The Quebec real estate market continues to significantly differ from federal trends, demonstrating resilience and growth against the backdrop of a slowdown in other regions of the country.
The Quebec real estate market continues to significantly differ from federal trends, demonstrating resilience and growth against the backdrop of a slowdown in other regions of the country.
While a significant part of Canada faced a cooling housing market in 2025, Quebec experienced unexpectedly high activity — in some regions, even a boom. Sales increased across all segments, despite economic uncertainty and a sharp reduction in supply.
According to a recent report from the Quebec Professional Association of Real Estate Brokers (QPAREB), the past year was the third most successful in the history of observations. The number of transactions increased by an average of 8 percent compared to the previous year, while housing prices rose by about 9 percent.
One of the key factors for growth has been favorable lending conditions: a decrease in interest and mortgage rates, as well as an extension of the maximum amortization period for mortgage loans. The rapid rise in rental rates also played a significant role, pushing many renters to purchase their own homes.
At the same time, real estate in Quebec — currently outpacing the dynamics of the markets in Ontario and British Columbia — remains significantly more affordable. This makes the province attractive to buyers displaced from overheated markets in other regions. It is important to note that due to the existing ban on foreign buyers, the majority of demand is generated by domestic market participants.
Picturesque, forested, and rich in historical heritage, Quebec is the largest province in Canada by area and the only one with a French-speaking majority — once again confirming its reputation as a resilient “nonconformist” against the backdrop of national economic slowdown.
Price Growth and Affordability Issues
However, the rapid development of the market has a downside. According to QPAREB’s market analysis director Charles Brant, the increase in activity “has exacerbated the issue of housing affordability.”
“More and more households have reached the limit of their debt load, which has slowed sales in the last months of the year,” he noted, adding that a gradual cooling of the market is possible in 2026.
The ratio of the number of listed properties to the number of sales is approaching historically low values, highlighting a sharp shortage of supply and the formation of a market clearly favorable to sellers.
According to Brant’s forecasts, the low level of affordability, especially in the southern regions of the province, as well as a chronic shortage of properties will lead to a plateau in the number of transactions across many market segments. At the same time, conditions will continue to support price growth, albeit at a more moderate pace.
A similar assessment was given by the Canadian Real Estate Association, noting that prices in Quebec will continue to rise in 2026, but “at significantly more restrained rates than in 2025.”
Quebec City — Growth Leader
According to QPAREB data for the past year and the beginning of 2026, most major agglomerations in the province are demonstrating stable sales growth against a sharp reduction in supply.
Quebec City stands out particularly, where a record increase in residential property prices has been recorded. The median price of single-family homes rose by an impressive 17 percent, reaching $450,000, making the city one of the hottest markets in Canada.
“The exceptional supply shortage has led to particularly sharp price increases,” noted the association’s senior economist, Camille Laberge.
In Montreal, the median housing price has risen to about $635,000 — a less rapid increase than in Quebec City or Saguenay, but still noticeable.
Resort regions, such as Mont-Tremblant and the Eastern Townships, are also experiencing a surge in activity, attracting affluent buyers focused on a rural lifestyle and investments. According to Engel & Völkers, a revival is also observed in the luxury real estate segment in Montreal.
While the condominium market shows slight improvement in terms of supply, the shortage is still particularly acute in the segments of single-family homes and the so-called plex — duplexes and triplexes, which are characteristic of Quebec’s housing stock.
The provincial association of realtors continues to insist on the need to increase housing construction volumes to restore balance.
Realtors in a New Reality
Not long ago, Quebec was considered a region without sharp fluctuations in the real estate market. Today, local agents are forced to adapt to a fundamentally different dynamic.
“Demand remains high, especially for move-in ready properties in good neighborhoods and for reliable income-generating real estate,” notes Josiane Pepin, vice president of Remax Bardagi in Montreal.
According to her, Quebec City is currently the most active, while the Greater Montreal market remains strong due to its scale and constant influx of buyers, although it is more sensitive to prices, and transactions in the upper segment take more time. Gatineau also maintains stable positions.
Professional market regulators are also actively working.
“Regulation is quite strict here, but not all information is clear to the general public,” says Remax broker Nicolas Geoffroy-Brulé, overseeing offices in Quebec City and Trois-Rivières. — “Our task is to explain the new rules to clients.”
His wish — albeit unlikely — is for a period of stability without further reforms, so that market participants can adapt to all the changes introduced in recent years. Among them are increased transaction transparency, enhanced consumer protection, stricter rental rules, and condominium reform.
Additional concern arises from the preparation of a new regulatory approach to updated flood zone maps, causing some owners to fear a drop in their property values.
The slowdown in population growth, especially in Montreal, may cool demand. At the same time, large government investment projects — including the proposed high-speed rail line from Toronto to Montreal to Quebec City — could reignite interest in the market.
As they say, qui vivra verra — we will live and see.
