Québec Real Estate Market: Third Quarter Slowdown Across the Province

Published on by Association des Propriétaires du Québec

Topic(s): Real estate

Source: FCIQ

Québec Real Estate Market: Third Quarter Slowdown Across the Province
There were 16,005 MLS® sales transactions across Québec in the third quarter of 2010, a 13 per cent decrease compared to the third quarter of 2009, reported the Québec Federation of Real Estate Boards.

“It’s important to remember that the market was more active than usual at this time last year, as we were coming out of the recession. It is therefore not surprising that the market was down this year,” said Claude Charron, President of the Board of Directors of the QFREB. “Furthermore, since the start of the year, province-wide sales have increased by 5 per cent, which shows that the market is still performing well,” he added.

In terms of property categories, single-family homes and condominiums both registered a 13 per cent decrease in sales in the third quarter of 2010 compared to the third quarter of 2009, while plex sales decreased by 15 per cent.

Despite the decrease in sales, property prices continued to climb across the province in the third quarter of 2010. The median price of single-family homes increased by 4 per cent to reach $201,100, the median price of condominiums increased by 8 per cent to reach $200,000, and that of plexes increased by 1 per cent to reach $296,000.
“Price growth slowed somewhat in the province in the third quarter but this is not surprising as supply and demand are slowly becoming rebalanced,” said Claude Charron. “At the start of the year, the market was very active and there were fewer properties available on the market. In recent months, the demand for properties has decreased and supply increased between July and September, the first increase in four quarters. This rebalancing of the market is therefore moderating price increases,” he added.

0 Response(s) to “Québec Real Estate Market: Third Quarter Slowdown Across the Province”

Leave a reply