-family homes, reaching $214,950, $204,000, $310,000 and $222,500, respectively.
- As for condominiums, the agglomeration of Mont-Tremblant took top spot once again with a 9 per cent increase in median price ($228,000). In contrast, the median price of condominiums decreased in the Québec City (-1 per cent) and Sherbrooke (-7 per cent) metropolitan areas.
Number of properties for sale
- From January to December 2017, there were, on average, 71,016 active listings on the Centris® system, a 9 per cent drop compared to 2016. This was the second annual decrease in the number of properties for sale.
- Active listings fell in all areas of the province with the exception of Rimouski and Baie-Comeau (+14 per cent each).
Finally, selling times across the province have shortened compared to one year ago: it took an average of 113 days (-6 days) for a single-family home to sell, 124 days (-11 days) for a condominium to sell and 102 days (-6 days) for a plex to sell.
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 centered 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 under the same address. Société Centris® provides real estate industry stakeholders with access to real estate data and a wide range of technology tools. Centris® also manages the collaboration system used by more than 13,000 real estate brokers in Québec.
For more detailed statistics on each of the geographic areas of Québec, read the QFREB Barometer.
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.: 514-762-0212, ext. 175, [email protected]