Centris residential sales statistics – 3rd quarter 2021: the Quebec real estate market slowed down by a lack of properties for sale

0

Enter Wall Street with StreetInsider Premium. Claim your 1-week free trial here.


L’ÎLE-DES-SŒURS, Quebec, Oct. 20, 2021 (GLOBE NEWSWIRE) – The Professional Association of Real Estate Brokers of Quebec (APCIQ) has just published its quarterly statistics of the residential real estate market in the province of Quebec, based on the Centris provincial database of real estate brokers.

A total of 22,333 residential sales transactions were closed in the third quarter of 2021, a sharp drop of 30% from the third quarter of last year, when there was a historic rebound in sales following the market break in reason for locking.

Sales

  • In total, 13,899 single-family homes (-36%), 5,835 condominiums (-24%) and 2,505 plexes (+ 3%) changed hands in Quebec in the third quarter of the year.
  • Geographically, the agglomerations of Sainte-Agathe-des-Monts (-54%), Saint-Sauveur (-50%), Rouyn-Noranda (-45%), Rimouski (-44%) and Joliette (- 41 percent) saw their home sales decline substantially from the phenomenal rebound in activity in the third quarter of last year.
  • Among the six census metropolitan areas (CMAs) in the province, the Saguenay CMA recorded the largest drop in sales, with a drop of 37%, followed by the Quebec City CMA (-32%), the Montreal CMA (-29%) and the Gatineau CMA (-24 percent). The Trois-Rivières CMA recorded the smallest drop in sales, at 8%. However, it is important to put these statistics in perspective and remember that the Trois-Rivières CMA recorded the smallest increase in sales in the third quarter of 2020, at 16%.

Prices

  • For the province as a whole, the median price of single-family homes increased 18% to $ 365,000.
  • In metropolitan areas, the largest price increases for single-family homes were observed in the CMAs of Trois-Rivières (+ 28%), Gatineau (+ 24%) and Sherbrooke (+ 21%).
  • Outside the metropolitan regions, the agglomerations of Lachute (+ 44%), Sorel-Tracy (+ 35%), Sainte-Agathe-des-Monts (+ 27%), Drummondville (+ 25%) and Rimouski (+ 23%) posted the largest price increases for single-family homes.
  • Provincially, the median price of condominiums increased 18% to $ 334,000, while that of plexes increased 5% to $ 450,000.

Active ads

  • The downward trend in supply continued for a 23rd consecutive quarter. From July to September, there was an average of 24,939 properties for sale in the Centris system of real estate brokers, which is a decrease of 31% from the same period last year. This is the lowest level of active listings on record since 2003, when the size of the residential housing stock was much smaller than it is today.
  • This largely explains the sharp slowdown in sales, as transactions are limited by the shortage of properties for sale on the resale market.
  • All of the province’s CMAs saw a significant drop in the number of properties for sale compared to last year. The CMAs of Saguenay (-43%), Quebec (-38%) and Sherbrooke (-35%) recorded the largest drops in supply.

Market conditions and sales deadlines

  • The significant decrease in supply resulting from continued strong demand in most parts of the province has resulted in tense market conditions that have reached record levels and are extremely favorable to sellers.
  • As is the case across the province for condominiums, market conditions for this category of properties on the Island of Montreal have tightened considerably compared to last year. It should be remembered that this segment was the only one to have experienced a significant easing of market conditions in the third quarter of 2020.
  • Provincially, it took an average of 45 days (-49 days) to sell a single-family home, 51 days (-11 days) to sell a condominium, and 68 days (-26 days) to sell a plex.

“The return to pre-pandemic sales levels was mainly due to a lack of properties on the market, both for single-family homes and condominiums. With less than three months of inventory, the Quebec resale market has not experienced such a shortage of supply since the Centris system of real estate brokers began to compile data in 2000. This puts constant pressure on the market. price hike, ”said Charles Brant. , Director of the APCIQ Market Analysis Service. “Only plexes are experiencing higher activity than last year, as they benefit from less tense market conditions and renewed interest in their many advantages.

Click here to view market statistics for the entire province.

About the Professional Association of Real Estate Brokers of Quebec

The Professional Association of Real Estate Brokers of Quebec (APCIQ) is a non-profit association that brings together more than 13,300 real estate brokers and agencies. It is responsible for promoting and defending their interests, taking into account the challenges of the profession and the various professional and regional realities of its members. The APCIQ is also an important player in many real estate matters, including the implementation of measures to promote home ownership. The Association reports statistics on the residential real estate market in Quebec, offers training, tools and services related to real estate and facilitates the collection, dissemination and exchange of information. The APCIQ has its head office in Quebec and its administrative offices in Montreal. It has two subsidiaries: Centris inc. and the Quebec Real Estate College. Follow its activities on qpareb.ca or through its social media pages: Facebook, LinkedIn, Twitter and Instagram.

The APCIQ released a major study on real estate overheating on September 13, 2021. This brief was presented to the Quebec Minister of Finance as part of the consultation on the supervision of real estate brokers in a context of an overheating market. Click here to read this analysis.

About Centris

Centris is a dynamic and innovative technology company in the real estate sector. It collects data and offers solutions tailored to the needs of professionals. Among these solutions is Centris.ca, the most visited real estate site in Quebec.

Click on the links below to view regional press releases:

Montreal CMA Quebec CMARMR of Gatineau CMA of Sherbrooke CMA of Saguenay CMA of Trois-Rivières Agglomeration of Granby Agglomeration of Joliette Agglomeration of the Laurentians Agglomeration of Saint-Hyacinthe Agglomeration of Drummondville and Victoriaville Agglomeration of Val-d’Or and Rouyn-Noranda

For more information:

Marie-Rose DesautelsMorin Public [email protected]

Image bank (QPAREB credit) available free of charge.

Main logo

Source: Professional Association of Real Estate Brokers of Quebec (APCIQ)


Source link

Leave A Reply

Your email address will not be published.