Residential Sales in Quebec: Another Record-Setting Quarter for the Summer Period

Residential Sales in Quebec: Another Record-Setting Quarter for the Summer Period

L’ÎLE-DES-SŒURS, Quebec, Oct. 24, 2019 (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, 21,662 sales were concluded in Quebec in the third quarter of 2019, which represents a new third quarter sales record and a 16 per cent jump in sales compared to the third quarter of last year. Such an increase has not been seen since the third quarter of 2003. This was also the 21st consecutive quarterly increase in residential sales in Quebec.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/11261132-982e-4515-8278-fa17db9a8723Here are some of the highlights for the third quarter of 2019:SalesSales increased for all three property categories, but condominiums and plexes (2 to 5 dwellings) stood out with a 19 per cent jump in transactions (5,227 and 1,817 sales, respectively). Sales of single-family homes also increased significantly, rising by 14 per cent (14,505 transactions).Geographically, all six of the province’s census metropolitan areas (CMAs) registered a double-digit increase in sales: Quebec City (+24 per cent), Trois-Rivières (+22 per cent), Gatineau (+18 per cent), Montreal (+13 per cent), Saguenay (+13 per cent) and Sherbrooke (+12 per cent).
Several of the province’s smaller urban centres also posted strong sales results, including the agglomerations of Joliette (+70 per cent), Shawinigan (+41 per cent), Thetford Mines (+41 per cent) and Saint-Hyacinthe (+38 per cent). Many other urban centres also posted increases ranging from 15 to 35 per cent.Active listingsThe downward trend in supply continued for a fifteenth consecutive quarter. Between July and September, there was an average of 54,522 properties for sale in the real estate brokers’ Centris system, down 12 per cent compared to the third quarter of last year.The decrease in the number of properties for sale over the past year was particularly pronounced in the Gatineau (-23 per cent), Montreal (-21 per cent) and Sherbrooke (-17 per cent) CMAs.“Residential sales in Quebec continued to break records in the third quarter of 2019. It’s clear that the Montreal area does not have a monopoly on market vitality, as it has spread to other metropolitan areas and many agglomerations across Quebec,” said Charles Brant, Director of the QPAREB’s Market Analysis Department. “The result is often a rapid decrease in active listings and, in many cases, significant price increases. There is thus a catching-up effect in recovering markets or signs of overheating, especially for condominiums, in the tightest markets, such as Montreal,” he added.PricesThe median price of single-family homes across the province stood at $255,000 in the third quarter of 2019, a 3 per cent increase year-over-year.The largest price increases for single-family homes (non-exhaustive) were in the agglomerations of Mont-Tremblant (+28 per cent), Shawinigan (+19 per cent), Sorel-Tracy (+14 per cent), Joliette (+12 per cent) and Saint-Hyacinthe (+9 per cent), as well as the Gatineau CMA (+6 per cent).The median price of condominiums increased by 6 per cent in Quebec, with half of all condos selling for more than $255,000.Selling timesProperties sold in the third quarter of the year found a buyer faster than in the third quarter of last year. Single-family homes sold in an average of 96 days, which is 12 days less than during the same period last year.The average selling time of condominiums also dropped significantly over the past year. Across the province, a condominium sold in the third quarter of the year remained on the market for 91 days, which is a drop of 23 days compared to the third quarter of 2018. This was the thirteenth consecutive quarter that average selling times fell for condominiums and the eleventh consecutive quarter for single-family homes.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 12,700 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 Facebook, LinkedIn, Twitter 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: A Further Drop in Listings in the 3rd Quarter Confirms an Overheating of the Montreal Real Estate MarketVentes résidentielles au Québec : un nouveau trimestre record pour une période estivaleRalentissement de l’activité immobilière sur les marchés de Rouyn-Noranda et de Val-d’Or au troisième trimestre de 2019″Forte croissance des ventes résidentielles dans les marchés du Centre-du-Québec au troisième trimestre de 2019Hausse exceptionnelle des ventes de copropriétés et de plex dans la région de GatineauLa hausse robuste des ventes se poursuit sur le marché immobilier résidentiel de Granby, le prix des copropriétés bonditExplosion des ventes dans la région de Joliette au troisième trimestreRecords de ventes dans les Laurentides au troisième trimestre de 2019 : la reprise du marché “L’activité s’accélère pour un troisième trimestre consécutif à Québec mais les conditions de marché ne s’améliorent que progressivementLa reprise du marché de la revente est bien engagée dans la RMR de SaguenayMarché immobilier de Saint-Hyacinthe : Forte croissance des ventes et des prix au troisième trimestre de 2019Le recul du nombre de propriétés à vendre à Sherbrooke laisse peu de pouvoir de négociation aux acheteursTrois-Rivières : le marché continue de se resserrer au profit des vendeurs pour l’unifamiliale au 3e trimestreFor more detailed statistics on each of the geographic areas of Quebec, read the QPAREB Barometer.
For more information:
CBJ Newsmakers

Recommended
Canada’s Bats Face Growing ThreatGFG Closes First Tranche of Private Placement