A promising spring ahead as momentum in Quebec’s property market continues
Quebec maintains its growth momentum in the fourth quarter of 2025, driven by robust demand and distinct market conditions
Fourth quarter highlights:
- In the fourth quarter of 2025, the aggregate price of a home in the Greater Montreal Area rose 4.5% year over year, reaching $640,700. By comparison, the greater Toronto and Vancouver markets recorded declines of 5.7% and 4.1%, respectively.
- Quebec City continued to dominate the national rankings, recording the highest increase in aggregate price among Canada’s major regions for the seventh consecutive quarter, with a 13.2% increase to $453,600.
- The Sherbrooke and Trois-Rivières real estate markets posted notable gains in the fourth quarter, with aggregate price increases of 8.8% and 8.5% respectively, compared to the same period last year.
- Royal LePage® anticipates a moderate increase in sales activity this spring, thanks to buyers who will take advantage of lower borrowing costs.
MONTREAL, Quebec, January 15, 2026 – According to the latest results of the Royal LePage House Price Survey and Market Forecast released today, Quebec’s real estate market ended 2025 with an exceptional performance, clearly distinguishing itself from national trends and outperforming its counterparts in major Canadian cities. The momentum, established nearly two years ago, continued in the fourth quarter of 2025, with the province posting robust price growth and remarkable strength, bucking the downward trend seen in other markets and positioning it as the undisputed leader in property price appreciation in Canada for the year as a whole.
“The year 2025 was a testament to the strength and uniqueness of the Quebec real estate market,” said Dominic St-Pierre, executive vice president of business development, Royal LePage. “While the rest of Canada saw a recalibration, and even softening in some regions, Quebec maintained impressive momentum, and the fourth quarter only confirmed this trend of sustained growth. Once again, we stood out with price appreciation that far exceeded expectations and outperformed other major urban centres across the country.”
The aggregate[1] price of a home in the province of Quebec increased 7.1% in the fourth quarter of 2025 to reach $461,500 compared to the same period last year. On a quarterly basis, the aggregate price of a property in the province rose slightly by 0.5%. When broken out by housing type, the median price of a single-family detached home increased 6.4% year over year to $494,400, while the median price of a condominium increased 3.1% to $396,600 during the same period.
Outpacing national trends, Quebec’s residential real estate market continued to demonstrate steady momentum, defying widespread forecasts of a slowdown driven by economic uncertainty. While caution was evident among some buyers, it did not derail price appreciation or activity levels, which held firm or strengthened across most regions of the province.
“This performance is no coincidence. It is underpinned by strong fundamentals, resilient local demand, and the unique ability of our consumers to navigate economic uncertainty,” added St-Pierre. “The Bank of Canada’s gradual interest rate cuts have undoubtedly helped reassure buyers and stimulate activity. However, it is sustained demand that continues to outpace supply, along with persistent household confidence, that allowed Quebec to close 2025 with price growth – clearly setting it apart from the more expensive and volatile markets of Toronto and Vancouver.”
At the national level, the aggregate price of a home declined 1.5% year over year in the fourth quarter of 2025, now standing at $807,200. In the country’s major markets, the aggregate price of a home in Toronto and Vancouver fell 5.7% and 4.1%, respectively, once again highlighting divergent market trends.
Bank of Canada rate stability to shape market conditions and mortgage renewals
At its final announcement of the year on December 10, 2025, the Bank of Canada held its policy interest rate at 2.25%,[2] following four cuts totalling 100 basis points over the course of last year. Supported by inflation remaining under control – the Canadian Consumer Price Index (CPI) rose 2.2% in both October and November,[3] keeping it within the Bank’s target range – and a forecast of moderate economic growth in 2026, this decision signals the likely end of the current monetary easing cycle.
For buyers, this rate stability – now at levels significantly lower than a year ago – is an important confidence booster. “We believe interest rates have reached their low point,” noted St-Pierre. “In Quebec, rate cuts have had a very positive impact, stimulating already robust demand. This new period of stability allows consumers to approach their purchasing plans more deliberately, far removed from the urgency seen during periods of heightened volatility.”
That said, 2026 will mark a period of adjustment for many Quebec homeowners facing mortgage renewals. Those who locked in at historically low fixed rates during the pandemic will likely see their payments increase. Despite this inevitable adjustment, homeowners continue to show a degree of resilience, as many have built significant equity in their properties and are adapting to this new borrowing-cost reality.
Growth expected to continue this spring, while maintaining balance
Quebec’s real estate market will enter the spring of 2026 with expectations of moderate growth, shaped by distinct dynamics across market segments. While demand for single-family homes remains strong and the ongoing shortage of inventory continues to place upward pressure on prices – particularly early in the year – the condominium segment is expected to show greater stability.
