FOURTH QUARTER 2020 a 17 Per Cent Increase Compared to 2019
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Highlights residential real estate market Sales ■ A total of 112,476 residential sales transactions were concluded in Quebec in 2020. This represents FOURTH QUARTER 2020 a 17 per cent increase compared to 2019. It was also the largest annual increase in sales since the real estate brokers’ Centris system began compiling market data in the year 2000. ■ By property category, single-family homes stood out with an 18 per cent jump in sales across the province. Sales of plexes and condominiums also registered strong increases of 17 per cent and 13 per cent, respectively. ■ Among the province’s metropolitan areas, Quebec City (+28 per cent), Sherbrooke (+22 per cent) and Gatineau (+15 per cent) registered the largest increases in sales. ■ Overall, sales in regions outside of the metropolitan areas experienced an even more dramatic increase in sales (+31 per cent), all property categories combined. ■ More specifically, several small urban resort areas registered phenomenal sales growth, including the agglomerations of Charlevoix (+94 per cent), Sainte-Agathe-des-Monts (+64 per cent), Mont-Tremblant (+59 per cent) and Sainte-Adèle (+57 per cent). Province of Quebec Median price ■ The median price of single-family homes in Quebec stood at $295,000 in 2020, up 13 per cent Sales Listings Price compared to 2019. ■ The median price of condominiums also registered a notable increase, rising by 11 per cent to 39% -36% 24% reach $272,000. Change in total Change in residential Change in median price of ■ The median price of plexes (2 to 5 dwellings) remained relatively stable compared to 2019, residential active listings single-family homes inching up by 1 per cent to reach $425,000. sales compared to the compared to the compared to the 4th quarter of 2019 4th quarter of 2019 4th quarter of 2019 Active listings ■ There was an average of 39,848 active listings on the Centris system in Quebec in 2020, a 29 per cent drop compared to 2019. This was the fifth consecutive annual decrease in active listings. Market conditions and selling times ■ Market conditions tightened in the vast majority of areas of the province. Many agglomerations located outside of the metropolitan areas experienced the most rapid tightening of market conditions in favour of sellers. ■ Selling times in Quebec shortened compared to 2019: for all property categories combined, it took an average of 86 days for a property to sell (-11 days). All variations are calculated in relation to the same period of the previous year. PROVINCE OF QUEBEC QPAREB BAROMETER - 4TH QUARTER 2020 - ECONOMIC INDICATORS Sociodemographic Profile Mortgage Rates Labour Market 1-year term Variation Employment (in thousands) Variation Population in 2016 Q4 2020 3.09% -0.55 Q4 2020 4,262.9 -82.1 8,164,361 Q4 2019 3.64% Q4 2019 4,345.0 Variation change between 2011 and 2016 5-year term Variation Unemployment rate Variation 3.3% Q4 2020 4.79% -0.40 Q4 2020 7.2% 1.9 Q4 2019 5.19% Q4 2019 5.3% Population density per square kilometer 6 Consumer Confidence Level Housing Starts Number of households in 2016 Total Variation 3,858,943 Overall Variation Q4 2020 14,138 23% Q4 2019 11,533 Q4 2020 102 Proportion of renters -62 164 Q4 2019 Single-Family Variation Vacancy rate Q4 2020 3,521 18% Is right now a good timeto 14,138 Q4 2019 2,979 38.7% 2019 1.8 % make a major purchase?* Variation Average rent Variation Q4 2020 29% Condominium Variation -14 Q4 2020 1,599 2019 $815 Q4 2019 43% -35% 61.3% 5% Q4 2019 2,453 2018 $775 Rental Variation Proportion of owners Q4 2020 9,018 48% Q4 2019 6,101 Sources: Statistics Canada, 2016 census, Sources: Statistics Canada and Conference Board of Canada Sources: Statistics Canada and CMHC CMHC - Rental Maket Survey, January 2020 *Proportion of people who responded “yes” to this question. ++Variation greater than 100% | 2 Map of Urban Centres in the Province of Quebec * Agglomerations for which only annual statistics are published in the 4th quarter Barometer. | 3 Definition of Areas (Click on the area in order to access the associated page) Rivière-du-Loup Province Alma Rouyn-Noranda Gatineau Amos Saint-Georges Montreal Baie Comeau Saint-Hyacinthe Quebec City Cowansville Saint-Sauveur Saguenay Drummondville Sainte-Adèle Sherbrooke Granby Sainte-Agathe-des-Monts Trois-Rivières Joliette Lachute Sainte-Marie La Tuque Salaberry-de-Valleyfield Matane Sept-Îles Mont-Laurier Shawinigan Mont-Tremblant Sorel-Tracy Rawdon Thetford Mines Rimouski Val-d’Or Victoriaville | 4 QPAREB Barometer - Fourth Quarter 2020 Definitions and Explanatory Notes Province of Quebec Table 1 - Summary of Centris Activity Table 2 - Detailed Centris Statistics by Property Category