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Sales Decrease Across the Province in Third Quarter of 2012

Sales Decrease Across the Province in Third Quarter of 2012

According to the real estate brokers’ provincial database, there were  15,212  residential  sales  transactions  in  the province  of  Québec  in  the  third  quarter  of  2012, indicated the Québec Federation of Real Estate Boards (QFREB). This represents a 6 per cent decrease compared  to  the  third  quarter  of  2011  and  the  first  drop  in  sales  after  four  consecutive  quarterly increases.
Sales fell for all three property categories across the province. Single-family home sales registered the smallest decrease at 4 per cent, with 10,895 homes sold. The decrease in condominium and plex sales was more significant, as sales for these property categories fell by 10 and 15 per cent, respectively, with 3,045 and 1,175 transactions.
“At this time of the year in 2011, the Québec real estate market was fuelled by condominiums,” explained Paul  Cardinal,  Market  Analysis  Manager  at  the  QFREB.  “Thanks  to  a  10  per  cent  increase  in condominium  transactions,  residential  sales  increased  in  Québec.  This  year,  there  were  fewer condominium  buyers  in  the  urban  centres  of  Montréal,  Québec  City,  Gatineau and  Sherbrooke,” he added.  
The number of residential properties for sale in Québec by a real estate broker continued to grow for a ninth consecutive quarter. While the supply of plexes and single-family homes posted modest increases of 2 and 5 per cent, respectively, in the third quarter of 2012 compared to the same period last year, the number of condominiums for sale was 20 per cent higher.   
Prices continued to increase in the third quarter of 2012 for all property categories. The median price of single-family homes in Québec rose by 2 per cent to reach $217,500.
“Four of the province’s six metropolitan areas registered a 4 per cent or greater increase in the median price  of  single-family  homes,  and  many  agglomerations  posted  an  increase  of 5  per  cent  or  more,” added Mr. Cardinal.

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Québec Landlords Association (1)

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