In the Greater Montreal Area, a growing supply of condominium listings is creating more room for negotiation for buyers, in contrast to the continued strength of the single-family home segment. Meanwhile, markets such as Quebec City continue to see prices rise at a brisk pace, driven by sustained demand and inventory levels that remain constrained.
“The Quebec market is demonstrating remarkable resilience, adapting to evolving economic conditions,” observed St-Pierre. “We expect an active spring, where the scarcity of single-family homes will continue to support prices, while the condominium segment – with more abundant supply levels – may offer renewed negotiating power for buyers, particularly first-time purchasers. This balance is healthy and reflects the maturity of our market.”
Forecast
In December, Royal LePage released its 2026 Market Survey Forecast,[4] projecting that the aggregate price of a home in the province of Quebec will increase 7.0% in the fourth quarter of 2026 compared with the same period in 2025. The median price of a single-family detached home is expected to rise 8.0%, while the median price of a condominium is forecast to increase 3.0%.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q4-2025-QC
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q4-2025-QC
REGIONAL SUMMARIES
Greater Montreal Area
An active market, driven by first-time buyers and the prospect of recovery in 2026
The aggregate price of a home in the Greater Montreal Area rose 4.5% year over year in the fourth quarter of 2025 to reach $640,700. On a quarterly basis, the region’s aggregate price posted a modest increase of 0.9%.
Broken out by property type, the median price of a single-family detached home increased 8.1% year over year to $752,600, while the median price of a condominium rose 2.4% to $488,900 over the same period.
According to Marc Lefrançois, chartered real estate broker, Royal LePage Tendance, the fourth quarter of 2025 was marked by a clear duality. “In the general market – properties priced under $1 million – relative year-over-year stability was observed, despite rising inventory levels and a slight slowdown in sales. By contrast, the luxury segment remained on pause, impacted by wage-related uncertainties tied to the government’s Bill 2 and a record level of inventory, where sellers are struggling to achieve their objectives.” Lefrançois adds, “We are seeing something of a soft landing in the general market, while the luxury segment is at a standstill.”
Sales activity, more nuanced than in the previous year, was driven primarily by first-time buyers and families seeking more space, often motivated by the high cost of renting. “This demand is supporting the affordable single-family home and plex segments, which remain undersupplied,” noted Lefrançois. Conversely, the condominium market has faced significant challenges, particularly in urban cores. “Condo inventory has reached record levels in some neighbourhoods, weighing on the segment and making these properties harder to sell due to the oversupply of newly-built small condos,” he added. As a result, price growth is expected to slow over the course of the coming year.
With respect to interest rates, the most recent quarter-point cut did not provide a major boost to activity. “The Bank of Canada’s message is clear: rates have reached their desired level and will not decline further unless there is an economic recession,” said Lefrançois. This stability has nonetheless reassured consumers that a rate increase is unlikely, allowing transactions to move forward without concern for properties priced up to $1 million.
Looking ahead to the spring of 2026, Lefrançois expects the market to maintain a healthy level of activity, with potentially stronger momentum in the first half of the year. He does, however, point to a gradual increase in overall inventory. “The single-family home market remains favourable for sellers, with absorption rates still high, while the lack of new construction continues to put upward pressure on prices,” he explains. By contrast, he notes that the condominium market is shifting toward a buyers’ market, due to a significant rise in inventory over the past three years, allowing for greater negotiation opportunities. Lefrançois also anticipates a slow but steady recovery in the luxury segment in 2026. Moderate price increases are expected across the broader market in the coming months, with the exception of condominiums, where prices are forecast to remain stable.
Royal LePage is forecasting that the aggregate price of a home in the Greater Montreal Area will increase 5.0% per cent in the fourth quarter of 2026, compared to the same quarter last year.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q4-2025-QC
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q4-2025-QC
Quebec City
Robust growth continues as market dynamics evolve
The aggregate price of a home in the Quebec City region increased 13.2% year over year in the fourth quarter of 2025 to reach $453,600. This represents the highest year-over-year price increase among Canada’s major regions for the seventh consecutive quarter. On a quarterly basis, the region’s aggregate price increased by a modest 0.2%.
Broken out by property type, the median price of a single-family detached home climbed 11.7% year over year to $478,400, while the median price of a condominium rose 14.9% to $337,200 over the same period.
