MLS® Sales in Québec Decrease Slightly in the Second Quarter of 2011

Published on by Association des Propriétaires du Québec

Topic(s): Real estate

Source: FCIQ

MLS® Sales in Québec Decrease Slightly in the Second Quarter of 2011
There were 23,064 MLS® sales transactions in the province of Québec in the second quarter of 2011, a 5 per cent decrease compared to the second quarter of 2010, according to the Québec Federation of Real Estate Boards (QFREB).

“This was the fifth consecutive quarterly decrease in sales in Québec,” said Claude Charron, President of the Board of Directors of the QFREB. “But despite the slowdown, the decrease in sales activity in the second quarter of 2011 was less pronounced than the decreases registered in the three previous quarters, which is encouraging for the coming months,” he added.

In terms of property categories, condominiums fared best in the second quarter of the year, as sales remained stable compared to the same period in 2010. Sales of single-family homes decreased by 5 per cent, while plex sales fell by 14 per cent.
As for prices in Québec, growth continued in the second quarter of 2011, but at a moderate pace. The median price of single-family homes increased by 3 per cent to reach $220,000. The median price of both condominiums and plexes increased by 4 per cent, reaching $205,000 and $332,250, respectively.

“With 60,815 active listings in the second quarter, the supply of properties in Québec was up by 14 per cent compared to the second quarter of 2010. Buyers therefore had a large choice of properties on the market,” added Mr. Charron.

Montréal and Gatineau Pulled Province’s Results Downward
In the metropolitan areas (CMAs), the 8 per cent decrease in sales registered in the Montréal area and the 14 per cent decrease registered in the Gatineau area weighed heavily on the province’s results in the second quarter of the year. These were the only two CMAs in the province that posted a decrease in sales in the second quarter. Despite this decrease, property prices continued to increase in both of these metropolitan areas between April and June.

In the Montréal area, the median price of single-family homes reached $269,000, a 5 per cent increase compared to the second quarter of 2010. The median price of condominiums also grew by 5 per cent to reach $221,000, while that of plexes increased by 3 per cent to reach $395,000.

In the Gatineau area, the median price of single-family homes grew by 6 per cent, increasing from $210,000 in the second quarter of 2010 to $223,000 in the second quarter of 2011. The median price of condominiums increased by 3 per cent to reach $158,000 and that of plexes grew by 5 per cent to reach $255,000.

The Saguenay CMA posted the largest increase in sales in the second quarter of 2011, at 15 per cent. Prices in this area also continued to grow, as the median price of single-family homes reached $170,000, a 6 per cent increase compared to the same period last year.

The 523 transactions that took place in the Sherbrooke area in the second quarter of 2011 represented a significant 12 per cent increase in sales compared to the same period last year. As for prices, the median price of single-family homes reached $193,000, up 4 per cent compared to the second quarter of 2010.

The number of sales transactions in the Québec City area from April to June 2011 increased by 5 per cent compared to the same period last year. As for property prices, the median price of single-family homes increased by 7 per cent to reach $235,000, that of condominiums grew by 3 per cent to reach $184,500 and that of plexes increased by 6 per cent to reach $260,000.

Like the Québec City area, sales in the Trois-Rivières CMA increased by 5 per cent in the second quarter of 2011 compared to the second quarter last year. The median price of single-family homes reached $148,750, an increase of 3 per cent.

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