Quebec Federation of Real Estate Boards

Quebec Federation of Real Estate Boards

July 20, 2011 09:37 ET

MLS® Sales in Quebec Decrease Slightly in the Second Quarter of 2011

ÎLE-DES-SOEURS, QUEBEC--(Marketwire - July 20, 2011) -

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.

There were 23,064 MLS® sales transactions in the province of Québec (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q2_2011_a.pdf#page=3) in the second quarter of 2011, a 5 per cent decrease compared to the second quarter of 2010, according to the Québec Federation of Real Estate Boards (QFREB).

"This was the fifth consecutive quarterly decrease in sales in Québec," said Claude Charron, President of the Board of Directors of the QFREB. "But despite the slowdown, the decrease in sales activity in the second quarter of 2011 was less pronounced than the decreases registered in the three previous quarters, which is encouraging for the coming months," he added.

In terms of property categories, condominiums fared best in the second quarter of the year, as sales remained stable compared to the same period in 2010. Sales of single-family homes decreased by 5 per cent, while plex sales fell by 14 per cent.

As for prices in Québec, growth continued in the second quarter of 2011, but at a moderate pace. The median price of single-family homes increased by 3 per cent to reach $220,000. The median price of both condominiums and plexes increased by 4 per cent, reaching $205,000 and $332,250, respectively.

"With 60,815 active listings in the second quarter, the supply of properties in Québec was up by 14 per cent compared to the second quarter of 2010. Buyers therefore had a large choice of properties on the market," added Mr. Charron.

April to June Sales Median Price (single-family)
2011 Variation* 2011 Variation*
Province of Québec 23,064 -5% $220,000 +3%
Metropolitan Areas
Gatineau 1,222 -14% $223,000 +6%
Montréal 12,149 -8% $269,000 +5%
Québec City 2,064 +5% $235,000 +7%
Saguenay 463 +15% $170,000 +6%
Sherbrooke 523 +12% $193,000 +4%
Trois-Rivières 282 +5% $148,750 +3%
*Variation compared to the same period last year
Source: QFREB by Centris®

Montréal and Gatineau Pulled Province's Results Downward

In the metropolitan areas (CMAs), the 8 per cent decrease in sales registered in the Montréal area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q2_2011_a.pdf#page=5) and the 14 per cent decrease registered in the Gatineau area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q2_2011_a.pdf#page=4)weighed heavily on the province's results in the second quarter of the year. These were the only two CMAs in the province that posted a decrease in sales in the second quarter. Despite this decrease, property prices continued to increase in both of these metropolitan areas between April and June.

In the Montréal area, the median price of single-family homes reached $269,000, a 5 per cent increase compared to the second quarter of 2010. The median price of condominiums also grew by 5 per cent to reach $221,000, while that of plexes increased by 3 per cent to reach $395,000.

In the Gatineau area, the median price of single-family homes grew by 6 per cent, increasing from $210,000 in the second quarter of 2010 to $223,000 in the second quarter of 2011. The median price of condominiums increased by 3 per cent to reach $158,000 and that of plexes grew by 5 per cent to reach $255,000.

The Saguenay CMA (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q2_2011_a.pdf#page=7) posted the largest increase in sales in the second quarter of 2011, at 15 per cent. Prices in this area also continued to grow, as the median price of single-family homes reached $170,000, a 6 per cent increase compared to the same period last year.

The 523 transactions that took place in the Sherbrooke area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q2_2011_a.pdf#page=8) in the second quarter of 2011 represented a significant 12 per cent increase in sales compared to the same period last year. As for prices, the median price of single-family homes reached $193,000, up 4 per cent compared to the second quarter of 2010.

The number of sales transactions in the Québec City area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q2_2011_a.pdf#page=6) from April to June 2011 increased by 5 per cent compared to the same period last year. As for property prices, the median price of single-family homes increased by 7 per cent to reach $235,000, that of condominiums grew by 3 per cent to reach $184,500 and that of plexes increased by 6 per cent to reach $260,000.

Like the Québec City area, sales in the Trois-Rivières CMA (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q2_2011_a.pdf#page=9) increased by 5 per cent in the second quarter of 2011 compared to the second quarter last year. The median price of single-family homes reached $148,750, an increase of 3 per cent.

More Information on centris.ca™

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

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 15,000 real estate 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.

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, extension 130
    Toll-free: 1-866-882-0212, extension 130
    chantal.derepentigny@qfreb.ca