Total Residential Single-Family Fourth Quarter 2020 Fourth Quarter 2020 Last 12 Months Past 5 years Sales 19,664 37 % 75,587 18 % Active Listings 18,688 -47 % 25,950 -33 % Sales 30,741 39 % Median Price $328,000 24 % $295,000 13 % 28 % New Listings 31,937 14 % Average Price $393,511 23 % $355,920 15 % 34 % Active Listings 32,471 -36 % Average Selling TIme (days) 70 -26 91 -7 Volume (in thousands $) 12,004,385 63 % Last 12 Months Condominium Fourth Quarter 2020 Last 12 Months Past 5 years Sales 7,623 39 % 26,867 13 % Sales 112,476 17 % Active Listings 8,944 -7 % 8,934 -22 % New Listings 130,435 -5 % Median Price $290,000 12 % $272,000 11 % 24 % Active Listings 39,848 -29 % Average Price $343,101 11 % $322,763 9 % 26 % Volume (in thousands $) 40,139,838 32 % Average Selling TIme (days) 59 -27 68 -25 Source: QPAREB by the Centris system Plex Fourth Quarter 2020 Last 12 Months Past 5 years Sales 3,295 51 % 9,442 17 % Active Listings 4,458 -14 % 4,499 -20 % Median Price $439,450 -1 % $425,000 1 % 18 % Average Price $490,871 5 % $472,713 6 % 29 % Average Selling TIme (days) 76 -21 90 -10 | 5 QPAREB Barometer - Fourth Quarter 2020 Definitions and Explanatory Notes Gatineau Metropolitan Area Table 1 - Summary of Centris Activity Table 2 - Detailed Centris Statistics by Property Category Total Residential Single-Family Fourth Quarter 2020 Fourth Quarter 2020 Last 12 Months Past 5 years Sales 1,043 32 % 4,348 11 % Sales 1,496 38 % Active Listings 544 -56 % 864 -45 % Median Price $325,600 23 % $312,000 19 % 36 % New Listings 1,432 25 % Average Price $354,988 24 % $334,903 18 % 34 % Active Listings 902 -46 % Average Selling TIme (days) 35 -28 53 -12 Volume (in thousands $) 501,293 66 % Condominium Last 12 Months Fourth Quarter 2020 Last 12 Months Past 5 years Sales 288 50 % 1,109 28 % Sales 5,924 15 % Active Listings 193 -17 % 225 -37 % New Listings 6,642 -6 % Median Price $210,000 21 % $195,000 16 % 19 % Active Listings 1,250 -42 % Average Price $222,421 10 % $207,855 10 % 15 % Average Selling TIme (days) 30 -59 42 -45 Volume (in thousands $) 1,856,869 34 % Plex Table 3 - Market Conditions by Price Range Fourth Quarter 2020 Last 12 Months Past 5 years Single-Family Sales 158 55 % 454 26 % Last 12 Months Active Listings 154 -13 % 150 -33 % Median Price $366,000 13 % $345,000 15 % 38 % Price Range Inventory Sales Months of Market Average Price $400,963 17 % $368,276 13 % 27 % ($ thousands) (average of (average of Inventory Conditions Average Selling TIme (days) 47 -87 67 -43 the 12 months) the 12 months) Evolution of Market Conditions by Property Category* **Insufficient number of transactions to produce reliable statistics (I) (V) (I)/(V) 200 and less 127 47 2.7 Seller 200 to 249 105 53 2.0 Seller 12 250 to 299 128 67 1.9 Seller 11 Buyer’s market 300 to 349 115 61 1.9 Seller 10 Single-Family 9 Balanced market 350 to 399 79 48 1.7 Seller 8 more than 400 310 85 3.6 Seller Condominium 7 Plex 6 Source: QPAREB by the Centris system 5 Seller’s market 4 3 Number of months of inventory inventory of months of Number 2 *Last 12 months J F M A M J J A S O N D | 6 QPAREB Barometer - Fourth Quarter 2020 Definitions and Explanatory Notes Montreal Metropolitan Area Table 1 - Summary of Centris Activity Table 2 - Detailed Centris Statistics by Property Category Total Residential Single-Family Fourth Quarter 2020 Fourth Quarter 2020 Last 12 Months Past 5 years Sales 8,176 34 % 30,246 10 % Sales 15,657 33 % Active Listings 5,123 -39 % 6,458 -33 % Median Price $432,750 22 % $400,000 18 % 40 % New Listings 16,947 28 % Average Price $536,764 23 % $487,845 17 % 42 % Active Listings 13,097 -16 % Average Selling TIme (days) 38 -21 52 -13 Volume (in thousands $) 7,703,696 56 % Condominium Last 12 Months Fourth Quarter 2020 Last 12 Months Past 5 years Sales 5,654 32 % 20,072 7 % Sales 55,609 8 % Active Listings 6,057 14 % 5,411 -18 % New Listings 67,327 3 % Median Price $320,000 12 % $305,000 14 % 29 % Active Listings 13,590 -26 % Average Price $373,932 11 % $353,924 11 % 29 % Average Selling TIme (days) 44 -27 50 -28 Volume (in thousands $) 25,203,343 25 % Plex Table 3 - Market Conditions by Price Range Fourth Quarter 2020 Last 12 Months Past 5 years Single-Family Sales 1,807 35 % 5,226 7 % Last 12 Months Active Listings 1,876 7 % 1,676 -19 % Median Price $633,895 10 % $615,000 12 % 39 % Price Range Inventory Sales Months of Market Average Price $667,365 10 % $643,132 12 % 40 % ($ thousands) (average of (average of Inventory Conditions Average Selling TIme (days) 47 -26 58 -17 the 12 months) the 12 months) Evolution of Market Conditions by Property Category* **Insufficient number of transactions to produce reliable statistics (I) (V) (I)/(V) 200 and less 240 93 2.6 Seller 200 to 299 865 429 2.0 Seller 12 11 Buyer’s market 300 to 399 1,345