ÎLE-DES-SOEURS, QUEBEC--(Marketwired - April 14, 2014) - The Greater Montréal Real Estate Board (GMREB) has released its residential sales statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers' Centris® provincial database. In total, 9,623 residential sales were concluded in the first quarter of 2014, which represents a 3 per cent decrease compared to the first quarter of last year. This was the second consecutive quarterly decrease in sales, and the sixth decrease in the past seven quarters.
The slowdown in sales in the first quarter of 2014 is mainly due to the 8 per cent drop in the number of condominium transactions. The number of single-family home sales was similar to that of last year, while the number of plex (2 to 5 dwellings) transactions increased slightly (+1 per cent).
Geographically, Vaudreuil-Soulanges was the only area that registered a significant increase in sales in the first quarter of the year, as sales jumped by 16 per cent. The number of transactions was relatively unchanged on the Island of Montréal (+1 per cent) and on the North Shore (-2 per cent), while Laval and the South Shore registered the largest decreases in sales at 8 per cent and 9 per cent, respectively.
"The number of properties for sale in the Montréal area has been steadily increasing for the past fourteen quarters," said Diane Ménard, Vice-President of the GMREB Board of Directors and spokesperson for the Québec Federation of Real Estate Boards (QFREB) for the Montréal area. "However, the 9 per cent increase registered in the first quarter of 2014 shows that the pace at which active listings are increasing is slowing down, particularly for condominiums, which just registered its smallest increase (+12 per cent) in three years," she added.
The median price of single-family homes and plexes both increased by 1 per cent in the past year in the Montréal area, to reach $275,000 and $425,000, respectively. Note that market conditions have become balanced since last year for these two property categories. As for condominiums, despite market conditions that give buyers the upper hand, price growth has strengthened slightly as the median price of this property category was up by 2 per cent compared to the first quarter of last year to reach $225,000.
Another Decrease in Sales on Province's Real Estate Market in First Quarter of 2014
The Québec Federation of Real Estate Boards (QFREB) has released its residential sales statistics for the province of Québec, based on the real estate brokers' Centris® provincial database. In total, 18,447 residential sales were concluded in the first quarter of 2014, which represents a 2 per cent decrease compared to the first quarter of 2013. This was the second consecutive quarterly decrease in sales, and the sixth decrease in the past seven quarters.
By property category, condominiums registered the largest drop in sales in the first quarter of 2014, with a decrease of 7 per cent (3,775 transactions). Plex (2 to 5 dwellings) sales fell by 3 per cent (1,478 transactions), while single-family home sales, which accounted for the lion's share of the province's transactions, registered a modest decrease of 1 per cent (13,110 sales).
Four of the province's six Census Metropolitan Areas (CMAs) experienced a less active first quarter as compared to last year. Only the Trois-Rivières CMA registered an increase in sales (+17 per cent), while the number of transactions remained stable in the Québec City CMA. Among the agglomerations, the most notable sales increases were observed in Val-d'Or (+38 per cent), Joliette (+21 per cent), Saint-Hyacinthe (+15 per cent), Drummondville (+15 per cent) and Saint-Sauveur (+12 per cent).
For a fifteenth consecutive quarter, the number of active listings on the real estate brokers' Centris® system increased in Québec. On average, 76,559 residential properties were for sale in the first quarter of 2014, a 9 per cent increase compared to the same period in 2013.
The median price of single-family homes in Québec ($226,250) rose slightly by 1 per cent compared to that observed in the first quarter of 2013. "Price increases on the residential real estate market have been much more tenuous in recent quarters in all areas of the province," said Paul Cardinal, Manager of the QFREB's Market Analysis Department. "The pace of growth in the median price of single-family homes in Québec ranged between 0 per cent and 2 per cent over the last seven quarters," he added.
Among the metropolitan areas, Gatineau and Saguenay saw a slight decrease in their median price of single-family homes (-1 per cent) in the first quarter of 2014. As for the smaller urban centres, those that registered a decrease in prices are almost as numerous as those that registered an increase.
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.
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 as associate members and close to 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.
For more information about the Centris® statistics for each of the province's regions, don't miss the upcoming publication of the QFREB Barometer.
Contact Information:
514-762-0212, ext. 216
sarah.hamel@fciq.ca