Quebec Federation of Real Estate Boards

Quebec Federation of Real Estate Boards

July 14, 2014 07:00 ET

Province's Real Estate Market Slowdown Continued in the Second Quarter of 2014

ILE-DES-SOEURS, QUEBEC--(Marketwired - July 14, 2014) - The Québec Federation of Real Estate Boards (QFREB) has released its most recent residential sales statistics for the province of Québec, based on the real estate brokers' Centris® provincial database. In total, 21,879 residential sales were concluded in the second quarter of 2014, a 5 per cent decrease compared to the second quarter of 2013. This was the third consecutive quarterly decrease in sales, and the seventh decrease in the past eight quarters.

To view the tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/957075_REV_ENG.pdf

While condominium sales (4,586 transactions) fell by only 3 per cent in the second quarter of the year, sales of single-family homes (15,416 transactions) and plexes (1,770 transactions) registered larger decreases of 5 per cent and 7 per cent, respectively.

Five of the province's six Census Metropolitan Areas (CMAs) registered a drop in sales in the second quarter of the year. The largest decreases were in the Gatineau (-18 per cent) and Saguenay (-15 per cent) CMAs, while more moderate decreases were registered in the Sherbrooke (-7 per cent) and Montréal (-5 per cent) CMAs. The Québec City CMA was less affected by the slowdown in sales, posting a drop of only 1 per cent compared to the second quarter of 2013. The Trois-Rivières CMA, which deviated from the provincial trend, was the only area that registered an increase in sales, with 17 per cent more transactions in the second quarter of 2014 than in the second quarter of 2013.

Among the province's smaller urban centres, the agglomerations of Sept-Îles (+35 per cent), Rouyn-Noranda (+24 per cent), Shawinigan (+19 per cent) and Val-d'Or (+15 per cent) bucked the downward trend and registered the largest increases in sales.

The median price of single-family homes in Québec stood at $231,500 in the second quarter of 2014, a modest increase of 1 per cent compared to that observed in the same period last year.

Furthermore, "buyers continue to have more choice, as the number of properties listed on the Centris® system increased by 10 per cent across the province in the second quarter of 2014," said Paul Cardinal, Manager of the QFREB's Market Analysis Department. "This upward trend in supply can be seen in the vast majority of the province's urban centres," he added.

Note: Regional press releases are also available on the QFREB website, in the "Newsroom" section.

About Centris.ca

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.

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