Quebec Federation of Real Estate Boards

Quebec Federation of Real Estate Boards

October 16, 2012 09:00 ET

Sales Decrease Across the Province in Third Quarter of 2012

ILE-DES-SOEURS, QUEBEC--(Marketwire - Oct. 16, 2012) - According to the real estate brokers' provincial database, there were 15,212 residential sales transactions in the province of Québec (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q3_2012_a.pdf#page=3) in the third quarter of 2012, indicated the Québec Federation of Real Estate Boards (QFREB). This represents a 6 per cent decrease compared to the third quarter of 2011 and the first drop in sales after four consecutive quarterly increases.

Sales fell for all three property categories across the province. Single-family home sales registered the smallest decrease at 4 per cent, with 10,895 homes sold. The decrease in condominium and plex sales was more significant, as sales for these property categories fell by 10 and 15 per cent, respectively, with 3,045 and 1,175 transactions.

"At this time of the year in 2011, the Québec real estate market was fuelled by condominiums," explained Paul Cardinal, Market Analysis Manager at the QFREB. "Thanks to a 10 per cent increase in condominium transactions, residential sales increased in Québec. This year, there were fewer condominium buyers in the urban centres of Montréal, Québec City, Gatineau and Sherbrooke," he added.

The number of residential properties for sale in Québec by a real estate broker continued to grow for a ninth consecutive quarter. While the supply of plexes and single-family homes posted modest increases of 2 and 5 per cent, respectively, in the third quarter of 2012 compared to the same period last year, the number of condominiums for sale was 20 per cent higher.

Prices continued to increase in the third quarter of 2012 for all property categories. The median price of single-family homes in Québec rose by 2 per cent to reach $217,500.

3rdQuarter Sales Median Price
(single-family)
2012 Variation* 2012 Variation*
Province of Québec 15,212 -6% $217,500 2%
Metropolitan Areas
Gatineau 841 -11% $231,950 4%
Montréal 7,175 -7% $277,750 3%
Québec City 1,288 -14% $239,000 5%
Saguenay 303 -4% $170,000 1%
Sherbrooke 343 0% $182,500 4%
Trois-Rivières 208 0% $149,000 4%
*Variation compared to the same quarter last year
Source: QFREB by Centris®

"Four of the province's six metropolitan areas registered a 4 per cent or greater increase in the median price of single-family homes, and many agglomerations posted an increase of 5 per cent or more," added Mr. Cardinal.

Decrease in Sales in All Metropolitan Areas

There were 841 sales transactions in the Gatineau Metropolitan Area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q3_2012_a.pdf#page=4) in the third quarter of 2012, an 11 per cent decrease compared to the third quarter of 2011. This decrease comes on the heels of an 11 per cent increase in the second quarter of 2012. The median price of single-family homes grew by 4 per cent to reach $231,950, and that of condominiums grew by 12 per cent to reach $168,000. In terms of supply, there were 2,349 properties for sale in the Gatineau area. This represents a 19 per cent increase compared to the third quarter of 2011 and a sixth consecutive quarterly increase.

Sales in the Montréal Metropolitan Area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q3_2012_a.pdf#page=5) decreased by 7 per cent compared to the same quarter last year, with 7,175 transactions. Single-family homes had the smallest decrease, as sales of this property category fell by 6 per cent (4,167 transactions). Condominiums followed with a 9 per cent decrease in sales (2,290 transactions), while plexes registered the largest decrease at 13 per cent (711 transactions) compared to the third quarter of 2011. As for prices, plexes registered the largest increase as their median price grew by 5 per cent to reach $425,000. The median price of single-family homes increased by 3 per cent to reach $277,750, and that of condominiums grew by 2 per cent to reach $230,000. Finally, there was an average of 25,499 active listings in the third quarter of 2012, an 8 per cent increase compared to the same period last year and the eighth consecutive quarterly increase.

After registering increases in the previous four quarters, residential sales in the Québec City Metropolitan Area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q3_2012_a.pdf#page=6) fell by 14 per cent in the third quarter of 2012, with 1,288 transactions. The median price of single-family homes grew by 5 per cent compared to the third quarter of 2011, reaching $239,000. Price increases in the past year were even higher for condominiums and plexes, which posted respective gains of 7 and 10 per cent. As for listings, the supply of properties for sale was 10 per cent higher than it was in the third quarter of 2011, its ninth consecutive increase.

In the Saguenay Metropolitan Area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q3_2012_a.pdf#page=7), there were 303 residential sales transactions between July and September 2012, a 4 per cent decrease compared to the same period last year. This decrease follows increases of 8 and 16 per cent earlier this year. The median price of single-family homes rose by 1 per cent to reach $170,000. The supply of properties also grew in the third quarter of 2012, as the 826 properties for sale represents a 13 per cent increase compared to the same quarter in 2011 and a sixth consecutive quarterly increase.

There were 343 residential sales transactions in the Sherbrooke Metropolitan Area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q3_2012_a.pdf#page=8) in the third quarter of the year, one less sale than the third quarter of 2011. Sales of single-family homes increased by 2 per cent with 268 homes sold, while sales of condominiums fell by 26 per cent. There were 34 plex transactions, versus 25 in the third quarter of last year. The median price of single-family homes reached $182,500 in the third quarter of 2012, up 4 per cent compared to the same period last year. The number of properties available for sale between July and September 2012 rose by 12 per cent for a ninth consecutive quarterly increase.

From July to September 2012, 208 transactions were concluded in the Trois-Rivières Metropolitan Area (http://www.fciq.ca/pdf/Communiques_presse/stats/stats_mls_q3_2012_a.pdf#page=9). This is exactly the same number of transactions registered in the third quarter of last year. Among these transactions, 153 were single-family homes, a 4 per cent decrease compared to the third quarter of last year. The median price of single-family homes increased by 4 per cent to reach $149,000. Finally, the number of properties for sale by a real estate broker remained stable in the third quarter of the year compared to the same period last year, putting an end to a series of nine consecutive quarterly increases.

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 www.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
    Quebec Federation of Real Estate Boards
    514-762-0212, ext. 130
    Toll-free: 1-866-882-0212, ext. 130
    chantal.derepentigny@fciq.ca