Quebec’s real estate market was marked by resilience and regional disparities in the first quarter of 2026
Demand is shifting toward urban centres as buyers become more selective in the face of changing inventory levels
First quarter highlights:
- In the first quarter of 2026, the aggregate home price in the Greater Montreal Area increased 3.3% year over year to $645,800, driven by a marked return of the luxury segment and a duality in the housing stock between single-family homes and downtown condominiums.
- The Quebec City region recorded the most robust performance in the province (and nationally) with an annual aggregate price increase of 10.7% to reach $475,300, confirming the capital’s appeal despite a transition toward a more measured and disciplined market.
- The Sherbrooke, Trois-Rivières, and Gatineau markets posted varied trajectories, with 7.0% year over year growth recorded in Sherbrooke supported by interregional migration, while the return of negotiations and buyer caution tempered activity in Gatineau and Trois-Rivières.
- Royal LePage® forecasts an active but nuanced spring market. The gradual end of remote work is drawing buyers back toward urban centres. These buyers, now more discerning, are assessing maintenance costs and required work before committing, resulting in a marked preference for “turnkey” properties.
MONTREAL, Quebec, April 16, 2026 – According to the latest results of the Royal LePage House Price Survey and Market Forecast released today, the Quebec real estate market began 2026 under the sign of strategic resilience. The market is responding to economic pressures in a measured and selective manner, with a marked contrast between different regions and property types. After an exceptional 2025, the first quarter of 2026 confirms the maturity of the Quebec market, where price growth is sustained despite increased buyer selectivity and a lack of inventory.
“The first quarter of 2026 highlights a significant transition toward a more deliberate market,” said Dominic St-Pierre, executive vice president of business development, Royal LePage. “As we observe a marked return toward urban centres and luxury properties, buyers are demonstrating a new level of caution. This duality, where certain segments like single-family homes show sustained vigour while others, such as urban condominiums, face an inventory surplus, defines the trajectory of this early part of the year. Quebec continues to distinguish itself through its solidity, driven by demand that now prioritizes quality and turnkey products.”
The aggregate price[1] of a property in the province of Quebec increased 4.4% in the first quarter of 2026 to reach $473,900 compared to the same period the previous year. On a quarterly basis, the aggregate price in the province recorded an increase of 2.7%. When broken out by housing type, the median price of a single-family detached home in Quebec climbed 5.9% year over year to $517,400, while that of a standard condominium recorded a more moderate increase of 2.6% to reach $403,000 during the same period.
The Quebec market is seeing the emergence of a dominant figure: the discerning buyer. In contrast to the frenzy of past years, purchasers are now rigorously analyzing maintenance costs and necessary renovations before committing.
“We are witnessing an end to impulsive buying,” explains St-Pierre. “The rising cost of living and sensitivity to environmental risks have shifted buyer priorities. A ‘turnkey’ property now commands a price premium, while those requiring major work are having more difficulty finding buyers. This selectivity is particularly visible in markets like Quebec City and Gatineau, where financial discipline is now replacing urgency.”
Nationally, the aggregate price of a property decreased 2.0% year over year in the first quarter of 2026, settling at $812,900. In the country’s major markets, the aggregate price in Toronto and Vancouver recorded decreases of 4.7% and 4.5% respectively, illustrating, once again, the divergent trends compared to the growth observed in several regions of Quebec.
The stability of the policy rate strengthens market confidence and predictability
During its last announcement on March 18th, 2026, the Bank of Canada maintained its policy rate at 2.25%.[2] This stability, coupled with inflation remaining within the target range, offers Quebec buyers a predictable environment to plan their spring transactions.
“While rate stability is a pillar of confidence, it is accompanied by increased vigilance in the face of global uncertainties that encourage buyer caution,” emphasizes St-Pierre. “In Quebec, this monetary predictability allows consumers to approach their projects in a more composed manner, but the current macroeconomic context also makes them much more selective.”
Although 2026 remains a pivotal year for mortgage renewals, the resilience of Quebec homeowners remains strong. Supported by significant accumulated equity, the majority of households are managing to absorb payment adjustments, which preserves market balance and prevents a massive influx of forced listings on the market.
Outlook for the 2026 spring market
As we enter the spring 2026 market, Royal LePage anticipates that the lack of inventory in the single-family segment will continue to support price increases across the province. Quebec’s economic stability, protected by pillar sectors such as the public service in Quebec City and Gatineau, or industrial diversity in Montreal, will ensure the stability of the real estate market.
“We foresee an active but nuanced spring,” concludes St-Pierre. “Sellers of quality single-family properties will remain in a position of strength, while condo buyers will benefit from a less competitive market in sectors where inventory is more abundant. This normalization toward a more balanced market is a sign of health for the Quebec real estate ecosystem.”
Royal LePage forecasts that the aggregate price of a property in the province of Quebec will increase 7.0% in the fourth quarter of 2026, compared to the same quarter of the previous year.
