“Quebec’s residential real estate market appears to be holding up well overall, despite an environment of economic volatility,” stated Charles Brant, QPAREB’s market analysis director. He noted a contrast with Ontario and British Columbia, where sales have slowed and listings have surged, leading to price drops in major centres like Toronto and Vancouver.
Affordability remains a concern in Quebec – but Hélène Bégin, QPAREB senior economist, said the residential real estate market is “less vulnerable” than others because of lower prices. She added that the resale market in Quebec tends to exhibit a delayed and less severe impact from economic deterioration or rising mortgage rates.
Prices across all property categories continued their rapid ascent. The median sale price for a single-family home reached a record $500,000, an 11% increase from a year ago. Condominiums hit $399,900, and plexes climbed to $675,000.
This upward trend is attributed to a limited supply of properties, often leading to “overbidding,” particularly in the Quebec City Census Metropolitan Area (CMA). Overbidding, as defined by QPAREB, occurs when a property sells for at least 5% above its listing price after multiple purchase offers.
Regional variances emerge
While the provincial market generally thrives, QPAREB highlighted regions like Mauricie, Centre-du-Québec, and Saguenay–Lac-Saint-Jean for monitoring. These areas, with their industrial profiles, are more susceptible to the effects of US tariffs, reflected in faster-rising unemployment rates since the spring, QPAREB said. Despite this, their residential markets—including Drummondville, Trois-Rivières, and Saguenay CMAs—continue to show strong sales and rising prices, a trend QPAREB believes may be temporary.