QFREB:The Province’s Real Estate Market Slowed in May 2010

Île-des-Soeurs, June 14, 2010 – There were 8,014 MLS® sales transactions in the province of Québec in May 2010, an 8 per cent decrease compared to May 2009, according to the Québec Federation of Real Estate Boards (QFREB).
"It's not unexpected to see a slowdown in the real estate market given that the market was extremely active the last few months with consumers getting back into the market following the recession," said Michel Beausejour, FCA, Chief Executive Officer of the GMREB.
"Aside from experiencing some pent up demand from consumers, others were buying their properties earlier than planned, wanting to avoid an increase in mortgage interest rates. Plus, we're heading into the summer months when the real estate market tends to naturally slow down," he added.

The Montréal area registered the same sales decrease as the province, meaning 8 per cent fewer sales in May 2010 compared to May 2009. Prices continued to increase however, as the median price of single-family homes increased by 8 per cent to reach $257,000. The median price of condominiums increased by 7 per cent in May 2010 compared to May 2009 to reach $207,000, while that of plexes increased by 11 per cent to reach $390,000.

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Marlene Ofter

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