2016 Report: Which Areas Stood Out the Most?
The Québec Federation of Real Estate Boards (QFREB) recently published a document in its Window on the Market publication that lists the areas that stood out the most in 2016 on Québec’s residential real estate market. Here are some highlights regarding the most expensive and affordable areas, as well as those with the shortest average selling times in the province.
For the province as a whole, the number of residential transactions concluded through the real estate brokers’ Centris® system grew by 5 per cent in 2016, to reach 78,195 sales. This is the second consecutive annual increase in transactions. A similar rise of 5 per cent was also posted in 2015. The increase in median prices across Québec was more moderate for single-family homes ($234,500) and condominiums ($222,500), at 2 per cent and 1 per cent respectively. The median price for small rental properties containing two to five dwellings (plexes) grew by 3 per cent compared to 2015, to reach $370,000. As for selling times, the average time to sell a property in the province, all categories combined, reached 121 days in 2016. However, note that the average selling time was significantly shorter in metropolitan areas (108 days) compared to elsewhere in the province (153 days).
Most Expensive Areas of 2016
Most Affordable Areas in 2016
Most Expensive Transactions in 2016
2016 Shortest Selling Times
It is no surprise that the most expensive regions are found in the Montréal administrative region, while the most affordable municipalities are found in Lanaudière. Furthermore, the shortest selling times were registered in Montréal and Montérégie. Finally, in general, the administrative region of Montréal had the tightest market conditions in the province for single-family homes.
For more information, please read the full Word from the Economist published by the Québec Federation of Real Estate Boards.