Gatineau: The real estate market remains stable in the third quarter with the median price experiencing a moderate 3.3 per cent increase

The residential real estate market is tending towards stability.

GATINEAU, QC, Oct. 13, 2016 /CNW/ – The Royal LePage House Price Survey1 released today showed that the residential real estate market in Gatineau remains healthy and is pointing towards a balanced market. The median price for the aggregate2 of the different property types is currently $258,988, a 3.3 per cent increase for the third quarter of 2016 compared to the same quarter last year.

“The real estate market remains stable with no sharp increases or decreases on record since the beginning of 2016,” says Richard Beaulieu, agency owner at Royal LePage Vallée de l’Outaouais. “The market is on the path to stability and is attractive for both buyers and sellers. The Bank of Canada’s decision to keep the key interest rate at 0.5 per cent is also a positive sign for homeowners in the region.”

The Survey shows that the price of two-storey houses in Gatineau increased considerably by 7.8 per cent compared to the same quarter in 2015, reaching $289,062. The median price of bungalows remained relatively stable, increasing by 1.4 per cent to $236,101. The price of condominiums saw a decrease of 9.4 per cent, settling at $214,919.

“This significant decrease can be explained by the widespread construction of condominiums in recent years, in particular to meet the growing demand of baby boomers. But the majority of baby boomers wanting to transition to a condominium did so already five or ten years ago,” Mr. Beaulieu confirms. “Condo builders therefore had to reduce prices or get into the rental market in order to fill unsold units, thus explaining the price decrease.”

Looking at sales, they increased significantly, by 17.7 per cent, in the bungalow segment, and by a strong 14.9 per cent for two-storeys. In the meantime, condominium sales remained relatively flat at 0.8 per cent.
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