The fourth quarter of 2025 was marked by a particularly dynamic and competitive market. Days on market fell sharply, from 58 days in December of 2024, to just 36 days in December of 2025. This situation, combined with a decline in new listings, created a highly favourable environment for sellers. “Sellers have high expectations, and the market is meeting them, reflecting a persistent lack of inventory that continues to put upward pressure on prices,” observed Michèle Fournier, vice-president and real estate broker, Royal LePage Inter-Québec.
This momentum was driven largely by first-time purchasers. Encouraged by the interest rate cuts in 2025, these buyers have adapted to current price levels, focusing primarily on single-family homes in the $400,000 to $500,000 range, and condominiums priced between $300,000 and $400,000. “The shift in sentiment is reflected in a degree of resignation among buyers in the face of steadily rising prices,” explained Fournier, noting that in order to achieve their goal, buyers sometimes need to adjust their expectations or look beyond the downtown core.
Looking ahead to early 2026 and the spring market, Fournier expects the pronounced lack of inventory to continue supporting price growth. She does, however, note that some stabilization may emerge in the single-family home segment. The sharp price increases seen over the past year have brought the median price of a single-family home close to the $500,000 mark, which could act as a psychological threshold for first-time buyers and limit the magnitude of future gains. While demand remains strong, price appreciation may be more moderate than recently observed – a trend that will be closely watched in the second quarter. “The Quebec City region continues to catch up to other major Canadian markets, and those who bought last year have already seen a notable increase in the value of their home.”
Royal LePage is forecasting that the aggregate price of a home in the Quebec City region will increase 12.0% per cent in the fourth quarter of 2026, compared to the same quarter last year.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q4-2025-QC
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q4-2025-QC
Gatineau
Renewed activity and buyer selectivity shape the market
The aggregate price of a home in the Gatineau region increased 4.0% year over year in the fourth quarter of 2025 to reach $462,700. On a quarterly basis, the region’s aggregate price rose 1.3%.
Broken out by property type, the median price of a single-family detached home increased 7.0% year over year to $576,500, while the median price of a condominium declined 1.8% to $319,400 over the same period.
Karine Séguin, chartered real estate broker, Royal LePage Vallée de l’Outaouais, saw renewed activity in the Gatineau market in the fourth quarter, following a slower September. “Activity picked up toward the end of October and carried through November,” she explained. “Buyers, while more active, are also more selective, taking the time to carefully evaluate their options. Interest rate cuts have had a positive impact on consumer confidence, though caution remains. Many buyers are still hoping for further rate reductions or lower prices before making a move.”
The Gatineau market is characterized by a clear duality. Single-family homes – particularly turnkey properties priced under $500,000 – remain in high demand. By contrast, the condominium segment is facing growing challenges. “Inventory is rising, and condo fees have increased significantly,” notes Séguin, making buyers more hesitant and putting downward pressure on prices in this segment.
Overall supply levels are increasing notably, averaging roughly two to three months of supply, giving buyers more choice. “This rise in inventory presents attractive opportunities for buyers this spring, especially as many sellers who put their plans on hold in 2025 are expected to re-enter the market in 2026,” said Séguin. She adds that while sellers of properties priced above $600,000 are seeing longer selling times, entry-level homes remain highly sought after.
Looking ahead to the spring of 2026, Séguin expects an active market that is moving toward better balance and offering new opportunities for buyers. “The increase in inventory will allow for greater selection, particularly in the condominium segment, where price adjustments are expected. Turnkey single-family homes, however, will remain in strong demand, with limited room for negotiation. While we anticipate a slight increase in prices, it will be less pronounced than in markets such as Montreal and Quebec City.”
Royal LePage is forecasting that the aggregate price of a home in the Gatineau region will increase 1.5% per cent in the fourth quarter of 2026, compared to the same quarter last year.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q4-2025-QC
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q4-2025-QC
Sherbrooke
Buyer optimism propels the market toward sustained growth
The aggregate price of a home in the Sherbrooke region rose 8.8% year over year in the fourth quarter of 2025 to reach $407,300. On a quarterly basis, the region’s aggregate price increased 3.5%. The median price of a single-family detached home increased 10.9% year over year to $455,600 during the same period.
Jean-François Bérubé, chartered real estate broker, Royal LePage Évolution EB, observed an exceptionally dynamic fourth quarter in Sherbrooke, a marked improvement over the previous year. “Successive cuts to the policy rate really stimulated demand, resulting in a surprisingly strong fall market compared to last year,” said Bérubé. This environment not only boosted buyer demand but also significantly strengthened buyer confidence. Overall consumer sentiment is firmly positive, a sharp contrast to the uncertainty that characterized the previous year, particularly due to concerns surrounding U.S. tariff disputes. Buyers are also aware that the likelihood of further rate cuts is low, which is encouraging them to move forward with their plans.
