Quebec Federation of Real Estate Boards

Quebec Federation of Real Estate Boards

July 16, 2012 09:00 ET

Residential Real Estate Sales Across Quebec Increase Significantly in Second Quarter of 2012

ÎLE-DES-SŒURS, QUÉBEC--(Marketwire - July 16, 2012) -

Important Note: To view MLS® statistics charts for a specific metropolitan area, click on the name of the area in this press release.

According to the Québec real estate brokers' provincial database, there were 24,988 residential sales transactions in the province of Québec (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q2_2012_a.pdf#page=3) in the second quarter of 2012, indicated the Québec Federation of Real Estate Boards (QFREB). This represents a 9 per cent increase compared to the second quarter of 2011 and the largest increase in sales since the first quarter of 2010.

"Québec's residential real estate market was once again supported by low interest rates," said Paul Cardinal, Manager, Market Analysis, at the QFREB. "Moreover, after the disappointing end to 2011, the province's job market has improved since the start of 2012 and Québec consumers are a little more confident. These two factors also contributed to the solid performance of residential sales in the second quarter of 2012," he added.

Sales increased for all three property categories in Québec in the second quarter of 2012. The largest increase was for single-family homes, as sales of this property category grew by 10 per cent with 17,504 sales. Condominium sales grew by 7 per cent and even set a new record with 5,282 transactions. Finally, 2,061 plexes were sold between April and June, a 5 per cent increase compared to the same period last year.

The number of active listings by Québec real estate brokers has grown every quarter since mid-2010. This trend continued in the second quarter of 2012, but at a more moderate pace; the supply of properties was up by 9 per cent over the second quarter of 2011, compared to an increase of 13 per cent in the previous quarter. As for price growth, prices increased slightly in the second quarter of the year. The median price of single-family homes and plexes increased by 4 per cent compared to the same period last year, while that of condominiums grew by 3 per cent.

2nd Quarter Sales Median Price (single-family)
2012 Variation* 2012 Variation*
Province of Québec 24,988 9 % 229,000 $ 4 %
Metropolian Areas
Gatineau 1,343 11 % 235,000 $ 5 %
Montréal 13,350 10 % 275,000 $ 2 %
Québec 2,230 8 % 242,500 $ 3 %
Saguenay 498 8 % 185,000 $ 9 %
Sherbrooke 467 -10 % 195,900 $ 2 %
Trois-Rivières 308 10 % 150,000 $ 1 %
*Percentage of change as compared with the same quarter last year
Source: QFREB by Centris®

Residential Sales Increase in Most Metropolitan Areas in Second Quarter of 2012

Five of the province's six Census Metropolitan Areas (CMAs) registered an increase in sales in the second quarter of 2012 compared to the same period in 2011.

The Gatineau Metropolitan Area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q2_2012_a.pdf#page=4) posted the largest increase in sales among the province's six CMAs with 1,343 transactions between April and June 2012, an 11 per cent increase compared to the same period last year. The median price of single-family homes grew by 5 per cent compared to the second quarter of 2011 to reach $235,000.

The Trois-Rivières Metropolitan Area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q2_2012_a.pdf#page=9) posted the second largest increase in sales, along with the Montréal Metropolitan Area. The 308 transactions in the Trois-Rivières Metropolitan Area represent a 10 per cent increase in sales compared to the second quarter of 2011 and the fifth consecutive monthly increase. The median price of single-family homes grew by 1 per cent to reach $150,000.

Sales also increased by 10 per cent in the Montréal Metropolitan Area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q2_2012_a.pdf#page=5) in the second quarter of 2012, with a total of 13,350 transactions. Condominium sales in the Montréal CMA exceeded the threshold of 4,000 transactions for the first time ever. However, since the supply of condominiums also set a new record in the second quarter of the year (9,914 listings), their median price increased rather moderately (+3 per cent). The median price of single-family homes grew by 2 per cent.

There were 2,230 sales in the Québec City Metropolitan Area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q2_2012_a.pdf#page=6) in the second quarter of the year, an 8 per cent increase compared to the second quarter of last year. The median price of condominiums grew by 7 per cent, the largest increase for condominiums among the province's six CMAs, while that of single-family homes rose by 3 per cent.

Sales in the Saguenay Metropolitan Area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q2_2012_a.pdf#page=7) grew by 8 per cent in the second quarter of the year, with 498 transactions. As for prices, the median price of single-family homes increased by 9 per cent, the largest increase for single-family homes among the province's CMAs and the largest increase in the Saguenay CMA since the third quarter of 2010.

Finally, with a 10 per cent drop in sales, the Sherbrooke Metropolitan Area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q2_2012_a.pdf#page=8) was the only CMA to register a decrease in sales in the second quarter of the year, with a total of 467 transactions. The median price of single-family homes grew by 2 per cent to reach $195,900. The increase in median price was slightly higher for condominiums, at 3 per cent, reaching $155,000.

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 close to 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.

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.

For more information on 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
    Development, Media Relations and Special Projects
    Québec Federation of Real Estate Boards
    514-762-0212, ext. 130
    Toll-free: 1-866-882-0212, ext. 130
    chantal.derepentigny@fciq.ca