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Provincial Real Estate Market: Fourth Consecutive Quarterly Drop in Sales

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ILE-DES-SOEURS, QUEBEC -- (Marketwired) -- 07/12/13 -- According to the real estate brokers' provincial database, the Quebec Federation of Real Estate Boards recorded 23,079 residential sales transactions in Quebec in the second quarter of 2013. This represents a 7 per cent decrease compared to the second quarter of 2012 and the fourth consecutive quarterly drop in sales.

Most of the province's Census Metropolitan Areas (CMAs) registered a drop in sales in the second quarter of the year, including Saguenay (-15 per cent), Quebec City (-14 per cent), Trois-Rivieres (-13 per cent), Montreal (-9 per cent) and Gatineau (-7 per cent). The Sherbrooke Metropolitan Area was the exception, registering a 4 per cent increase in residential transactions. Many agglomerations in the province also managed to avoid the downward sales trend, including Victoriaville (+28 per cent), Mont-Tremblant (+26 per cent), Riviere-du-Loup (+19 per cent), Saint-Adele (+13 per cent), Shawinigan (+9 per cent) and Drummondville (+8 per cent), which posted the largest increases in sales.

Province-wide, the median price of single-family homes was relatively stable in the second quarter of the year, reaching $230,000; this was only $1,000 more than in the second quarter of last year. "Price growth has slowed considerably in many areas of the province in recent quarters," said Paul Cardinal, Manager, Market Analysis, at the Quebec Federation of Real Estate Boards. "Properties are also staying on the market longer. The average selling time in the province, for all property categories combined, grew from 90 days in the second quarter of 2012 to 102 days in the second quarter of 2013," he added.

There were 73,554 properties listed in the Centris® system in the second quarter of 2013, a 10 per cent increase compared to the same period last year.

----------------------------------------------------------------------------2nd Quarter of 2013 Sales Median price (single-family)---------------------------------------------------------------------------- Variation(i) Variation(i)----------------------------------------------------------------------------Province of Quebec 23,079 -7% $230,000 0%----------------------------------------------------------------------------Metropolitan Areas Gatineau 1,259 -7% $235,000 0% Montreal 12,066 -9% $281,625 2% Quebec City 1,909 -14% $253,000 4% Saguenay 442 -15% $185,000 1% Sherbrooke 513 4% $196,125 -2% Trois-Rivieres 273 -13% $150,000 0%----------------------------------------------------------------------------



(i)Variation compared to the same quarter last year

Source: QFREB by the Centris® system

In the Gatineau Metropolitan Area, 1,259 residential properties were sold through the Centris® system in the second quarter of 2013, a 7 per cent decrease compared to the same period last year. As was the case for the province as a whole, this was the fourth consecutive quarterly drop in sales. The number of properties for sale increased by 22 per cent, with an average of 3,020 active listings in the second quarter of 2013. The median price of single-family homes remained stable as compared to the second quarter of 2012, at $235,000. The median price of condominiums grew by 1 per cent to reach $166,500.

In the Montreal Metropolitan Area, real estate brokers concluded 12,066 transactions through the Centris® system from April to June 2013. This represents a 9 per cent decrease compared to the same period in 2012 and the fourth consecutive quarterly drop in sales. The number of properties for sale continued to climb, growing by 16 per cent in the second quarter of 2013. The median price of single-family homes increased by 2 per cent compared to the second quarter of 2012 to reach $281,625. That of plexes increased by 3 per cent to reach $429,000 while that of condominiums remained stable at $227,000.

The 1,909 residential sales transactions in the Quebec City Metropolitan Area in the second quarter of 2013 represent a 14 per cent decrease compared to the same period in 2012. A significant increase (+21 per cent) in the number of properties for sale by real estate brokers was also observed, with an average of 5,699 active listings from April to June. Despite this, the Quebec City area continued to register price increases that were among the highest in the province. In the past year, the median price of single-family homes grew by 4 per cent to reach $253,000. The median price of condominiums gained 3 per cent to reach $202,971, while that of plexes jumped by 9 per cent to reach $305,000.

The Saguenay Metropolitan Area registered the largest decrease in sales among the province's six metropolitan areas. From April to June, 442 residential transactions were concluded, a 15 per cent drop compared to the same period last year. This was the fourth consecutive quarterly decrease in sales. At the same time, the number of properties for sale in the Centris® system increased by 20 per cent. Despite this situation, the median price of single-family homes in the Saguenay area, where market conditions are balanced, increased by 1 per cent compared to last year to reach $185,000.

There were 513 sales transactions concluded in the Sherbrooke Metropolitan Area in the second quarter of 2013, a 4 per cent increase compared to the same quarter in 2012. The Magog area performed particularly well, with an 11 per cent increase in sales. Throughout the Sherbrooke area, the supply of properties for sale changed little (+2 per cent), with an average of 1,748 listings from April to June 2013. The median price of single-family homes nevertheless fell by 2 per cent compared to the second quarter of 2012, as half of the homes were sold at a price higher than $196,125.

Sales in the Trois-Rivieres Metropolitan Area were down by 13 per cent in the second quarter of 2013 as compared to the same quarter in 2012, with 273 residential transactions concluded through the Centris® system. At the same time, the number of properties for sale increased by 13 per cent while, on average, 872 properties were listed. For single-family homes in the Trois-Rivieres area, where market conditions are still balanced, the median price remained stable at $150,000 and the average selling time rose to 93 days.

About the Quebec Federation of Real Estate Boards

The Quebec Federation of Real Estate Boards is a non-profit organization composed of Quebec's 12 real estate boards as associate members and close to 14,000 real estate brokers who are affiliated members. Its mission is to promote and protect the interests of Quebec'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 Montreal Real Estate Board, offers technology resources to Quebec's 12 real estate boards and their 14,000 real estate brokers. 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.

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



Contacts:
Chantal de Repentigny, Assistant Director
Media Relations and Special Projects Communications
and Industry Relations
Quebec Federation of Real Estate Boards
514-762-0212, ext. 130/Toll-free: 1-866-882-0212, ext. 130
chantal.derepentigny@fciq.ca



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