According to the Québec real estate brokers’ provincial database, there were 24,988 residential sales transactions in the province of Québec in the second quarter of 2012, indicated the Québec Federation of Real Estate Boards (QFREB). This represents a 9 per cent increase compared to the second quarter of 2011 and the largest increase in sales since the first quarter of 2010.
“Québec’s residential real estate market was once again supported by low interest rates,” said Paul Cardinal, Manager, Market Analysis, at the QFREB. “Moreover, after the disappointing end to 2011, the province’s job market has improved since the start of 2012 and Québec consumers are a little more confident. These two factors also contributed to the solid performance of residential sales in the second quarter of 2012,” he added.
Sales increased for all three property categories in Québec in the second quarter of 2012. The largest increase was for single-family homes, as sales of this property category grew by 10 per cent with 17,504 sales. Condominium sales grew by 7 per cent and even set a new record with 5,282 transactions. Finally, 2,061 plexes were sold between April and June, a 5 per cent increase compared to the same period last year.
The number of active listings by Québec real estate brokers has grown every quarter since mid-2010. This trend continued in the second quarter of 2012, but at a more moderate pace; the supply of properties was up by 9 per cent over the second quarter of 2011, compared to an increase of 13 per cent in the previous quarter. As for price growth, prices increased slightly in the second quarter of the year. The median price of single-family homes and plexes increased by 4 per cent compared to the same period last year, while that of condominiums grew by 3 per cent.
Residential Sales Increase in Most Metropolitan Areas in Second Quarter of 2012
Five of the province’s six Census Metropolitan Areas (CMAs) registered an increase in sales in the second quarter of 2012 compared to the same period in 2011.
The Gatineau Metropolitan Area posted the largest increase in sales among the province’s six CMAs with 1,343 transactions between April and June 2012, an 11 per cent increase compared to the same period last year. The median price of single-family homes grew by 5 per cent compared to the second quarter of 2011 to reach $235,000.
The Trois-Rivières Metropolitan Area posted the second largest increase in sales, along with the Montréal Metropolitan Area. The 308 transactions in the Trois-Rivières Metropolitan Area represent a 10 per cent increase in sales compared to the second quarter of 2011 and the fifth consecutive monthly increase. The median price of single-family homes grew by 1 per cent to reach $150,000.
Sales also increased by 10 per cent in the Montréal Metropolitan Area in the second quarter of 2012, with a total of 13,350 transactions. Condominium sales in the Montréal CMA exceeded the threshold of 4,000 transactions for the first time ever. However, since the supply of condominiums also set a new record in the second quarter of the year (9,914 listings), their median price increased rather moderately (+3 per cent). The median price of single-family homes grew by 2 per cent.
There were 2,230 sales in the Québec City Metropolitan Area in the second quarter of the year, an 8 per ent increase compared to the second quarter of last year. The median price of condominiums grew by 7 per cent, the largest increase for condominiums among the province’s six CMAs, while that of single-family homes rose by 3 per cent.
Sales in the Saguenay Metropolitan Area grew by 8 per cent in the second quarter of the year, with 498 transactions. As for prices, the median price of single-family homes increased by 9 per cent, the largest increase for single-family homes among the province’s CMAs and the largest increase in the Saguenay CMA since the third quarter of 2010.
Finally, with a 10 per cent drop in sales, the Sherbrooke Metropolitan Area was the only CMA to register a decrease in sales in the second quarter of the year, with a total of 467 transactions. The median price of single-family homes grew by 2 per cent to reach $195,900. The increase in median price was slightly higher for condominiums, at 3 per cent, reaching $155,000.
“Québec’s residential real estate market was once again supported by low interest rates,” said Paul Cardinal, Manager, Market Analysis, at the QFREB. “Moreover, after the disappointing end to 2011, the province’s job market has improved since the start of 2012 and Québec consumers are a little more confident. These two factors also contributed to the solid performance of residential sales in the second quarter of 2012,” he added.
Sales increased for all three property categories in Québec in the second quarter of 2012. The largest increase was for single-family homes, as sales of this property category grew by 10 per cent with 17,504 sales. Condominium sales grew by 7 per cent and even set a new record with 5,282 transactions. Finally, 2,061 plexes were sold between April and June, a 5 per cent increase compared to the same period last year.
The number of active listings by Québec real estate brokers has grown every quarter since mid-2010. This trend continued in the second quarter of 2012, but at a more moderate pace; the supply of properties was up by 9 per cent over the second quarter of 2011, compared to an increase of 13 per cent in the previous quarter. As for price growth, prices increased slightly in the second quarter of the year. The median price of single-family homes and plexes increased by 4 per cent compared to the same period last year, while that of condominiums grew by 3 per cent.
Residential Sales Increase in Most Metropolitan Areas in Second Quarter of 2012
Five of the province’s six Census Metropolitan Areas (CMAs) registered an increase in sales in the second quarter of 2012 compared to the same period in 2011.
The Gatineau Metropolitan Area posted the largest increase in sales among the province’s six CMAs with 1,343 transactions between April and June 2012, an 11 per cent increase compared to the same period last year. The median price of single-family homes grew by 5 per cent compared to the second quarter of 2011 to reach $235,000.
The Trois-Rivières Metropolitan Area posted the second largest increase in sales, along with the Montréal Metropolitan Area. The 308 transactions in the Trois-Rivières Metropolitan Area represent a 10 per cent increase in sales compared to the second quarter of 2011 and the fifth consecutive monthly increase. The median price of single-family homes grew by 1 per cent to reach $150,000.
Sales also increased by 10 per cent in the Montréal Metropolitan Area in the second quarter of 2012, with a total of 13,350 transactions. Condominium sales in the Montréal CMA exceeded the threshold of 4,000 transactions for the first time ever. However, since the supply of condominiums also set a new record in the second quarter of the year (9,914 listings), their median price increased rather moderately (+3 per cent). The median price of single-family homes grew by 2 per cent.
There were 2,230 sales in the Québec City Metropolitan Area in the second quarter of the year, an 8 per ent increase compared to the second quarter of last year. The median price of condominiums grew by 7 per cent, the largest increase for condominiums among the province’s six CMAs, while that of single-family homes rose by 3 per cent.
Sales in the Saguenay Metropolitan Area grew by 8 per cent in the second quarter of the year, with 498 transactions. As for prices, the median price of single-family homes increased by 9 per cent, the largest increase for single-family homes among the province’s CMAs and the largest increase in the Saguenay CMA since the third quarter of 2010.
Finally, with a 10 per cent drop in sales, the Sherbrooke Metropolitan Area was the only CMA to register a decrease in sales in the second quarter of the year, with a total of 467 transactions. The median price of single-family homes grew by 2 per cent to reach $195,900. The increase in median price was slightly higher for condominiums, at 3 per cent, reaching $155,000.