The market has been energized by first-time buyers and move-up buyers, along with purchasers coming from other regions across Quebec. This dynamic has translated into a notable increase in sales compared to 2024, despite tighter inventory levels. In response to these favourable conditions, seller sentiment has been overwhelmingly positive.
Looking ahead to the spring of 2026, Bérubé expects continued momentum in the Sherbrooke market, signalling a return to more typical market dynamics. He notes that conditions remain favourable for sellers, extending the trends seen in recent months. “Property inventory remains fairly low,” said Bérubé, explaining that this imbalance between limited supply and sustained demand continues to put upward pressure on prices. While bidding wars are no longer widespread, the entry-level segment – favoured by first-time buyers – may still experience heightened competition.
The year ahead also looks promising for new construction of single-family detached homes, following a slowdown period. However, a shortage of available land, partly due to municipal policies, continues to pose a significant challenge to increasing supply over the longer term.
Royal LePage is forecasting that the aggregate price of a home in the Sherbrooke region will increase 8.0% per cent in the fourth quarter of 2026, compared to the same quarter last year.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q4-2025-QC
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q4-2025-QC
Trois-Rivières
A market in full swing, driven by strong demand
The aggregate price of a home in the Trois-Rivières region rose 8.5% year over year in the fourth quarter of 2025 to reach $393,900. On a quarterly basis, the region’s aggregate price increased 4.1%. The median price of a single-family detached home increased 11.2% year over year to $434,200 during the same period.
In the fourth quarter of 2025, the Trois-Rivières real estate market showed sustained activity, with combined sales in October and November exceeding those of the previous quarter. Buyer demand proved stronger than last year, and days on market continued to decline. Martin Leblanc, real estate broker, Royal LePage Centre, confirms this momentum: “The market is performing very well, with strong demand and higher sales activity compared to last year. Shorter selling times reflect how quickly attractive properties are being absorbed. That said, a sense of caution is beginning to emerge among buyers, many of whom feel the market is becoming too expensive and are questioning the potential for a slowdown.”
Leblanc notes that policy rate cuts appear to have had only a limited impact on activity, as the main challenge for some buyers now lies in accumulating the required down payment. First-time buyers and those looking to upsize remain the primary drivers of the local market, while inventory has remained stable despite a slight increase in new listings. The arrival of new luxury rental construction projects is also helping to free up homes, particularly those previously occupied by seniors.
For the first part of 2026, Leblanc expects continued growth, supported by a low unemployment rate that is sustaining local demand. “New construction, often concentrated in the segment above $500,000, is making home ownership less accessible for some households. As a result, I anticipate the emergence of a new generation of renters, unable to afford home ownership, which will further intensify pressure on the rental market.” Nonetheless, market activity is expected to remain solid, underpinned by an increase in new listings.
Royal LePage is forecasting that the aggregate price of a home in the Trois-Rivières region will increase 10.0% per cent in the fourth quarter of 2026, compared to the same quarter last year.
Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q4-2025-QC
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q4-2025-QC
About the Royal LePage House Price Survey
The Royal LePage House Price Survey provides information on the most common types of housing, nationally and in 64 of the nation’s largest real estate markets. Housing values in the Royal LePage House Price Survey are based on the Royal LePage Canadian Real Estate Market Composite, produced quarterly through the use of company data in addition to data and analytics from partner company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada. Additionally, commentary on housing market trends and data on price and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge.
About Royal LePage
Serving Canadians since 1913, Royal LePage is the country’s leading provider of services to real estate brokerages, with a network of approximately 20,000 real estate professionals in over 670 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage® Shelter Foundation™, which has been dedicated to supporting women’s shelters and domestic violence prevention programs for more than 25 years. Royal LePage is a Bridgemarq Real Estate Services® company, a TSX-listed corporation trading under the symbol TSX:BRE. For more information, please visit www.royallepage.ca.
Royal LePage® is a registered trademark of Royal Bank of Canada and is used under licence by Bridgemarq Real Estate Services®.
For further information, please contact:
Appolline Risacher
Burson on behalf of Royal LePage
appolline.risacher@bursonglobal.com
418-559-8930
[1] Royal LePage’s aggregate prices are calculated using a weighted average of the median values of all housing types collected. Provincial prices have been updated to include all regions within the province and therefore may vary from previous reports. Data is provided by RPS Real Property Solutions and includes both resale and new build.
[2] Bank of Canada maintains overnight lending rate at 2.25% in last announcement of 2025, December 10, 2025
[3] Consumer Price Index, November 2025, December 15, 2025
[4] Resilience and growth: Quebec’s real estate market set to maintain strong momentum in 2026, December 9, 2025
