The metropolitan area Saguenay census is the only residential real estate market to have experienced a decline in Quebec in the first quarter
The residential real estate market of Saguenay has the dubious title of worst market in the province. In the first quarter of 2016, it is the only one that experienced a decline in Quebec. The decline in residential sales mark for Saguenay third consecutive quarterly decline.
In the first quarter of 2016, 258 residential sales were concluded in the census metropolitan area (CMA) of Saguenay. This is a 9% decrease in sales compared to the same period in 2015, said Thursday the Real Estate Board of Saguenay-Lac-Saint-Jean, in a statement.
This decrease detonates with the average of the Quebec real estate market which has instead increased by 8% compared to the same quarter last year. This increase marks the seventh consecutive increase in the Quebec market. Beginning of this year is also the best three years.
Some CMAs in the province experienced an increase in home sales of 10% and more. The market having underperformed after the Saguenay CMA, is that of Québec, with a 2% increase in residential sales (see table for details).
In the Saguenay CMA, the median price of single-family homes stood at $ 167,000 in the first quarter of 2016. This is a decrease of 2%. However, no increase has been recorded on this issue in the last nine quarters, so for over two years. The largest decreases were recorded in the Chicoutimi sector (-8%) and Jonquière (-6%).
The average selling time was located during this period to 145 days, which represents an increase of 20 days, compared to the first quarter 2015.
The supply of residential properties on the market for his part, continued to grow. The number of registrations on the Centris system, used by realtors, increased 5%.
“The relaxation of the conditions of Saguenay residential market continued in the first quarter of 2016, stated the director of the Regional Real Estate Board, Carlos Cordeiro. As it is the buyers who hold the advantage in negotiations, prices undergo very little pressure. ”
Despite this sad fact, two geographical sectors experienced a slight increase in the Saguenay CMA. A total of 104 transactions were concluded in Jonquière in the first quarter of 2016, an increase of 4%.
In the outskirts of Saguenay, 39 sales were also carried out, compared with 21 during the same period last year. On the outskirts, also, the median price of single-family homes increased by 9%.