• phone: 514-816-4178
  • fax: 514-933-2299
  • mobile: 514-816-4178

EN FRANÇAIS

asebe@sutton.com

Call 514-816-4178

Blog by alexandre sebe

<< back to article list

Residential Sales Fall in Montreal Area in First Quarter of 2013

Residential Sales Fall in Montreal Area in First Quarter of 2013

 

Centris® Residential Sales Statistics for the Montreal Metropolitan Area

 

ÎLE-DES-SOEURS, QUEBEC--(Marketwired - April 12, 2013) - According to the real estate brokers' provincial database, there were 9,927 residential sales transactions in the Montréal Metropolitan Area in the first quarter of 2013, an 18 per cent decrease compared to the first quarter of 2012, indicated the Québec Federation of Real Estate Boards.

"We're still feeling the effects of the new mortgage rules introduced last summer," said Diane Ménard, Vice-President of the GMREB Board of Directors and spokesperson for the Québec Federation of Real Estate Boards (QFREB) for the Montréal area. "Since the tightening of the rules, this has been the third consecutive quarterly decrease in sales in the Montréal area," she added.

All property categories and all geographic areas were affected by the sales slowdown in the first quarter of 2013. The North Shore fared best with an 11 per cent decrease in sales.

The median price of single-family homes in the Montréal area increased by 1 per cent to reach $272,000. The median price of condominiums remained stable at $220,000 and that of plexes grew by 2 per cent, reaching $420,000, compared to the first quarter of 2012.

The number of properties for sale increased by 10 per cent in the first quarter of the year, mainly due to a sharp increase in the supply (25 per cent) of condominiums.

"Buyers now have the upper hand on the Montréal condominium market, for the first time in 15 years," said Paul Cardinal, Manager, Market Analysis, at the Québec Federation of Real Estate Boards. "In general, sellers of condominiums must now be more patient as the average selling time reached 108 days in the first quarter of 2013, 18 more days compared to one year earlier," he added.

Province's Real Estate Market Slows in First Quarter of 2013

According to the real estate brokers' provincial database, there were 18,939 residential sales transactions in the province of Québec in the first quarter of 2013, a 16 per cent decrease compared to the first quarter of 2012, indicated the Québec Federation of Real Estate Boards (QFREB).

The decrease in sales was spread across all of the province's metropolitan areas and most of its smaller urban centres. Only the agglomerations of Rouyn-Noranda (+25 per cent), Salaberry-de-Valleyfield (+6 per cent) and Shawinigan (+6 per cent) bucked the trend and posted an increase in sales. In contrast, the agglomerations of Sept-Îles (-36 per cent), Val-d'Or (-27 per cent) and Drummondville (-28 per cent) registered the largest decreases in sales.

The median price of single-family homes across the province stood at $225,000 in the first quarter of the year, only $1,000 more than in the first quarter of 2012. The largest price increases for single-family homes were in the agglomerations of Val-d'Or (+15 per cent), Saint-Lin-Laurentides (+8 per cent), Saint-Hyacinthe (+8 per cent) and Sept-Îles (+7 per cent). Among the Census Metropolitan Areas (CMAs), Saguenay registered the largest increase in median price of single-family homes, at 4 per cent.

As for condominiums, the provincial median price reached $208,000 in the first quarter of 2013, up 1 per cent compared to the same period in 2012. The largest price increases were in the agglomerations of Granby (+13 per cent) and Saint-Hyacinthe (+8 per cent), as well as in the Québec City CMA (+7 per cent).

The number of properties for sale increased for a twelfth consecutive quarter. There were an average of 70,239 properties listed on the Centris® system in the first quarter of 2013, a 7 per cent increase compared to the first quarter of last year. "The increase in supply and the decrease in sales resulted in an easing of market conditions in most urban centres, which translated into smaller price increases and longer average selling times," explained Paul Cardinal, Manager of the Market Analysis Department at the QFREB.

About the Greater Montréal Real Estate Board

The Greater Montréal Real Estate Board is a non-profit organization that brings together close to 11,000 real estate broker members. Its mission is to actively promote and protect its members' professional and business interests in order for them to successfully meet their business objectives.

About the Québec Federation of Real Estate Boards

The Québec Federation of Real Estate Boards is a non-profit organization composed of Québec's 12 real estate boards and more than 14,000 real estate brokers who are members. Its mission is to promote and protect the interests of Québec's real estate industry so that the boards and their members can successfully meet their business objectives.

About Centris®

Centris®, a division of the Greater Montréal Real Estate Board, offers technology resources to Québec's 12 real estate boards and their 14,000 real estate brokers. Centris.ca is Québec's real estate industry website for consumers, grouping all properties for sale by a real estate broker under the same address.

For more information on the Centris® statistics for each of the province's regions, don't miss the upcoming publication of the QFREB Barometer.