The 2nd quarter of 2020 ended with a decrease in sales, as 22,102 residential transactions were concluded across the province, a 24 per cent decrease compared to the second quarter of last year.
The drop in sales was mainly due to the arrival of COVID-19, which put the real estate market on hold. It also put an end to a series of 23 consecutive quarterly increases in sales.
By property category, 15,591 single-family homes were sold in Quebec in the second quarter of the year, a 19 per cent decrease compared to the same period last year. Sales of condominiums fell by 34 per cent and sales of plexes dropped by 33 per cent.
For the province six CMAs, the Montreal CMA was most affected by the crisis, registering a 36 per cent drop in sales. This was followed by the Gatineau CMA, where sales decreased by 23 per cent. The Sherbrooke and Trois-Rivières CMAs both registered a drop of 22 per cent, while the Quebec City and Saguenay CMAs fared better with respective decreases of 11 and 16 per cent.
The median price of single-family homes across the province increased by 4 per cent compared to the second quarter of last year, reaching $275,500. The median price of condominiums increased by 6 per cent ($255,000) while that of plexes fell by 10 per cent ($381,750).
Outside of the CMAs, the area with the largest price increase for single-family homes was the agglomeration of Sainte-Agathe-des-Monts, at 49 per cent.
In the second quarter of 2020, the supply of properties for sale decreased by 28 per cent compared to the second quarter of last year.
Market conditions and selling times
The COVID-19 health crisis had a strong impact on the real estate market in the second quarter of 2020. However, conditions have stabilized in the vast majority of areas in the province. Overall, market conditions tend to favour sellers.