Plex values rise in Montréal and Gatineau

The median price of plexes (two to five units) sold in Quebec in the third quarter of 2017 was $380,000, which is 6% higher than the same period in 2016. According to the Barometer QFREB for the third quarter of 2017, the median plex price has increased 9% over the past five years.

In Montréal, plex buyers paid 5% more (median of $479,000) than during the same quarter in 2016, a 14% increase over the past five years. 

Conversely, the median value in Québec City was $285,000, a drop of 8% compared to the third quarter in 2016. This is about $200,000 lower than in Montréal, even though rental costs in the city are slightly higher.

The Gatineau area saw a strong increase in the median price for a plex, rising to $299,250, which is 13% higher than the same period in 2016. The price has progressed 8% over the past five years.

The median plex price in Trois-Rivières fell by 16% compared to last year, landing at $145,000. Over five years, the median cost decreased 2%. 

Sherbrooke and Saguenay did not produce enough sales to generate reliable statistics.

There were 17,941 sales in the province between July and September, representing a 7% increase from this period in 2016.

 “Quebec’s resale market is doing exceptionally well, as this was the 13th consecutive quarterly increase in sales,” said Paul Cardinal, Manager of the QFREB’s Market Analysis Department. “Furthermore, this was the best third quarter sales result in eight years,” he added.

Condominiums had strong growth for a third consecutive quarter, rising 13% (3,920 sales).

Two-to-five–unit plex sales rose 4% (1,508 transactions).

Four of the six census metropolitan areas recorded increased sales: Trois-Rivières (+17%), Québec City (+9%), Montréal (+9%) and Gatineau (+1%).

 

Source: Barometer QFREB, Residential Market, 3rd quarter, 2017