Quebec Federation of Real Estate Boards

Quebec Federation of Real Estate Boards

April 12, 2013 10:00 ET

Province's Real Estate Market Slows in First Quarter of 2013

Centris® Residential Sales Statistics for the Province of Quebec

ILE-DES-SOEURS, QUEBEC--(Marketwired - April 12, 2013) - According to the real estate brokers' provincial database, there were 18,939 residential sales transactions in the province of Québec in the first quarter of 2013, a 16 per cent decrease compared to the first quarter of 2012, indicated the Québec Federation of Real Estate Boards (QFREB).

The decrease in sales was spread across all of the province's metropolitan areas and most of its smaller urban centres. Only the agglomerations of Rouyn-Noranda (+25 per cent), Salaberry-de-Valleyfield (+6 per cent) and Shawinigan (+6 per cent) bucked the trend and posted an increase in sales. In contrast, the agglomerations of Sept-Îles (-36 per cent), Val-d'Or (-27 per cent) and Drummondville (-28 per cent) registered the largest decreases in sales.

The median price of single-family homes across the province stood at $225,000 in the first quarter of the year, only $1,000 more than in the first quarter of 2012. The largest price increases for single-family homes were in the agglomerations of Val-d'Or (+15 per cent), Saint-Lin-Laurentides (+8 per cent), Saint-Hyacinthe (+8 per cent) and Sept-Îles (+7 per cent). Among the Census Metropolitan Areas (CMAs), Saguenay registered the largest increase in median price of single-family homes, at 4 per cent.

As for condominiums, the provincial median price reached $208,000 in the first quarter of 2013, up 1 per cent compared to the same period in 2012. The largest price increases were in the agglomerations of Granby (+13 per cent) and Saint-Hyacinthe (+8 per cent), as well as in the Québec City CMA (+7 per cent).

The number of properties for sale increased for a twelfth consecutive quarter. There were an average of 70,239 properties listed on the Centris® system in the first quarter of 2013, a 7 per cent increase compared to the first quarter of last year. "The increase in supply and the decrease in sales resulted in an easing of market conditions in most urban centres, which translated into smaller price increases and longer average selling times," explained Paul Cardinal, Manager of the Market Analysis Department at the QFREB.

1stQuarter of 2013Sales Median price (single-family)
Variation* Variation*
Province of Québec18,939-16%$225,0000%
Metropolitan Areas
Gatineau778-19%$228,0003%
Montréal9,927-18%$272,0001%
Québec City1,862-18%$240,0002%
Saguenay309-15%$177,0004%
Sherbrooke496-15%$182,000-2%
Trois-Rivières285-8%$148,250-3%
*Variation compared to the same quarter last year
Source: QFREB by the Centris® system

In the first quarter of 2013, 496 residential sales transactions were concluded in the Sherbrooke Metropolitan Area, a 15 per cent decrease compared to the first quarter of 2012. Sales fell for all three property categories. As for supply, there were more properties on the market in the winter of 2013 compared to the same period in 2012: an average of 1,726 residential properties were for sale in the first three months of the year, approximately 3 per cent more than in the first quarter of 2012. The median price of single-family homes decreased by 2 per cent, the first price drop after 12 consecutive quarterly increases.

In the Trois-Rivières Metropolitan Area, 285 residential sales were concluded in the first three months of the year, an 8 per cent decrease compared to the first quarter of last year. The supply of properties for sale was similar to that observed in the first quarter of 2012. On average, there were approximately 795 properties for sale in the first quarter of the year compared to 802 in the first quarter of last year. The median price of single-family homes reached $148,250 compared to $152,000 in the first quarter of last year, while that of plexes stood at $151,000, a 3 per cent increase compared to the first three months of 2012.

There were 778 residential sales transactions in the Gatineau Metropolitan Area in the first quarter of the year, a 19 per cent drop compared to the same period in 2012. This was the third consecutive quarterly decrease in sales in the Gatineau area. In terms of supply, there were, on average, 2,617 properties for sale from January to March 2013. This represents a 19 per cent increase compared to the first quarter of 2012. The median price of single-family homes grew by 3 per cent to reach $228,000, while that of condominiums and plexes remained stable.

In the Montréal Metropolitan Area, real estate brokers concluded 9,927 sales transactions via the Centris® system in the first quarter of 2013. This represents an 18 per cent decrease compared to the same period last year and the third consecutive quarterly decrease in sales. The number of properties for sale continued to climb for a twelfth consecutive quarter (+10 per cent). The median price of single-family homes rose by 1 per cent to reach $272,000. That of condominiums remained stable at $220,000 and that of plexes grew by 2 per cent to reach $420,000.

Sales fell by 18 per cent in the Québec City Metropolitan Area in the first quarter of 2013 compared to the first quarter of 2012, with a total of 1,862 transactions. Active listings were up by 18 per cent compared to the first quarter of 2012, particularly for condominiums which registered a 36 per cent increase in active listings. The median price of single-family homes grew by 2 per cent in the first quarter of 2013 to reach $240,000. The median price of condominiums and plexes rose more significantly compared to the first quarter of last year, at 7 and 9 per cent, respectively.

From January to March 2013, 309 residential transactions were concluded in the Saguenay Metropolitan Area, a 15 per cent decrease compared to the same period last year. This was the area's third consecutive quarterly drop in sales. More properties were on the market, as the number of active listings increased by 16 per cent. The median price of single-family homes increased by 4 per cent compared to the first quarter of 2012 to reach $177,000, the largest increase among the province's six metropolitan areas.

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 more than 14,000 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.

About Centris®

Centris®, a division of the Greater Montréal Real Estate Board, offers technology resources to Québec's 12 real estate boards and their 14,000 real estate brokers. 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.

For more information on statistics for each of the province's regions, don't miss the upcoming publication of the QFREB Barometer.

Contact Information

  • Chantal de Repentigny, Assistant Director
    Development, Media Relations and Special Projects
    Quebec Federation of Real Estate Boards
    514-762-0212, ext. 130
    Toll-free: 1-866-882-0212, ext. 130
    chantal.derepentigny@fciq.ca