L’Île-des-Sœurs, July 18, 2019 — 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, 29,212 sales were concluded in Quebec in the second quarter of 2019. This represents the largest quarterly sales increase since the third quarter of 2005 and an 8 per cent jump compared to the second quarter of last year. This was also the 20th consecutive quarterly increase in residential sales in Quebec.
Here are some of the highlights for the second quarter of 2019:
- All three property categories registered an increase in sales, but condominiums and plexes (2 to 5 dwellings) stood out with respective increases of 14 per cent (7,253 transactions) and 13 per cent (2,400 transactions). Sales of single-family homes increased by 6 per cent (19,410 transactions).
- Geographically, all six of the province’s census metropolitan areas (CMAs) registered an increase in sales in the second quarter of the year. The Trois-Rivières (+19 per cent), Saguenay (+17 per cent) and Quebec City (+15 per cent) CMAs led the way, followed by the Gatineau (+10 per cent), Montreal (+8 per cent) and Sherbrooke (+4 per cent) CMAs.
- Several of the province’s smaller urban centres also posted strong sales results, including the agglomerations of Sept-Îles (+36 per cent), Saint-Sauveur (+20 per cent), Val-d’Or (+19 per cent) and Rivière-du-Loup (+18 per cent).
- The downward trend in supply continued for a fourteenth consecutive quarter. Between April and June, there was an average of 59,343 properties for sale in the real estate brokers’ Centris system, down 11 per cent compared to the second quarter of last year.
- The decrease in the number of properties for sale over the past year was particularly pronounced in the Gatineau (-21 per cent) and Montreal (-18 per cent) CMAs.
“Sales in Quebec are at their highest level in fourteen years, in a context where active listings have registered a fourteenth consecutive quarterly drop at an average pace of 10 per cent of inventory per quarter,” said Charles Brant, Director of the QPAREB’s Market Analysis Department. “The most remarkable thing is that this situation is widespread throughout the majority of the province’s CMAs and agglomerations,” he added.
- The median price of single-family homes across the province stood at $265,000 in the second quarter of 2019, a 4 per cent increase year-over-year. This was another relatively strong increase, according to historical data.
- The largest price increases for single-family homes were in the agglomerations of Thetford Mines (+15 per cent), Rivière-du-Loup (+12 per cent), Rouyn-Noranda (+11 per cent), Saint-Hyacinthe (+8 per cent) and Saint-Sauveur (+7 per cent), as well as the CMA of Trois-Rivières (+14 per cent).
- The median price of condominiums increased by 2 per cent in Quebec, with half of all condos selling for more than $240,000.
- Properties sold in the second quarter of the year found a buyer faster than in the second quarter of last year. Single-family homes sold in an average of 96 days, which is 9 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 second quarter of the year remained on the market for 94 days, which is a drop of 15 days compared to the second quarter of 2018. This was the twelfth consecutive quarter that average selling times fell for condominiums and the tenth consecutive quarter for single-family homes.
About the Quebec Professional Association of Real Estate Brokers
The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 12,500 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 and Twitter.
Centris.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.
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