Quebec Federation of Real Estate Boards

Quebec Federation of Real Estate Boards

March 10, 2010 08:30 ET

Quebec Real Estate Market: Sales Reach Pre-Recession Levels

ÎLE-DES-SOEURS, QUEBEC--(Marketwire - March 10, 2010) -

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

The number of sales recorded in the province of Québec in February 2010 reached the level prior to the last recession. According to the Québec Federation of Real Estate Board's MLS® statistics, the 8,074 sales of February 2010 are an increase of 38 per cent compared to February 2009 and of 3 per cent compared to February 2008.

"It's important to remember that last year – in February 2009 – the Québec real estate market was feeling the effects of the recession and posted a 25 per cent decrease in sales. This explains why when we compare February 2010 to February 2009, we observe a significant increase in sales," said Michel Beauséjour, FCA, Chief Executive Officer of the QFREB. "February 2008 offers a better point of comparison, since the recession had not yet started," he added.

In terms of sales, condominiums led the way with a 6 per cent increase in February 2010 compared to February 2008. Single-family home sales increased by 3 per cent compared to February 2008, while that of plexes remained stable.

"The high demand for condominiums suggests that first-time buyers were active in the real estate market in February, and many wanted to take advantage of the low interest rates," said Beauséjour.

In terms of prices, the median price of single-family homes across the province reached $206,000 in February 2010, a 10 per cent increase compared to February 2009. The median price of condominiums increased by 8 per cent to reach $188,000, while that of plexes grew by 17 per cent to reach $305,000.

"The decrease in the number of homes for sale (-13 per cent) in the province in February 2010 explains why prices went up, especially in the case of plexes," said Beauséjour. "But it is important to mention that buyers still have a lot of choice with 52,379 properties for sale in the province, a level that is similar to that of February 2008. Also, 14,772 new listings were entered in the MLS® system in February 2010, up 5 per cent compared to February 2009."

February
 
Sales   Median Price
(single-family)  
2010 Variation* 2010 Variation*
Province of Québec 8,074 38% $206,000 10%
Metropolitan Areas        
Gatineau 376 26% $195,000 3%
Montréal 4,465 45% $245,000 9%
Québec 748 11% $210,000 14%
Saguenay 151 37% $155,000 14%
Sherbrooke 210 22% $165,000 6%
Trois-Rivières 96 -4% $150,000 14%
*Variation compared to the same month last year        
Source: QFREB by Centris®        

Sales and Price Increases in Most of the Metropolitan Areas

The increase in sales and prices in the province of Québec in February 2010 means that most Québec Metropolitan Areas posted solid numbers. The Montréal area had the strongest growth, as sales increased by 45 per cent compared to February 2009. In terms of prices, half of single-family home sales were at a price greater than $245,000, up 9 per cent compared to last February. The median price of condominiums increased by 5 per cent to reach $197,000, while that of plexes increased by 15 per cent to reach $378,500.

The real estate market in the Saguenay area was also active in February 2010, while the number of transactions increased by 37 per cent compared to the same month last year. In February 2010, the median price of single-family homes in the Saguenay area grew by 14 per cent compared to February 2009, to reach $155,000.

The Gatineau area posted a 26 per cent increase in sales in February 2010 compared to February 2009. In terms of prices, condominiums led the way with a 7 per cent increase, to reach $154,500. The median price of single-family homes reached $195,000, a 3 per cent increase compared to last February.

The Sherbrooke area also turned in a solid performance in February 2010 with a 22 per cent increase in sales compared to February 2009. Property prices continued to increase in this area. The median price of single-family homes increased from $156,000 in February 2009 to $165,000 in February 2010, an increase of 6 per cent.

Sales in the Québec City area increased by 11 per cent in February 2010 compared to the same month in 2009. In terms of prices, the median price of single-family homes reached $121,000 in February 2010, a 14 per cent increase compared to February 2009. The median price of condominiums also grew by 14 per cent to reach $176,000, while that of plexes reached $247,000, an increase of 26 per cent. This significant increase can be explained by the fact that there were few plexes available on the market.

The Trois-Rivières area was the only area to register a decrease in sales in February 2010. The 96 transactions recorded in this area were 4 per cent less than those of February 2009. Despite this drop in sales, the median price of single-family homes continued to increase. It grew by 14 per cent in February 2010 compared to the same month in 2009, reaching $150,000.

About the Québec Federation of Real Estate Boards

The Québec Federation of Real Estate Boards is a non-profit organization composed of Québec's 12 real estate boards as associate members and the 14,000 real estate agents and brokers who are 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.

Contact Information

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