2015 CONDOMINIUM PRICES PER SQUARE FOOT

February 2016
2015 CONDOMINIUM
PRICES PER SQUARE
FOOT
For the third year, the Quebec Federation of Real Estate Boards
(QFREB) has published an updated report on condominium prices
per square foot. This statistic was introduced to eliminate the
effect of housing size and as a result, be better able to calculate
price differences between the various areas. Unlike our previous
publications where we used the average price of condominiums,
we have calculated the median price per square foot to minimize
the influence of extreme values. Median prices per square foot
in this study are based on divided co-ownership transactions
completed in 2015 through the real estate brokers’ Centris® system
and are based exclusively on data from the resale market, insofar
as transactions of new units have not been taken into account.
Median prices per square
foot in this study are
based on divided
co-ownership transactions
completed in 2015 through
the real estate brokers’
Centris® system and are
based exclusively on data
from the resale market.
CAUTION
The size of condominiums is not the only factor influencing the median price per square foot. The hypothesis “All other
things being equal” does not apply in this situation. For example, proximity to services and public transit, condominium
fees, common fees and taxes have not been considered in our analysis although they influence the selling price.
In addition, some transactions have been excluded from the calculation of median prices per square foot due to a lack
of information related to data entry.
For these two reasons, price statistics are provided for informational purposes only.
February 2016
The Island of Montréal at the top
It is no surprise that condominiums sold in the Montréal Census
Metropolitan Area (CMA) posted the highest median price of
$244 per square foot (see Table 1). In particular, the Island of
Montréal ranked first in 2015 with a median price of $298 per
square foot, followed by Laval ($216/sq. ft.) and the South Shore
($194/sq. ft.). The North Shore and Vaudreuil-Soulanges posted
median prices per square foot of $174 and $175, respectively,
well below the regional median. Condominiums in these areas
are usually both more affordable and spacious than in the more
central areas of the Montréal CMA.
The Island of Montréal
ranked first in 2015
with a median price of
$298 per square foot,
followed by Laval
($216/sq. ft.) and the
South Shore ($194/sq. ft.).
The Québec City CMA was the second most expensive market of the province’s six metropolitan
areas, with a median price of $199 per square foot. Condominiums located in the agglomeration of
Québec City posted the highest square footage-to-price ratio with a median of $202 per square foot,
while the units located on the South Shore sold for less at $169/sq. ft.
As for the Gatineau CMA, the median price per square foot for condominiums reached $159 in 2015.
In particular, the same result was obtained for the City of Gatineau.
Median prices per square foot remained relatively stable in the
metropolitan areas of Gatineau, Montréal and Québec City in
2015, which is explained primarily by market conditions that
favour buyers for most areas causing little upward pressure on
prices.
In addition, the condominium market in Trois-Rivières remained
the most affordable among the metropolitan areas in 2015 with
a median price of $116 per square foot, followed by that of
Sherbrooke with $151.
In smaller urban centres, the agglomeration of Mont-Tremblant
ranked as the most expensive square footage for condominiums
with a median price of $223 per square foot, followed by SaintSauveur ($193) and Granby1 ($191). In contrast, units sold in the
agglomeration of Saint-Hyacinthe reported the lowest square
footage-to-price ratio with a median of $168 per square foot.
In smaller urban centres,
the agglomeration of
Mont-Tremblant ranked
as the most expensive
square footage for
condominiums with a
median price of $223 per
square foot, followed by
Saint-Sauveur ($193) and
Granby ($191).
Concrete vs Wood Structures
We also divided condominiums located in concrete buildings (four or more storeys) from smaller
buildings in a wood and brick structure (usually less than four storeys). Table 2 presents a list of median
condominium prices per square foot according to building type and geographical area.
1 The agglomeration of Granby includes the municipalities of Bromont, Saint-Alphonse, Granby and Saint-Paul-d’Abbotsford.
February 2016
Montréal
In the Montréal Metropolitan Area, condominiums in a concrete
building recorded a median price of $293 per square foot, while
those in a wood and brick structure posted a median of $220. It
is also important to note that large condominium buildings often
offer additional amenities such as fitness centres, swimming
pools and terraces, which can result in higher selling prices.
