Quebec Federation of Real Estate Boards

Quebec Federation of Real Estate Boards

January 24, 2012 13:00 ET

2011 in Review: A Slight Decrease in Sales While Prices Continued to Rise

ÎLE-DES-SŒURS, QUEBEC--(Marketwire - Jan. 24, 2012) -

Important Note

To view MLS® statistics charts for a specific metropolitan area, click on the name of the area in this press release.

There were 77,258 MLS® sales transactions in the province of Québec (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q4_2011_a.pdf#page=3) in 2011, a slight decrease of 3 per cent compared to 2010, according to the Québec Federation of Real Estate Boards (QFREB).

"The QFREB had forecast a 4 per cent decrease in residential sales across the province in 2011, but the year concluded on a more positive note with a slight 3 per cent drop," said Paul Cardinal, Manager of the QFREB's Market Analysis Department. "Similar to 2010, the Québec resale market had two distinct phases. However, the pattern was reversed from 2010 in that the first four months of 2011 were marked by a decrease in sales and were then followed by a series of seven consecutive monthly increases beginning in June," he added.

Condominiums were the only property category to register an increase in the number of sales in 2011, with 16,680 transactions, a 1 per cent increase compared to 2010. It is also the only property category that has not registered a drop in annual provincial sales since 2001. While sales of single-family homes were stable in 2010, they decreased by 4 per cent in 2011 with 53,371 transactions across the province. Plexes registered a second consecutive annual decrease with only 6,819 sales, a 9 per cent drop compared to 2010.

The year 2011 was also marked by moderate price increases across the province. Other than plexes in the Trois-Rivières CMA, all property categories in all of the province's CMAs registered an increase in median price. The median price of single-family homes across Québec reached $217,500 in 2011, a 4 per cent increase compared to 2010.

"As predicted, market conditions in 2011 continued to relax, with an average of 59,159 available properties. All of the province's CMAs recorded an easing of market conditions for single-family homes," said Mr. Cardinal.

January to December Sales Median Price (Single-Family)
2011 Variation* 2011 Variation*
Province of Quebec 77,258 -3% $217,500 4%
Metropolitan Areas
Gatineau 3,859 -9% $222,900 7%
Montréal 40,403 -4% $265,000 5%
Québec City 7,209 2% $230,000 5%
Saguenay 1,358 -7% $168,000 6%
Sherbrooke 1,762 2% $183,500 2%
Trois-Rivières 972 4% $146,000 2%
*Variation compared to the same period last year
Source: QFREB by Centris®

Market Strengthened in the Fourth Quarter

The province's real estate market strengthened in the fourth quarter of 2011, posting a 6 per cent increase in sales compared to the same quarter of 2010.

Among the property categories, condominiums registered the strongest performance in the fourth quarter with an 8 per cent increase in sales compared to 2010. Sales of single-family homes across the province increased by 6 per cent while that of plexes grew by 2 per cent.

Prices also increased in the fourth quarter of 2011. This was particularly true for plexes as their median price increased by 6 per cent to reach $341,000. The median price of condominiums increased by 3 per cent to reach $210,000, while that of single-family homes increased by 2 per cent to reach $218,000.

Québec City, Sherbrooke and Trois-Rivières Metropolitan Areas Performed Well in 2011

Three of the province's six Census Metropolitan Areas (CMAs) registered more transactions in 2011 than in 2010.

The Trois-Rivières CMA (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q4_2011_a.pdf#page=9) posted the largest increase in sales in 2011 with 972 transactions, a 4 per cent increase compared to 2010. The median price of single-family homes and condominiums increased by 2 per cent compared to the same period last year to reach $146,000 and $125,000 respectively, while the median price of plexes fell by 6 per cent to $141,500.

The Québec City CMA (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q4_2011_a.pdf#page=6) finished the year with a 2 per cent increase in sales to reach 7,209 transactions, whereas in 2010 it had the largest decrease in sales of the province's CMAs, with a drop of 11 per cent. The median price of single-family homes increased by 5 per cent to reach $230,000 while that of plexes increased by 7 per cent to reach $270,000, and that of condominiums posted a 3 per cent increase to reach $184,000.

Between January and December 2011, the Sherbrooke CMA (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q4_2011_a.pdf#page=8) recorded 1,762 sales transactions, a slight increase of 2 per cent compared to the same period last year. As for prices, the median price of single-family homes reached $183,500 in 2011, a 2 per cent increase compared to 2010. The median price of condominiums increased by 5 per cent to reach $147,500 while that of plexes increased by 1 per cent to reach $202,000.

Sales in the Montréal CMA (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q4_2011_a.pdf#page=5), which was the only CMA to register an increase in sales in 2010, actually posted a 4 per cent decrease in sales in 2011. Condominium sales set a new record this year with 12,776 transactions, a 1 per cent increase. As for prices, all property categories posted a 5 per cent increase. The median price of single-family homes reached $265,000 while that of condominiums reached $220,000. The median price of plexes reached $400,000.

The Saguenay CMA (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q4_2011_a.pdf#page=7) finished the year with a 7 per cent decrease in sales and an increase in prices. The median price of condominiums increased from $134,000 to $151,250 but this did not curb the enthusiasm of home buyers since sales of this property category increased by 24 per cent compared to 2010. The median price of single-family homes reached $168,000, a 6 per cent increase compared to 2010. The median price of plexes increased by 9 per cent to reach $175,000.

Sales in the Gatineau CMA (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q4_2011_a.pdf#page=4) decreased as well in 2011. The 3,859 sales transactions represented a 9 per cent decrease compared to 2010. This is the largest decrease of the year for the six provincial CMAs. The median price of single-family homes grew from $208,000 to $222,900, a 7 per cent increase. The median price of condominiums increased by 2 per cent compared to 2010 to reach $156,750, while that of plexes finished the year with an 11 per cent increase to reach $250,000.

About the Québec Federation of Real Estate Boards

The Québec Federation of Real Estate Boards is a non-profit organization composed of Québec's twelve real estate boards as associate members as well as close to 15,000 real estate brokers as affiliated members. Its mission is to promote and protect the interests of Québec's real estate industry so that the boards and their members can successfully meet their business objectives.

More Information on Centris.ca™

For more information and quarterly statistics for the province of Québec, including its municipalities and regions, visit www.centris.ca®, Québec's real estate industry website.

For more information on MLS® statistics for each of the province's regions, don't miss the upcoming publication of the MLS® Barometer.

Contact Information

  • Chantal de Repentigny, Assistant Director
    Communications and Industry Relations
    Quebec Federation of Real Estate Boards
    514-762-0212, ext. 130
    Toll-free: 1-866-882-0212, ext. 130
    chantal.derepentigny@qfreb.ca