Quebec Federation of Real Estate Boards

Quebec Federation of Real Estate Boards

April 19, 2011 08:30 ET

MLS® Sales in Quebec: First Quarter Sales Fall Within the Average of the Past Five Years

ÎLE-DES-SOEURS, QUEBEC--(Marketwire - April 19, 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.

The number of MLS® sales transactions in the province of Québec in the first quarter of 2011 decreased by 11 per cent compared to the first quarter of last year, according to the Québec Federation of Real Estate Boards (QFREB).

"It's important to remember that the real estate market was quite dynamic in the first three months of 2010," said Claude Charron, President of the Board of Directors of the QFREB. "After a very active start to the year in 2010, the province's real estate market returned to a more normal level in 2011 with sales levels that were similar to those registered in previous years. There were 21,227 sales transactions in the province in the first quarter of 2011. This is slightly higher than the average of the past five years, which is 21,172 sales," he added.

In the first quarter of 2011, the popularity of the condominium held strong. Despite a 7 per cent decrease in sales, condominiums registered their second best performance for a first quarter. Only last year's condominium sales were higher than those of this year. Sales of single-family homes in Québec decreased by 11 in the first three months of 2011 compared to the same period in 2010, while plex sales fell by 16 per cent.

In terms of prices, the median price of single-family homes in Québec was $217,650, a 5 per cent increase compared to the first quarter of 2010. The median price of condominiums also posted a 5 per cent increase to reach $199,000. The increase in the median price of plexes was slightly higher at 6 per cent, reaching $330,000.

"As we anticipated, the decrease in sales that the province has experienced in the past four quarters has slowed property price increases, which were more moderate at the start of the year," said Claude Charron.

January to MarchSalesMedian Price (single-family)
2011Variation*2011Variation*
Province of Québec21,227-11%$217,650+5%
Metropolitan Areas
Gatineau901-20%$222,750+9%
Montréal11,732-11%$255,500+5%
Québec City2,004-8%$226,500+6%
Saguenay310-31%$162,810+6%
Sherbrooke506-10%$180,000+6%
Trois-Rivières267-7%$149,000+4%
*Variation compared to the same period last year
Source: QFREB by Centris®

A Slower Start to the Year for all Metropolitan Areas Compared to 2010

In the metropolitan areas, Trois-Rivières (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q1_2011_a.pdf#page=9) registered the smallest decrease in sales in the first quarter of 2011, with a 7 per cent drop compared to the first quarter of 2010. In terms of prices, the median price of single-family homes increased by 4 per cent to reach $149,000. The median price of plexes increased by 1 per cent to reach $157,000.

The Québec City Metropolitan Area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q1_2011_a.pdf#page=6) finished the first quarter of 2011 with an 8 per cent decrease in sales compared to the same period last year. Despite this drop, prices continued to climb. The median price of single-family homes reached $226,500, an increase of 6 per cent. The median price of condominiums increased by 5 per cent to reach $180,000, while that of plexes grew by 4 per cent to reach $256,000.

First-quarter sales in the Sherbrooke area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q1_2011_a.pdf#page=8) decreased by 10 per cent compared to the same period last year. As for property prices, the median price of single-family homes increased by 6 per cent to reach $180,000, that of condominiums increased by 4 per cent to reach $147,250 and that of plexes fell by 3 per cent to reach $180,000.

Between January and March 2011, there were 11,732 sales transactions in the Montréal Metropolitan Area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q1_2011_a.pdf#page=5), a decrease of 11 per cent compared to the first quarter of 2010. Despite this slowdown, property prices continued to increase. The median price of single-family homes reached $255,500, a 5 per cent increase compared to the same period last year. The median price of condominiums increased by 6 per cent to reach $212,000 and that of plexes grew by 8 per cent to reach $399,000.

With 901 sales in the first quarter of 2011, the Gatineau Metropolitan Area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q1_2011_a.pdf#page=4) posted a 20 per cent decrease in sales compared to the same period last year. The median price of single-family homes increased by 9 per cent to reach $222,750. The median price of plexes increased significantly by 20 per cent, growing from $194,000 in the first quarter of 2010 to $232,950 in the first quarter of 2011. Finally, the median price of condominiums remained relatively stable at $153,450.

Finally, the Saguenay Metropolitan Area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q1_2011_a.pdf#page=7) had a difficult start to the year with a 31 per cent decrease in sales compared to the first quarter of 2010. Property prices continued to increase however, as the median price of single-family homes grew by 6 per cent to reach $162,810 and that of plexes increased by 23 per cent to reach $182,000.

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

  • Quebec Federation of Real Estate Boards
    Chantal de Repentigny - Assistant Director
    Communications and Industry Relations
    514-762-2440, extension 130
    Toll-free: 1-866-882-0212, extension 130
    chantal.derepentigny@qfreb.ca