|Note on COVID-19: The statistics published in this press release reflect sales that were concluded between January 1 and March 31, 2020, a period that was relatively unaffected by COVID-19. To learn more about the current impact of the pandemic and our forecasts for the coming months for Quebec’s real estate market, watch for the upcoming release of our analysis.|
L’ÎLE-DES-SŒURS, Quebec, April 23, 2020 (GLOBE NEWSWIRE) — The Quebec Professional Association of Real Estate Brokers (QPAREB) has released its most recent residential real estate market statistics for the province of Quebec, based on the real estate brokers’ Centris provincial database. In total, 27,817 residential transactions were concluded in the first quarter of 2020, a notable 18 per cent increase compared to the first quarter of last year. This was the 23rd consecutive quarterly increase in sales and the largest first-quarter sales result since the real estate brokers’ Centris system began compiling market data in the year 2000.
- In total, 18,709 single-family homes (+17 per cent), 6,885 condominiums (+18 per cent) and 2,127 plexes (+27 per cent) changed hands across Quebec in the first quarter of 2020.
- Geographically, the agglomerations of Sept-Îles (+59 per cent), Sainte-Agathe-des-Monts (+52 per cent), Sorel-Tracy (+50 per cent), Granby (+46 per cent) and Salaberry-de-Valleyfield (+44 per cent) stood out with the strongest residential sales increases.
- As for the province’s six census metropolitan areas (CMAs), Quebec City registered the largest increase in sales at 34 per cent, followed by Gatineau at 24 per cent. The Trois-Rivières CMA also stood out with an increase of 21 per cent.
- The Sherbrooke, Montreal and Saguenay CMAs also posted notable sales increases of 14, 13 and 4 per cent, respectively.
- The median price of single-family homes for the province as a whole increased by 8 per cent to reach $275,000.
- In the metropolitan areas, the largest increases in the median price of single-family homes were in the Gatineau and Montreal CMAs (+11 per cent), followed by the Sherbrooke CMA (+7 per cent).
- Outside of the metropolitan areas, the largest price increases for single-family homes were in the agglomerations of Mont-Tremblant (+32 per cent), Sainte-Adèle (+29 per cent), Rivière-du-Loup (+24 per cent), Sept-Îles (+17 per cent) and Saint-Sauveur (+14 per cent).
- Provincially, the median price of condominiums increased by 8 per cent to reach $250,000, while that of plexes jumped by 11 per cent, reaching $425,000.
- The downward trend in supply continued for a seventeenth consecutive quarter. Between January and March 2020, there was an average of 48,787 properties for sale in the real estate brokers’ Centris system, down 21 per cent compared to the first quarter of 2019.
- The decrease in the number of properties for sale over the past year was particularly pronounced in the Gatineau (-37 per cent), Montreal (‑32 per cent) and Sherbrooke (-24 per cent) CMAs.
Market conditions and selling times
- Once again, market conditions have tightened in the vast majority of the province’s regions.
- Selling times across the province shortened compared to one year earlier: it took an average of 93 days (‑11 days) to sell a single-family home, 79 days (-22 days) to sell a condominium and 96 days (-3) to sell a plex.
“With nearly 28,000 transactions (+18 per cent), the first quarter of 2020 marks the peak of the resale market in Quebec. However, this will be a sharp contrast to the decline that we are expected to in the second quarter of the year, due to the application of social distancing measures and the suspension of so-called non-essential economic activities imposed by the government,” said Julie Saucier, president and chief executive officer of the QPAREB.
“This market vitality, which has been artificially halted since mid-March, suggests resilience for the coming months,” added Charles Brant, director of the QPAREB’s Market Analysis Department. “It thus bodes well for a significant latent demand from buyers while the supply of residential properties on the market should continue to be relatively limited in many areas.”
For more detailed market statistics for the province, click here.
About the Quebec Professional Association of Real Estate Brokers
The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 13,000 real estate brokers and agencies. It is responsible for promoting and defending their interests while taking into account the issues facing the profession and the various professional and regional realities of its members. The QPAREB is also an important player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Quebec’s residential real estate market statistics, provides training, tools and services relating to real estate, and facilitates the collection, dissemination and exchange of information. The QPAREB is headquartered in Quebec City and has its administrative offices in Montreal. It has two subsidiaries: Centris Inc. and the Collège de l’immobilier du Québec. Follow its activities at qpareb.ca or via its social media pages: Facebook, LinkedIn, Twitter and Instagram.