It is important to note
that large condominium
buildings often offer
additional amenities
such as fitness centres,
swimming pools and
terraces, which can result
in higher selling prices.
Geographically and in particular for concrete buildings, the VilleMarie area on the Island of Montréal posted the highest median
price of $417 per square foot. Note that condominium units sold
in this area are usually smaller with a median surface area of
only 830 square feet as opposed to a median of 993 square
feet for the whole of the Montréal CMA. The Centre area, which includes Hampstead, Montréal-Ouest,
Mont-Royal, Outremont and Westmount, finished in second place for the most expensive areas, with
a median price of $388 per square foot. The South-West, which
includes the Griffintown neighborhood where the condominium
As for wood and
market has been booming in recent years, follows closely with
brick constructions, the
a median price of $386 per square foot. The Brossard area is
most expensive units
the most affordable in the Montréal Metropolitan Area for this
were sold in the Centre
category with half the units in concrete buildings selling for less
($380/sq. ft.),
than $212 in 2015.
Plateau-Mont-Royal
($361/sq. ft.) and
Rosemont ($305/sq. ft.)
areas.
As for wood and brick constructions, the most expensive
units were sold in the Centre ($380/sq. ft.), Plateau-Mont-Royal
($361/sq. ft.) and Rosemont ($305/sq. ft.) areas. In contrast, the
Saint-Jérôme area has the most affordable condominiums with
a median price of $144 per square foot.
Québec City
In the Québec City CMA, condominiums located in concrete
buildings were sold at a median price of $229 per square foot
while the units built in structures less than four storeys posted
a median price of $177. The La Cité—Haute-Ville area, which
includes Vieux-Québec, stood out with a median price much
higher than the entire metropolitan area ($312/sq. ft. for concrete
buildings).
Gatineau
In the Québec City CMA,
condominiums located in
concrete buildings were
sold at a median price
of $229 per square foot
while the units built in
structures less than four
storeys posted a median
price of $177.
As for the Gatineau CMA, units built in large buildings of four or more storeys also sold at a higher price
with a median of $205 per square foot as opposed to $152 for units located in wood structures.
February 2016
Year of Construction
In the Montréal CMA, condominiums located in old buildings seem to have been popular with buyers
in 2015. Units built before 1920 were sold at a median price of $342 per square foot, while half of the
condominiums built between 1920 and 1949 sold at over $325 (see Table 3). Note that the old buildings
are, for the most part, built in the central areas of the Island of Montréal and usually have historic
architectural features.
As for the Québec City CMA, the trend is less clear, though it seems that buyers were also willing to
pay more to acquire an older condominium. Buildings built between 1950 and 1979 were sold at a
median price of $261 per square foot, while the median of units built before 1920 was $257. However,
it is important to mention that new units posted a lower median price per square foot ($188/sq. ft.) due
to their location.
Parking Space
We were also interested in price differences between
condominiums that sold with or without inside parking spaces.
These results, however, should be interpreted with caution, the
hypothesis “All other things being equal” not being respected
(see “Caution” box). For example, condominiums with a garage
are usually built in concrete buildings. However, we note that
condominiums with an indoor parking space were sold at a
higher price per square foot in all the areas studied. The values
obtained are presented in Table 4 for informational purposes
only.
We note that
condominiums with
an indoor parking space
were sold at a higher
price per square foot in
all the areas studied.
A NOTE ABOUT METHODOLOGY
The surface area of the private portion was used to calculate the average price per square foot. This excludes
garages, balconies, terraces and outdoor storage.
Only listings with a living area of between 300 and 10,000 square feet were used to calculate the average price per
square foot.
Undivided condominiums and new constructions have been excluded from the calculation of the median price per
square foot since their small number and prices are not necessarily indicative of the resale market.
A criterion of 50 transactions that meet the conditions indicated above was used to calculate a representative price
per square foot.
This publication is produced by the Market Analysis Department of the QFREB.
Paul Cardinal
Manager
Camille Laberge
Maïka Carrier Roy
Economist
Analyst
Contact us at [email protected]
© 2016 Québec Federation of Real Estate Boards. All rights reserved.
