ÎLE-DES-SŒURS, QUÉBEC--(Marketwired - Jan. 16, 2014) - According to the Québec Federation of Real Estate Boards (QFREB), the median price of single-family homes will reach $226,500 in Québec in 2014, a 1 per cent increase compared to 2013 when it reached $225,000.
"The pressure on prices is now much lower since in most urban centers of the province, the real estate market no longer favours sellers as was the case for many years," stated Paul Cardinal, QFREB Market Analysis Manager.
Moreover, the QFREB anticipates that 73,500 residential sales will be concluded across the province in 2014 through the real estate brokers' Centris® system. This will represent a 3 per cent increase compared to 2013. Sales decreased by 8 per cent last year primarily due to stricter mortgage rules, their lowest level in seven years.
"The economic environment will remain generally favorable to the real estate sector in 2014," added Mr. Cardinal. "Although we anticipate a slight increase in five-year mortgage rates in the second half of the year, other factors support the idea of an increase in demand, the main one being a growth in population in recent years due to an improvement in net migration. Finally, economic growth and job creation is expected to accelerate somewhat in 2014," he added.
Montréal Region: Slight Increase in Real Estate Activity
According to the QFREB, the number of sales concluded by real estate brokers in the residential real estate market for the Montréal Metropolitan Area will increase by 3 per cent in 2014 to reach 37,600 transactions. However, this increase will not erase the sharp 9 per cent decline registered last year.
As was observed in 2013, the median price of condominiums will remain stable in 2014 in the Montréal area. "A slight surplus of condominiums, both in the resale and new markets, will continue again this year," noted Paul Cardinal. With respect to the median price of single-family homes, a slight increase of 1 per cent is expected in 2014. Thus, the median prices of single-family homes and condominiums will increase to $283,000 and $227,000 respectively in the metropolitan area as a whole.
After three years of strong increases, the upward trend in the number of properties available on the resale market will end in 2014 and market conditions will stabilize: they will remain balanced for single-family homes and plexes and will continue to slightly favour buyers in the condominium market.
About the Greater Montréal Real Estate Board
The Greater Montréal Real Estate Board is a non-profit organization with close to 10,000 members: real estate brokers. Its mission is to actively promote and protect its members' professional and business interests in order for them to successfully meet their business objectives.
Centris.ca is Québec's real estate industry website for consumers, grouping all properties for sale by a real estate broker under the same address. Visit Centris.ca to obtain more information and quarterly statistics for the province of Québec.
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 close to 14,000 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.
For more information about the Centris® statistics for each of the province's regions, don't miss the upcoming publication of the QFREB Barometer.