Despite the Health Crisis, Residential Real Estate Prices Increase in Quebec in the Second Quarter

Despite the Health Crisis, Residential Real Estate Prices Increase in Quebec in the Second Quarter

L’ÎLE-DES-SŒURS, Quebec, July 16, 2020 (GLOBE NEWSWIRE) — The Quebec Professional Association of Real Estate Brokers (QPAREB) has released its most recent residential real estate market statistics for the province of Quebec, based on the real estate brokers’ Centris provincial database.In total, 22,102 residential sales transactions were concluded in the second quarter of the year in Quebec, a significant drop of 24 per cent compared to the second quarter of last year. This downturn, imposed by the arrival of COVID-19 and the application of health measures to limit the spread of the virus, brings to an end a series of 23 consecutive quarterly increases in sales.SalesIn total, 15,591 single-family homes (-19 per cent), 4,760 condominiums (-34 per cent) and 1,613 plexes (-33 per cent) changed hands in Quebec in the second quarter of the year.Geographically, the agglomerations of Sainte-Agathe-des-Monts (+28 per cent), Sept-Îles (+13 per cent) and Sainte-Adèle (+7 per cent) bucked the downward trend and posted the largest increases in residential sales.As for the province’s six census metropolitan areas (CMAs), the largest drop in sales was in the Montreal CMA, where transactions fell by 36 per cent, followed by the Gatineau CMA (-23 per cent). The Sherbrooke and Trois-Rivières CMAs both posted a 22 per cent decrease in sales.The Quebec City and Saguenay CMAs were more resilient, posting smaller decreases in sales at -11 per cent and -16 per cent, respectively. These results are consistent with the lesser spread of the virus in these two metropolitan areas.PricesThe median price of single-family homes across the province increased by 4 per cent to reach $275,500.In the province’s metropolitan areas, the largest price increases for single-family homes were in the Gatineau (+17 per cent), Montreal (+12 per cent) and Sherbrooke (+10 per cent) CMAs.Outside of the metropolitan areas, the agglomerations with the largest price increases for single-family homes were: Sainte-Agathe-des-Monts (+49 per cent), Mont-Tremblant (+28 per cent), Sainte-Adèle (+27 per cent), Drummondville (+15 per cent) and Salaberry-de-Valleyfield (+15 per cent).The median price of condominiums across the province increased by 6 per cent to reach $255,000, while that of plexes fell by 10 per cent to reach $381,750.Active listingsThe downward trend in supply increased as a result of the health crisis, for an 18th consecutive quarter. From April to June, there was an average of 42,535 properties for sale in the real estate brokers’ Centris system, a drop of 28 per cent compared to the second quarter of last year.All six of the province’s CMAs saw a marked decrease in the number of properties for sale, with the largest decreases in supply seen in the CMAs of Gatineau (-41 per cent), Trois-Rivières ( 33 per cent) and Sherbrooke (-32 per cent).Market conditions and selling timesIn response to the pause in Quebec’s real estate market in the second quarter, market conditions stabilized in the vast majority of areas and continue to give sellers the upper hand.It took an average of 112 days (+16 days) to sell a single-family home, 77 days (-16 days) to sell a condominium and 102 days (+1 day) to sell a plex in Quebec in the second quarter of 2020.“With 22,102 sales, the second quarter of the year saw a sharp drop in activity due to the health and safety measures aimed at limiting the spread of COVID-19. Although significant, this decline was offset by a strong rebound in June,” said Julie Saucier, president and chief executive officer of the QPAREB.“This market resilience was particularly evident in agglomerations located outside the province’s CMAs, where close to 4,300 sales transactions were recorded, an increase of 4 per cent in the second quarter, despite a 41 per cent drop in new listings. In the context of the health crisis, the Laurentides administrative region is one of the peripheral areas of the Montreal CMA that saw a sharp increase in prices,” she added.For more detailed market statistics for the province, click here.About the Quebec Professional Association of Real Estate BrokersThe Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 13,000 real estate brokers and agencies. It is responsible for promoting and defending their interests while taking into account the issues facing the profession and the various professional and regional realities of its members. The QPAREB is also an important player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Quebec’s residential real estate market statistics, provides training, tools and services relating to real estate, and facilitates the collection, dissemination and exchange of information. The QPAREB is headquartered in Quebec City and has its administrative offices in Montreal. It has two subsidiaries: Centris Inc. and the Collège de l’immobilier du Québec. Follow its activities at qpareb.ca or via its social media pages: FacebookLinkedInTwitter and Instagram.About CentrisCentris.ca is Quebec’s real estate industry website for consumers, grouping all properties for sale by a real estate broker under the same address. Société Centris provides real estate industry stakeholders with access to real estate data and a wide range of technology tools. Centris also manages the collaboration system used by more than 13,000 real estate brokers in Quebec.Click on the links below to consult the regional press releases:Montreal CMA
Quebec City CMA
Agglomération de Granby
Agglomération de Joliette
Agglomérations des Laurentides
Agglomération de Saint-Hyacinthe
For more information:Taïssa Hrycay
Director
Communications and Marketing
1-888-762-2440 or
514-762-2440, ext. 157
media@qpareb.ca


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