Royal LePage House Price Survey Chart:rlp.ca/house-prices-Q1-2026-QC
Royal LePage Forecast Chart:rlp.ca/market-forecast-Q1-2026-QC
REGIONAL SUMMARIES
Greater Montreal Area
A resilient market, marked by the return of luxury and inventory fluctuations in 2026
The aggregate price of a home in the Greater Montreal Area increased 3.3% to $645,800 in the first quarter of 2026. On a quarterly basis, the aggregate price of a home in the region increased a modest 0.8%.
Broken out by housing type, the median price of a single-family detached home increased 6.1% year over year to $759,400 in the first quarter of 2026, while the median price of a condominium was flat, increasing just 0.1% to $490,900 during the same period.
According to Marc Lefrançois, chartered real estate broker, Royal LePage Tendance, the first quarter of 2026 was defined by a clear dichotomy.
“After a disappointing January with historically-low absorption rates, the market bounced back in February with double-digit growth. Single-family homes and plexes continue to show sustained strength, while downtown condos are struggling with an inventory surplus amplified by competition from new builds,” he noted. “We are seeing a major comeback within the luxury market, while the urban condo sector lags behind.”
Sales activity, which was more subdued than usual for the start of the year, was primarily driven by buyers looking to move up to a higher-end property and the end of the post-pandemic urban exodus. “This demand is supporting the single-family home and condo segments in sought-after neighbourhoods like Villeray and Rosemont, which remain seller’s markets,” said Lefrançois.
On the other hand, the condominium market has faced significant challenges, particularly in urban centres. “Condo inventory has reached record highs on the Island, making this segment stagnant; existing properties are difficult to sell due to the oversaturation of new builds in Ville-Marie or L’Île-des-Sœurs,” he added. “We expect to see moderate price growth for houses and stagnation for condos throughout the year.”
In Montreal Centre, the aggregate price of a home increased 7.6% to $797,300 in the first quarter of 2026. During the same period, the median price of a single-family detached home increased 9.4% to $1,242,900, while the median price of a condominium was virtually unchanged, decreasing 0.2% to $588,600.
Market sentiment in Quebec remains positive despite an uncertain global climate. “The market remains confident thanks to our diversified economy, and while geopolitical tensions in Iran or the ‘Trump effect’ are worth watching, they haven’t yet dampened buyer morale,” noted Lefrançois. “However, this stability has been tempered by some nervousness among English-speaking clients regarding the provincial political climate, though it is too early to measure the actual impact on real estate projects.”
With the spring 2026 market underway, Lefrançois anticipates that the momentum in the single-family and luxury segments will hold steady in sought-after areas. Furthermore, the gradual end of remote work is expected to reduce the advantage previously held by the North Shore and South Shore, as buyers begin migrating back toward the Island. In the condominium market, the transition toward a buyer’s market will offer more room for negotiation. Prices remain stable except in the most high-demand neighbourhoods.
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-Q1-2026-QC
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2026-QC
Quebec City
A transition toward a more discerning market, supported by selective demand and changing inventory levels
The aggregate price of a home in Quebec City increased 10.7% to $475,300 in the first quarter of 2026. This represents the highest year-over-year price increase among Canada’s major regions for the eighth consecutive quarter. On a quarterly basis, the aggregate price of a home in the region increased 4.8%.
Broken out by housing type, the median price of a single-family detached home increased 11.1% to $508,500 in the first quarter of 2026, while the median price of a condominium increased 8.4% to $350,000 during the same period.
According to Michèle Fournier, vice-president and real estate broker, Royal LePage Inter-Québec, the first quarter of 2026 was defined by mixed performance. “The market has become very fragmented. We’re moving away from the previous frantic pace toward a more balanced dynamic where activity varies significantly by neighbourhood. While some areas are stagnating, others are still seeing multiple offers, particularly for lower-priced properties in need of renovations or, conversely, for ‘turnkey’ homes that are fully updated,” she observed. “We are witnessing a market stabilization where discipline and rigorous cost analysis have replaced impulse buying.”
Despite buyer caution, home prices continue to climb due to a chronic lack of inventory. This newfound caution is largely driven by a shift in buyer behaviour in response to the rising cost of living and unemployment concerns, though the Quebec City market remains largely shielded by the public sector. Budgets are tighter, and there is now zero tolerance for environmental risks, such as flood zones. “This shift in sentiment has translated into increased caution. Buyers are increasingly reluctant to overpay for properties requiring major renovation, especially for dated estate sales,” Fournier explained.
For the spring and summer of 2026, Fournier anticipates a boost in activity with the arrival of warmer weather, especially if households choose to invest in their homes rather than travel. However, she noted that the quality of inventory will remain a major hurdle, as the current supply consists partly of properties needing upgrades. “The lack of high-quality listings continues to put upward pressure on prices,” she said. She also pointed to a notable trend among semi-retirees leaving their primary residences to live year-round at their cottages. Finally, the return of entrepreneurs to Quebec City and the stability of the academic sector are acting as barrier against any sharp drop in prices.