Centris.ca is Quebec’s real estate industry website for consumers, grouping all properties for sale by a real estate broker under the same address. Société Centris provides real estate industry stakeholders with access to real estate data and a wide range of technology tools. Centris also manages the collaboration system used by more than 13,000 real estate brokers in Quebec.
Click on the links below to consult the regional press releases:
For more information:
Communications and Marketing
514-762-2440, ext. 157
Toronto and Vancouver Real Estate Inventory May Get A Boost From AirBNB Slowdown – Better Dwelling
Canadian real estate markets may be getting another inventory headwind soon. National Bank of Canada (NBC) research estimates AirBNB hosts may contribute to oversupply later this year. As the slowdown impacts hosts, many may be incentivized to sell. By their estimates, just a quarter of hosts selling would cause inventory in cities like Toronto and Vancouver to swell.
AirBNB and Housing Inventory
AirBNB helps homeowners take existing housing stock and convert it to short-term rentals. Rather than staying in hotels, travelers can now stay in existing non-hotel stock. At first, it wasn’t a big issue when just a few people were doing it. As the platform expanded, people began buying additional housing just to operate short-term rentals. By repurposing housing that would otherwise be long-term units, cities now need additional housing. Basically, short-term rentals lead to an inventory squeeze, pushing rents and prices higher. Temporarily at least, for as long as the squeeze persists. That squeeze could end as quickly as travel did.
The Travel Industry Expects A Big Slowdown
The travel industry doesn’t expect travel to recover quickly from the pandemic. The US has approved some routes cutting plane traffic up to 90% until September. The IATA, the trade association for international airlines, also doesn’t see traffic returning to 2019 levels until at least 2023 – at the earliest. What does this mean? Fewer users of short-term rentals, and more competition from hotels for those travelers. All of this can have a big impact on real estate inventory, according to NBC numbers.
Canada’s Biggest Real Estate Markets May See Inventory Spike
If just a quarter of AirBNB inventory is sold off, NBC sees a lot more real estate listings on the market. In Vancouver, the bank estimates real estate listings would rise 12%. Montreal would see an increase of 27% in resale listings. Toronto is another story though, with inventory forecasted to rise a whopping 34%. That’s with just 25% of AirBNB exiting as hosts.
AirBNB Boost To Canadian Real Estate Inventory
The potential increase in real estate listings if 25% of AirBNB properties were listed for sale.
Source: National Bank of Canada, Better Dwelling.
The boost is another headwind for inventory rising later in the year. Inventory was already expected to rise in the coming few months. NBC economists believe this would be “exacerbating oversupply in the coming months.”
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How Is The Real Estate Market In Muskoka Post COVID19 – Hunters Bay Radio
In a brand new video podcast series, Gerry Lantaigne with Sutton Group – Muskoka Realty discuses the world of real estate in Muskoka during the Coronavirus pandemic.
Join Gerry every month as he updates you on The State of Real Estate
Watch the inaugural episode here:
May real estate sales in Powell River promising, says board president – My Powell River Now
Powell River’s real estate market is warming up.
Powell River/Sunshine Coast Real Estate Board president, Neil Frost, said May sales were “surprisingly good.”
“We were up significantly from April,” Frost said. “April was very poor, but of course that was obviously due to the pandemic and state of emergency declared in B.C.”
Frost said there were 23 residential sales plus two vacant land sales in the city last month, which is up from 11 total sales in April.
He added that those numbers are promising, especially in these uncertain times.
“March started out great and in the last half (of the month) really trailed off, and then April is where we’ve really felt the effects,” Frost said.
“May and June have already been very busy. Year-over-year, we’re looking at 41 sales for May 2019 and we had 23 for May 2020, and those are residential sales. Total sales for May 2020 was 25 total sales compared to 46 total sales for 2019.
While down from last year, Frost said 25 sales in a month is “pretty strong for our market.”
Affordability is helping to drive the market locally. Frost said the average home price is roughly $390,000.
“We’ve even seen some competing offers and property selling for over-list price,” Frost said.
The pandemic has changed the way realtors do their job, Frost said: “Worksafe BC has released a series of protocols and each office has also developed their protocols and basically, we’re trying to avoid in-person showings as much as possible.”
That said, serious buyers want to see a home in person before making the biggest purchase of their lives.
“We do take precautions, depending on the seller’s threshold,” Frost said. “Definitely sanitizing, and gloves, and facemasks if requested, (physical) distancing at all times, buyers are asked to keep their hands in their pockets and not touch anything in the homes, limit the number of people inside a home at a time. Really trying to restrict it to the serious buyers or the people that are going to be on title.”
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