Highlights - First Quarter 2020 Sales • In total, 27,817 sales were concluded in the first quarter of the year, a significant 18 per cent increase compared to the first quarter of last year. This was the 23rd consecutive quarterly residential real estate market increase in sales and the largest first-quarter sales result since the real estate brokers’ Centris system began compiling market data (2000). FIRST QUARTER 2020 • 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. Median price • The median price of single-family homes for the province as a whole increased by 8 per cent to reach $275,000. • As for 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 Province of Quebec (+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- Sales Listings Price 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, 18% -21% 8% while that of plexes jumped by 11 per cent, reaching $425,000. Change in total Change in residential Change in median price of residential active listings single-family homes sales compared to the compared to the compared to the 1st quarter of 2019 1st quarter of 2019 1st quarter of 2019 Active listings • 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 • Once again, market conditions have tightened in the vast majority of the province’s regions. conditions • Selling times across the province shortened compared to one year earlier: it took an average and selling of 93 days (-11 days) to sell a single-family home, 79 days (-22 days) to sell a condominium times and 96 days (-3 days) to sell a plex. All variations are calculated in relation to the same period of the previous year. PROVINCE OF QUEBEC QPAREB BAROMETER - 1ST QUARTER 2020 - ECONOMIC INDICATORS Sociodemographic Profile Mortgage Rates Labour Market 1-year term Variation Employment (in thousands) Variation Population in 2016 Q1 2020 3.52% -0.12 Q1 2020 4,289.8 -20.5 8,164,361 Q1 2019 3.64% Q1 2019 4,310.3 Variation change between 2011 and 2016 5-year term Variation Unemployment rate Variation 3.3% Q1 2020 5.14% -0.20 Q1 2020 5.9% 0.7 Q1 2019 5.34% Q1 2019 5.2% Population density per square kilometer 6 Consumer Confidence Level Housing Starts Number of households in 2016 Total Variation 3,858,943 Overall Variation Q1 2020 8,485 13% Q1 2019 7,494 Q1 2020 159 Proportion of renters -2 161 Q1 2019 Single-Family Variation Vacancy rate Q1 2020 1,717 33% Is right now a good timeto Q1 2019 1,287 38.7% 2019 1.8 % 8,485 make a major purchase?* Variation Average rent Variation Q1 2020 43% Condominium Variation 1 Q1 2020 1,328 2019 $815 Q1 2019 42% -12% 61.3% 5% Q1 2019 1,510 2018 $775 Rental Variation Proportion of owners Q1 2020 5,440 17% Q1 2019 4,664 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% 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 Province Baie Comeau Saint-Hyacinthe Gatineau Drummondville Saint-Sauveur Montreal Granby Sainte-Adèle Quebec Joliette Sainte-Agathe-des-Monts Saguenay Mont-Tremblant Salaberry-de-Valleyfield Sherbrooke Rimouski Sept-Îles Trois-Rivières Rivière-du-Loup Shawinigan Rouyn-Noranda Sorel-Tracy Thetford Mines Val-d’Or Victoriaville | 4 QPAREB Barometer - First 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 First Quarter 2020 First Quarter 2020 Last 12 Months Past 5 years Sales 18,709 17 % 66,916 13 % Active Listings 34,224 -17 % 37,036 -12 % Sales 27,817 18 % Median Price $275,000 8 % $265,000 5 % 21 % New Listings 36,375 -11 % Average Price $320,062 8 % $314,588 4 % 23 % Active Listings 48,787 -21 % Average Selling TIme (days) 93 -11 95 -11 Volume (in thousands $) 9,087,838 28 % Last 12 Months Condominium First Quarter 2020 Last 12 Months Past 5 years Sales 6,885 18 % 24,828 18 % Sales 100,718 14 % Active Listings 8,995 -33 % 10,292 -25 % New Listings 133,939 -4 % Median Price $250,000 8 % $250,000 5 % 16 % Active Listings 53,363 -15 % Average Price $304,768 8 % $301,335 5 % 22 % Volume (in thousands $) 32,465,591 20 % Average Selling TIme (days) 79 -22 87 -20 Source: QPAREB by the Centris system Plex First Quarter 2020 Last 12 Months Past 5 years Sales 2,127 27 % 8,508 19 % Active Listings 4,917 -19 % 5,377 -9 % Median Price $425,000 11 % $430,000 6 % 24 % Average Price $470,003 13 % $457,383 8 % 33 % Average Selling TIme (days) 96 -3 99 1 | 5 QPAREB Barometer - First 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 First Quarter 2020 First Quarter 2020 Last 12 Months Past 5 years Sales 965 17 % 4,052 10 % Sales 1,306 24 % Active Listings 1,128 -34 % 1,411 -26 % Median Price $280,000 11 % $268,461 7 % 26 % New Listings 1,725 -12 % Average Price $301,488 10 % $289,552 5 % 26 % Active Listings 1,537 -37 % Average Selling TIme (days) 65 -12 63 -11 Volume (in thousands $) 369,690 35 % Condominium Last 12 Months First Quarter 2020 Last 12 Months Past 5 years Sales 255 56 % 961 48 % Sales 5,406 16 % Active Listings 239 -45 % 305 -35 % New Listings 6,862 -10 % Median Price $177,000 11 % $172,500 8 % 10 % Active Listings 1,930 -28 % Average Price $200,872 8 % $192,053 8 % 14 % Average Selling TIme (days) 57 -46 76 -22 Volume (in thousands $) 1,485,108 22 % Plex Table 3 - Market Conditions by Price Range First Quarter 2020 Last 12 Months Past 5 years Single-Family Sales 85 42 % 385 35 % Last 12 Months Active Listings 157 -40 % 199 -26 % Median Price $320,000 10 % $309,000 8 % 33 % Price Range Inventory Sales Months of Market Average Price $332,215 5 % $329,888 5 % 32 % ($ thousands) (average of (average of Inventory Conditions Average Selling TIme (days) 108 -5 109 5 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 284 69 4.1 Seller 200 to 249 210 72 2.9 Seller 12 250 to 299 208 71 2.9 Seller 11 Buyer’s market 300 to 349 171 46 3.7 Seller 10 Single-Family 9 Balanced market 350 to 399 145 32 4.5 Seller 8 more than 400 393 47 8.3 Balanced Condominium 7 Plex 6 Source: QPAREB by the Centris system 5 Seller’s market 4 3 Number Number of months of inventory 2 *Last 12 months A M J J A S O N D J F M | 6 QPAREB Barometer - First 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 First Quarter 2020 First Quarter 2020 Last 12 Months Past 5 years Sales 8,099 12 % 28,408 9 % Sales 14,662 13 % Active Listings 8,237 -26 % 8,918 -19 % Median Price $360,000 11 % $350,000 7 % 29 % New Listings 18,087 -12 % Average Price $427,633 10 % $425,347 6 % 29 % Active Listings 14,785 -32 % Average Selling TIme (days) 58 -14 61 -13 Volume (in thousands $) 6,006,021 26 % Condominium Last 12 Months First Quarter 2020 Last 12 Months Past 5 years Sales 5,317 13 % 19,402 15 % Sales 53,008 12 % Active Listings 4,865 -40 % 5,812 -31 % New Listings 62,878 -5 % Median Price $279,500 12 % $275,000 7 % 22 % Active Listings 16,683 -24 % Average Price $333,639 11 % $327,332 6 % 25 % Average Selling TIme (days) 61 -26 71 -22 Volume (in thousands $) 21,470,787 19 % Plex Table 3 - Market Conditions by Price Range First Quarter 2020 Last 12 Months Past 5 years Single-Family Sales 1,234 24 % 5,144 16 % Last 12 Months Active Listings 1,621 -32 % 1,888 -19 % Median Price $595,000 16 % $565,000 9 % 38 % Price Range Inventory Sales Months