Quebec Federation of Real Estate Boards

Quebec Federation of Real Estate Boards

November 03, 2014 12:44 ET

According to the Latest Study by the QFREB: Resort Properties Sell for Significantly More Than Ordinary Properties of a Similar Size

ÎLE-DES-SOEURS, QUÉBEC--(Marketwired - Nov. 3, 2014) - A new study published by the Québec Federation of Real Estate Boards (QFREB) paints a portrait of the resale market for resort properties in six Administrative Regions of the province: Laurentides, Lanaudière, Estrie, Montérégie, Capitale-Nationale and Outaouais. This analysis shows, among other findings, that resort properties sell for significantly higher than ordinary properties of a similar size. For more information, read the QFREB study.

Click here to see the chart Distribution of Resort Property Sales.

From January to August 2014, a total of 2,044 sales of resort condominiums and single-family homes were registered in the Centris® system in the six areas that were examined. This was a slight decrease of 1 per cent compared to the first eight months of 2013; in comparison, the number of ordinary properties sold in these same areas decreased by 6 per cent during the same period.

Click here to see the chart Average price of single-family homes sold in the months of January to August 2014, according to type of home.

Click here to see the chart Average price of condominiums sold in the months of January to August 2014, according to type of condominium.

"Because of their features, resort properties sell for significantly more than ordinary properties of a similar size," said Paul Cardinal, Manager of the QFREB's Market Analysis Department. For example, for single-family homes, the difference in average price between resort properties and ordinary properties sold so far in 2014 ranges from $32,762 in Lanaudière to $134,595 in Estrie. As for condominiums, the difference in average price between resort properties and ordinary properties stood at $21,347 in the Laurentides, $43,467 in Estrie and $64,072 in Montérégie.

In general, selling times for resort properties are longer than selling times for ordinary properties. Finally, market conditions strongly favour buyers in areas that have a large number of resort properties; this is particularly true in the Laurentides, where 40 per cent of all resort property sales examined in this study were concluded.

Resort Properties

The definition of a resort property used by the QFREB differs from that used in all previous studies on this topic. A resort property is not necessarily a chalet or a second home; it is a property that can be lived in year-round that offers certain resort features such as close proximity to ski hills, a lake, hiking trails, etc.

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 more than 13,000 real estate brokers who are their 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.

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