Royal LePage is forecasting that the aggregate price of a home in Quebec City 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-Q1-2026-QC
Royal LePage Forecast Chart:rlp.ca/market-forecast-Q1-2026-QC
Gatineau
Buyer caution and rising inventory: a market in transition
The aggregate price of a property in the Gatineau region increased 0.8% in the first quarter of 2026 to reach $461,300 compared to the same period last year. On a quarterly basis, however, the aggregate price saw a slight decline of 0.3%.
Broken out by property type, the median price of a single-family detached home decreased slightly by 0.3% year over year to $573,000, while that of a condominium apartment increased 1.5% to reach $326,700 during the same period.
Karine Séguin, certified real estate broker, Royal LePage Vallée de l’Outaouais, noted irregular market activity in the first quarter, progressing intermittently. “Global economic uncertainty, local job losses, and financial constraints, such as the cost of living, are encouraging consumers to be cautious. They are often waiting to have a solid backup plan before committing. This trend is reflected in a decrease in offers, despite a high volume of appraisal requests from homeowners.
“General inventory is clearly increasing, offering a wider selection to purchasers, although certain external factors, such as the return to in-person work, are driving a shift in demand toward urban centres or Ottawa. This increase in supply allows buyers to take their time, especially as new housing models, such as multi-generational homes or the move toward luxury rentals, gain popularity.”
For spring 2026, Séguin anticipates an active market where the abundance of properties will offer new opportunities to buyers, although patience will be required from sellers. Despite concerns surrounding mortgage renewals for half of households, the equity accumulated over the years remains a solid buffer, allowing transactions to close despite a more challenging economic environment.
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-Q1-2026-QC
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2026-QC
Sherbrooke
Market maintains its upward trajectory with renewed vigour
The aggregate price of a property in the Sherbrooke region increased 7.0% in the first quarter of 2026 to reach $423,200 compared to the same period last year. On a quarterly basis, the aggregate price of a property in the region increased 3.9%. The median price of a single-family detached home in Sherbrooke increased 6.8% year over year to reach $467,000.
Jean-François Bérubé, certified real estate broker, Royal LePage Évolution EB, noted that the enthusiasm for the Eastern Townships continues to play a driving role in its growth. “This vigour is fuelled by sustained interregional migration, as many buyers from outside the Eastern Townships are attracted by prices that remain competitive compared to major urban centres.” Despite the gradual resumption of certain new construction projects, the market remains firmly in sellers’ favour due to an insufficient supply of available properties to meet demand.
The inventory shortage, marked by a decline in single-family listings in recent months, is forcing buyers to be highly reactive. Bérubé observes, however, a change in behaviour among some current residents. He specified: “A transition is taking place among some homeowners who choose to sell their homes and switch to new multi-unit rental projects, a segment that was particularly active this winter. This movement adds inventory to the market, but it is not yet enough to restore market balance.”
For spring and summer 2026, Bérubé anticipates that this dynamic will be maintained. The confidence of buyers and sellers remains unshakable despite news of global economic challenges, and the impact of mortgage renewals on transaction volume remains negligible for the moment. Sherbrooke will continue to demonstrate its characteristic resilience, supported by historically-low supply levels.
Royal LePage forecasts that the aggregate price of a property in the Sherbrooke region will increase 8.0% in the fourth quarter of 2026, compared to the same quarter last year.
Royal LePage House Price Survey Chart:rlp.ca/house-prices-Q1-2026-QC
Royal LePage Forecast Chart:rlp.ca/market-forecast-Q1-2026-QC
Trois-Rivières
The return of buyer caution and offer negotiations
The aggregate price of a property in the Trois-Rivières region increased 5.4% in the first quarter of 2026 to reach $400,100 compared to the same period last year. On a quarterly basis, the aggregate price of a property in the region increased 1.6%. The median price of a single-family detached home in Trois-Rivières increased 2.8% year over year to reach $444,600.
Martin Leblanc, real estate broker, Royal LePage Centre, notes that the market dynamics are shifting, with activity fluctuating from month to month. “After a quiet January, we noted a slight recovery in February, followed by another slowdown in March, signalling that the market is now seeking a new point of equilibrium.” This instability is reflected in the marked return of negotiations, where buyers no longer hesitate to submit offers below the asking price, a practice that had become rare in recent years. Nevertheless, upward pressure on prices persists due to the low level of available inventory.
The macroeconomic climate and the rising cost of living are now weighing on the morale of households in Trois-Rivières. Leblanc emphasizes that local factors are also influencing decisions: “In Trois-Rivières, where there is a strong dependence on automobiles, gas prices have become a source of concern for buyers evaluating their overall budget.” At the same time, the rental market is undergoing a transition with the construction of major rental condominium complexes, offering new residential options in the region.
Unlike other cities, the issue of high-rate mortgage renewals does not yet appear to be a major concern for sellers. The Trois-Rivières market remains one of the most affordable, supported by a stable employment rate despite external challenges.
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-Q1-2026-QC
Royal LePage Forecast Chart:rlp.ca/market-forecast-Q1-2026-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 65 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] Amidst rising global tensions, BoC holds key lending rate, Royal LePage, March 18th, 2026.