February 2016
ANNEX
Back to text
Table 1: Median price per square foot of condominiums sold in 2015
Geographic Areas
Median price/square foot
Minimum
Maximum
Gatineau CMA
$159
$92
$345
City of Gatineau
$159
$92
$345
Montréal CMA
$244
$78
$996
Island of Montréal
$298
$84
$996
Laval
$216
$83
$511
North Shore of Montréal
$174
$87
$387
South Shore of Montréal
$194
$78
$591
Vaudreuil-Soulanges
$175
$85
$370
Québec City CMA
$199
$84
$733
Agglomeration of Québec City
$202
$84
$733
South Shore of Québec
$169
$93
$357
Saguenay CMA
$157
$83
$273
Sherbrooke CMA
$151
$92
$481
City of Magog
$152
$92
$481
City of Sherbrooke
$147
$94
$379
Trois-Rivières CMA
$116
$81
$228
Agglomeration of Granby
$191
$106
$425
Agglomeration of Mont-Tremblant
$223
$77
$599
Agglomeration of Saint-Hyacinthe
$168
$78
$307
Agglomeration of Saint-Jean-sur-Richelieu
$162
$91
$367
Agglomeration of Saint-Sauveur
$193
$115
$304
Source: QFREB by the Centris® system
February 2016
Back to text
Table 2: Median price per square foot according to the size of the building
Geographic Areas
Buildings with 4 or more floors Buildings with less than 4 floors
Gatineau CMA
Aylmer
Hull
Gatineau
Québec City CMA
La Cité - Haute-Ville
La Cité - Basse-Ville et Limoilou
Sainte-Foy / Sillery
Charlesbourg
Les Rivières
Montréal CMA
Ouest de l'île Sud
Ouest de l'île Nord
Lachine/LaSalle
Le Sud-Ouest
Saint-Laurent
Ahuntsic
CDN/NDG/CSL
Centre
Île-des-Soeurs
Ville-Marie
Le Plateau-Mont-Royal
Rosemont
Villeray
Mercier/Hochelaga-Maisonneuve
Anjou/Saint-Léonard
Pointe est de l'île
Centre-Ville de Laval
Sainte-Rose/Auteuil/Vimont
Ouest de la Rive-Nord
Blainville
Terrebonne
Mascouche
Repentigny
Saint-Jérôme
L'Île-Perrot
Sud-ouest de la Rive-Sud
Candiac/La Prairie
Brossard/Saint-Lambert
Vieux-Longueuil
Saint-Hubert
Boucherville/Saint-Bruno
Sainte-Julie/Varennes
Beloeil/Mont-Saint-Hilaire
** Insufficient number of transactions (< 50 sales)
Source: QFREB by the Centris® system
$205
**
**
**
$229
$312
**
$219
$206
**
$293
$293
$238
$284
$386
$275
$247
$296
$388
$350
$417
$369
$344
$333
$267
$250
$240
$248
**
**
**
**
**
**
**
**
**
**
$212
$250
**
**
**
**
$152
$164
$142
$147
$177
**
$213
**
$162
$175
$220
**
$212
$246
$304
$298
$272
$305
$380
**
$295
$361
$305
$279
$256
**
$182
$203
$196
$175
$190
$171
$177
$176
$144
$184
$170
$178
$207
$196
$174
$222
$178
$175
February 2016
Back to text
Table 3: Average price per square foot according to year of construction
Year of construction
Geographic Areas
Montréal CMA
Québec City CMA
Gatineau CMA
Sherbrooke CMA
1919 and older
$342
$257
**
**
1920-1949
$325
$219
**
**
1950-1979
$204
$261
**
**
1980-1999
$219
$195
$141
$157
2000 and newer
$252
$193
$172
$150
New constructions
$267
$188
**
**
** Insufficient number of transactions (< 50 sales)
Source: QFREB by the Centris® system
Back to text
Table 4: Median price per square foot of condominiums sold with or without an indoor parking space
Geographic Area
Gatineau CMA
Montréal CMA
Island of Montréal
Laval
North Shore of Montréal
South Shore of Montréal
Vaudreuil-Soulanges
Québec City CMA
Agglomeration of Québec City
Source: QFREB by the Centris® system
With garage
Without garage
$194
$273
$304
$235
$210
$223
$205
$233
$238
$155
$214
$291
$202
$170
$181
$173
$182
$184