Quebec Federation of Real Estate Boards

Quebec Federation of Real Estate Boards

October 15, 2013 10:00 ET

Sales Stabilize in Québec in Third Quarter of 2013

ÎLE-DES-SŒURS, QUEBEC--(Marketwired - Oct. 15, 2013) - According to the real estate brokers' provincial database, there were 15,223 residential sales transactions in Québec in the third quarter of 2013, barely 65 transactions more than in the third quarter of 2012, indicated the Québec Federation of Real Estate Boards (QFREB). This stabilization of sales put an end to four consecutive quarterly decreases.

By property category, plexes and condominiums registered an increase in sales in the third quarter of 2013, at 8 per cent and 3 per cent, respectively. Single-family homes, which accounted for more than 70 per cent of all residential transactions in Québec, was the only property category to post a decrease in sales (- 1 per cent).

Two of the province's six Census Metropolitan Areas (CMAs) registered an increase in sales: Montréal (+ 2 per cent) and Gatineau (+ 1 per cent). The other CMAs experienced a slowdown in real estate activity, with decreases ranging from 2 per cent to 22 per cent. The number of sales in all areas outside the CMAs was similar to that registered in the third quarter of 2012.

The number of residential properties for sale continued to climb in the third quarter of 2013, marking a thirteenth consecutive quarterly increase in supply. On average, 69,774 residential properties were listed on the Centris® system from July to September, an 11 per cent increase compared to the same period in 2012. And for the thirteenth consecutive quarter, it was the supply of condominiums that registered the largest increase, at 21 per cent, while the supply of single-family homes and plexes were limited to increases of 8 per cent and 6 per cent, respectively.

The median price of single-family homes rose by 2 per cent compared to the third quarter of last year, to reach $222,000. This increase took place after two quarters in which prices remained stable. "After a start to the year marked by a stagnation in median price, price growth has resumed and should reach 2 per cent for the year 2013," predicted Paul Cardinal, Market Analysis Manager at the QFREB.

Third Quarter 2013 Residential Sales Median Price
(single-family home)
Variation Variation
Province of Québec 15,223 0 % $222,000 2 %
Metropolitan Areas
Gatineau CMA 872 1 % $230,000 0 %
Montréal CMA 7,320 2 % $282,500 2 %
Québec CMA 1,270 -2 % $243,700 2 %
Saguenay CMA 240 -22 % $175,000 3 %
Sherbrooke CMA 342 -8 % $206,000 12 %
Trois-Rivières CMA 209 -3 % $147,000 0 %

In the Gatineau Metropolitan Area, 872 residential properties were sold in the third quarter of 2013, a slight 1 per cent increase compared to the third quarter of 2012. Single-family homes and plexes registered sales increases of 2 per cent and 14 per cent, respectively, while the number of condominium transactions decreased by 8 per cent. The supply of properties listed on the Centris® system continued to climb in the third quarter of 2013: on average, 2,913 properties were for sale during this period, a 19 per cent increase compared to the same period last year. The median price of single-family homes remained stable at $230,000, while that of condominiums decreased by 1 per cent to reach $165,500. Only plexes registered an increase in median price, growing by 4 per cent to reach $265,000.

There were 7,320 residential sales transactions concluded in the Montréal Metropolitan Area in the third quarter of the year, a 2 per cent increase compared to the same period in 2012. This was the first increase in sales after four consecutive quarterly decreases. The number of properties for sale continued to climb in the third quarter of 2013, growing by 15 per cent. Market conditions relaxed but remained balanced for single-family homes and plexes. However, the condominium market continued to favour buyers. The median price of single-family homes rose by 2 per cent in the third quarter of the year to reach $282,500, while that of condominiums and plexes remained stable at $229,658 and $425,000, respectively.

The Québec City Metropolitan Area registered 1,270 residential sales transactions in the third quarter of 2013, a 2 per cent decrease compared to the same period last year and the fifth consecutive quarterly drop in sales. Condominium sales fell by 8 per cent and plex sales by 1 per cent. Single-family home sales were spared, as there was an identical number of transactions as in the third quarter of last year. Prices continued to increase but at a more moderate pace: the median price of single-family homes grew by 2 per cent ($243,700) and that of condominiums by 1 per cent ($200,000), compared to the third quarter of 2012. The median price of plexes remained stable at $296,000.

In the Saguenay Metropolitan Area, 240 residential sales transactions were concluded in the third quarter of 2013, a 22 per cent decrease compared to the same period last year and the fifth consecutive quarterly drop in sales . The number of properties for sale also increased considerably. On average, in the third quarter of 2013, buyers in the Saguenay area could choose from 1,166 residential properties for sale, a 29 per cent increase compared to the third quarter of 2012. The median price of single-family homes increased by 3 per cent in the third quarter of the year to reach $175,000 and the average selling time increased by 15 days, as it took an average of 99 days for a property to sell.

After being the only CMA in the province to register an increase in sales in the second quarter of the year, the Sherbrooke Metropolitan Area posted an 8 per cent drop in sales in the third quarter of the year, with 342 properties sold through the Centris® system. The number of active listings barely changed (- 1 per cent), with an average of 1,622 properties available on the market. However, this was the first quarterly decrease in active listings in the Sherbrooke area in the past two years. The median price of single-family homes reached $206,000 in the third quarter of 2013, a 12 per cent jump compared to the same period last year. This was the largest quarterly increase in median price in this area since the fourth quarter of 2010.

In the third quarter of 2013, 209 residential sales transactions were concluded in the Trois-Rivières Metropolitan Area, a 3 per cent decrease compared to the same period in 2012. This was the fourth quarterly drop in sales in the area, but this decrease was much less pronounced than the previous ones. In terms of supply, the number of residential properties for sale increased significantly yet again, registering a second consecutive quarterly increase. On average, 821 properties were on the market in the months of July to September 2013, a 21 per cent jump compared to the same period in 2012. The median price of single-family homes remained stable at $147,000, while that of plexes grew by 8 per cent compared to the third quarter of last year.

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.

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.

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