Sales surged as buyers faced shrinking supply and rising prices
The Quebec City area’s residential real estate market posted a historic October, with transactions climbing 16% year-over-year to 1,031—an all-time high for the month, according to new data from the Quebec Professional Association of Real Estate Brokers (QPAREB).
The surge, which outpaced the previous record set in 2020, was broad-based across all property types and sectors.
Sales of plexes jumped 24%, single-family homes rose 19%, and condominiums increased 6% compared to October 2024. The South Shore, Agglomeration of Quebec City, and Northern Periphery all saw double-digit growth, with the latter leading at 19%.
Inventory, however, continued its long decline. Active listings dropped 16%, leaving just 1,187 single-family homes, 515 condos, and 241 plexes on the market.
“The reduction in the supply of properties for sale has led to shorter selling times and sharply rising prices, particularly in the Agglomeration of Quebec City and Northern Periphery sectors,” Charles Brant, QPAREB’s market analysis director, said.
After more than 20 consecutive months of falling inventory, available properties now represent just 35% of the ten-year average—a level not seen in recent memory.
Properties sold at a record pace. Plexes spent just 20 days on the market, down 30 days from last year. Single-family homes sold in 22 days (10 days faster), and condos in 31 days (11 days faster). Median prices followed suit: plexes soared 25% to $550,000, condos rose 17% to $315,000, and single-family homes climbed 11% to $449,900.
“In Quebec City, October saw an extension and amplification of the momentum of the third quarter,” Brant said.
“It was a record-breaking month, surpassing that of 2020, with higher sales in all property types and major sectors. The recent downward trend in interest rates since September has been the trigger for those who have been debating a decision over the summer to make a move.”
Hélène Bégin, QPAREB senior economist, pointed to continued strength in the single-family and plex segments, noting their appeal among investors.
“The condominium market remains solid, despite the stricter selection process brought on by high prices and, above all, the new rules under Bill 16,” Bégin said. She added that buyer confidence has held up, buoyed by increased financial transparency in condo management.
Quebec’s urban markets have bucked national slowdowns, with local demand and investor interest offsetting affordability concerns. Brokers highlighted the impact of regulatory changes and the need for buyers to act quickly in a market where properties are snapped up in days, not weeks.
With inventory at historic lows and prices rising, the Quebec City market remains firmly in sellers’ territory. The coming months will test whether supply can catch up or if buyers will continue to face fierce competition for a shrinking pool of homes.
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