The Quebec Federation of Real Estate Boards (QFREB) has announced that it is making significant upward revisions to its 2017 forecasts owing to Montreal’s outsized performance as well as to strong job creation, increased migration, and improved consumer confidence.
The Federation is now projecting a 2 per cent year-over-year increase in real estate sales across Quebec in 2017. This would mark the province’s best year sales-wise since 2010. Last January, the QFREB anticipated a 7 per cent decline in sales this year.
The QFREB’s price predictions were similarly adjusted, with the median price of single-family homes across the province now expected to grow by 3 per cent year-over-year, up to $242,000.
The trend stems from pronounced strength in the first part of the year “largely attributable to the Montréal area, which had the lion’s share of the jobs that were created since the start of 2016.”
“The QFREB expects 41,500 transactions to be concluded in the Montréal CMA in 2017, a 4 per cent increase compared to 2016. This would make it the best year in terms of sales since 2010,” the Federation explained. “It is important to know that market conditions for single-family homes have recently started to favour sellers once again. This will accelerate price growth from 2 per cent last year to 6 per cent this year. The median price of single-family homes is therefore expected to reach $312,500 across the CMA.”
“As for condominiums, demand is currently sustained and market conditions are in the process of rebalancing. The QFREB expects that half of all condominium sales in 2017 will be at a price that is higher than $247,000, up 3 per cent from the median price of 2016,” it added.
The QFREB’s report on its revised forecasts can be viewed here.
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