In recent years, the popularity of condominiums in Québec has spread past the borders of large, densely populated cities and has expanded to smaller urban centres. Last year, for example, in agglomerations such as Saint-Hyacinthe, Saint-Jean-sur-Richelieu and Granby, condominium sales accounted respectively for 20, 14 and 12 per cent of all residential sales.
The condominium market has grown tremendously in Québec over the past decade. Between 2000 and 2010, MLS® condominium sales increased by 124 per cent, compared to 41 per cent for single-family homes and 34 per cent for plexes. As a result, the condominium’s share of residential sales in Québec grew from 14 per cent in 2000 to 21 per cent in 2010. Large urban centres were primarily responsible for the strong demand for condominiums, which presents the evolution of condominium sales in various sectors of the province’s six Census Metropolitan Areas1 (CMAs). For example, between 2000 and 2010, the Island of Montréal (29 per cent to 47 per cent), the North Shore of Québec (17 per cent to 28 per cent) and Laval (11 per cent to 22 per cent) stood out as areas in which condominium sales grew most in relation to total sales. However, there has also been a growing condominium market in some of the province’s smaller urban centres in recent years.
Mont-Tremblant Leads the Way
Condominiums grew in popularity in many of the province’s urban agglomerations2 in recent years, particularly in certain resort areas. Outside of the CMAs, the agglomeration of Mont-Tremblant recorded the most condominium sales in 2010, with 160 transactions. Mont-Tremblant also had the highest proportion of condominium sales compared to total sales, as condominium transactions represented 47 per cent of all MLS® sales. Finally, it was also in Mont-Tremblant that this proportion increased the most in the decade from 2000 to 2010, at 30 percentage points. Because Mont-Tremblant is popular with foreign buyers, the condominium market here is characterized by the presence of many second homes and high-end properties. The median price of condominiums in Mont-Tremblant in 2010 was $210,000. Note that the condominium market in Mont-Tremblant began to develop at the start of the last decade. According to the Canada Mortgage and Housing Corporation (CMHC), 579 condominiums were built between 2001 and 2006, but not a single one has been built since then.
Elsewhere in the Laurentians, the agglomeration of Saint-Sauveur also had a significant share of condominium transactions. In 2010, there were 110 condominium sales, which represented 14 per cent of all residential sales. However, this proportion has only increased by two percentage points since 2000.
Saint-Hyacinthe, Saint-Jean-sur-Richelieu and Granby Also Held Their Ground
Condominiums have also become increasingly popular in three other agglomerations in recent years: Saint-Hyacinthe, Saint-Jean-sur-Richelieu and Granby. In the agglomeration of Saint-Hyacinthe, the 103 condominium sales concluded in 2010 represented an increase of 171 per cent in only three years3. During this period, the share of condominium sales increased from 9 per cent to 20 per cent of all transactions. Data on housing starts4 indicates that 400 condominium units were built in the agglomeration of Saint-Hyacinthe between 2000 and 2010.
As for the agglomeration of Saint-Jean-sur-Richelieu, condominium sales more than quadrupled between 2000 and 2010. The 157 transactions that took place in 2010 represented 14 per cent of all MLS® sales, eight percentage points more than a decade earlier. According to data on housing starts5, 862 condominium units were built during this period.
Buyers’ interest in condominiums was also apparent in the agglomeration of Granby (which includes Bromont). Condominium sales increased by 324 per cent between 20036 and 2010, compared to an increase of 29 per cent for single-family homes and 12 per cent for plexes. While condominium sales represented 4 per cent of the agglomeration’s total sales transactions in 2003, this proportion increased to 12 per cent in 2010. As for new dwellings, foundations were laid for 969 new condominium units7 between 2000 and 2010.
Finally, the other agglomerations in which condominium sales accounted for more than 5 per cent of total residential sales last year were Rivière-du-Loup (10 per cent), Sainte-Adèle (9 per cent), Rimouski (7 per cent) and Salaberry-de-Valleyfield (6 per cent).