L’Île-des-Sœurs, October 24, 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, 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.
Here are some of the highlights for the third quarter of 2019:
- Sales 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.
- The 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.
- The 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.
- Properties 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 Brokers
The 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.
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.
For more detailed statistics on each of the geographic areas of Quebec, read the QPAREB Barometer.
For more information:
Communications and Public Relations1-888-762-2440 or 514-762-2440, ext. 157
Communications and Public Relations1-888-762-2440 or 514-762-2440, ext. 238