Québec Federation of Real Estate Boards

Québec Federation of Real Estate Boards

June 30, 2014 07:00 ET

Residential Sales in 2014: The QFREB Modifies its Forecasts

ÎLE-DES-SOEURS, QUÉBEC--(Marketwired - June 30, 2014) - The Québec Federation of Real Estate Boards (QFREB) is revising slightly downward its residential sales forecasts for 2014. We now expect there to be 70,000 sales concluded through the real estate brokers' Centris® system in Québec in 2014, a 2 per cent decrease compared to 2013. Our forecasts regarding pricing remain unchanged: the median price of single-family homes in Québec will increase by 1 per cent in 2014 to reach $226,500.

"The start of the year was slower than anticipated, as the number of transactions in Québec fell by 5 per cent in the first five months compared to the same period in 2013," said Paul Cardinal, Manager of the QFREB's Market Analysis Department. "It now appears more plausible that the 3 per cent increase in sales we initially forecasted will give way to a moderate decrease in sales," he added.

The evolution of the real estate market's other indicators has so far been consistent with the forecasts issued by the QFREB at the start of the year. Thus, as expected, the number of properties for sale continued to rise (+9 per cent) in the first five months of the year, average selling times increased, and the median price of single-family homes in Québec rose by 1 per cent.

Number of sales Median price
(single-family homes)
Variation Variation
Province of Québec
2013 (actual) 71,205 -8 % $ 225,000 0 %
2014 (forecasts) 70,000 -2 % $ 226,500 1 %
Montréal CMA
2013 (actual) 36,496 -9 % $ 279,500 2 %
2014 (forecasts) 35,500 -3 % $ 283,000 1 %
Québec City CMA
2013 (actual) 6,274 -13 % $ 245,000 3 %
2014 (forecasts) 6,000 -3 % $ 247,000 1 %
Source and forecasts: QFREB

According to our new forecasts, the number of Centris® residential sales in the Montréal Metropolitan Area will reach 35,500 (-3 per cent) and the median price of single-family homes will reach $283,000 $ (+1 per cent) this year.

In the Québec City Metropolitan Area, the number of Centris® residential sales will reach 6,000 (-3 per cent) and the median price of single-family homes will reach $247,000 (+1 per cent) this year.

Outlook for 2015

Activity on the province's residential real estate market should rebound slightly in 2015, which will translate into a very small increase in the number of sales.

Price increases will be only marginal next year in most of the province's urban centres as market conditions will generally remain balanced. However, the condominium market will continue to favour buyers, particularly in the Québec City and Montréal Metropolitan Areas, where there will continue to be a small surplus in 2015.

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.

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