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Home sales down in Quebec, marking fourth straight quarter of declines

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(Globalpost/GlobalPost)

MONTREAL - Quebec realtors say the province's housing market contracted for the fourth consecutive quarter in the April-June period, while the median price rose marginally.

The report from the Quebec Federation of Real Estate Boards says overall home sales fell seven per cent to 23,079 in the second quarter compared with the same year-earlier period.

Most of the province's Census Metropolitan Areas saw sales volumes drop in the quarter, including Saguenay, Quebec City, Trois-Rivieres and Gatineau.

In Montreal, home sales were down by nine per cent from a year ago.

That marked the third consecutive quarter of declining sales in the Montreal area, although the decrease was smaller than the 15 and 19 per cent decreases recorded in the previous quarters.

However, the federation of realtors said the number of homes listed for sale in the quarter increased by 10 per cent from a year ago to 73,554.

Meanwhile, the median price of single-family homes in the province rose to $230,000, up $1,000 from the second quarter of last year.

"Price growth has slowed considerably in many areas of the province in recent quarters," Paul Cardinal, the federation's manager of market analysis, said in a statement.

"Properties are also staying on the market longer. The average selling time in the province for all property categories combined grew from 90 days in the second quarter of 2012 to 102 days in the second quarter of 2013."

http://www.globalpost.com/dispatch/news/the-canadian-press/130712/home-sales-down-quebec-marking-fourth-straight-quarter-decli