Quebec real estate market: Impressive resilience in Q3 2025

Let’s take a closer look at this remarkable resilience, region by region and segment by segment.

Staying the course despite headwinds

Between July and September 2025, a total of 22,690 residential properties changed hands in Quebec — an increase of 11 per cent compared to 2024. This marks the most active quarter since 2020.

This performance comes despite a less favourable economic environment: declining real GDP, rising unemployment, and a high cost of living. However, the Bank of Canada’s decision to lower its policy interest rate to 2.5 per cent in September helped spur transactions toward the end of the quarter.

According to Hélène Bégin, QPAREB Senior Economist, “The rise in prices is not surprising, as it is fueled by a continued strong demand from repeat buyers and a limited supply of properties for sale that remains well below the historical average.”

Overall increase in sales

This upswing in sales was experienced by all of Quebec’s Census Metropolitan Areas (CMA).

Some smaller agglomerations had even more spectacular results.

Plexes were the big winners this quarter, with sales up 24 per cent. This segment is attracting investors who see it as a way to offset higher borrowing costs through rental income.

The supply of properties remains limited

The number of properties for sale in Quebec remains well below the historical average.

There are currently 36,117 active listings, which is similar to last year, but 30 per cent lower than the 20-year average of about 51,000 properties.

There are, however, significant regional disparities:

• Drummondville (-23 per cent), Quebec City (-22 per cent), and Saguenay (-17 per cent) posted the largest declines in inventory.
• Montreal (+3 per cent) and Gatineau (+4 per cent) recorded slight increases.

This scarcity of supply continues to favour sellers and exert an upward pressure on prices.

Prices rising across Quebec

The imbalance between supply and demand continues to push prices higher.

The largest price increases are concentrated in certain regions:

• Quebec City and Saguenay: +17 per cent for single-family homes
• Sept-Îles and Victoriaville: +18 per cent
• Trois-Rivières: +24 per cent for plexes
• Mont-Tremblant: -10 per cent for single-family homes, but up 58 per cent for condominiums

Selling times are getting shorter

The number of months needed to sell residential property inventory has decreased.

Quarterly highlights for the regions

Here’s a simplified snapshot of the real estate market in Quebec’s major metropolitan areas in the third quarter of 2025.

Montreal: the market remains robust

The Montreal CMA continues to demonstrate its strength, with 10,566 sales (+11 per cent). Plexes (+29 per cent) lead the way, followed by single-family homes (+12 per cent) and condominiums (+5 per cent).

Despite a slight increase in inventory (+3 per cent), the market remains strongly in favour of sellers. Selling times continue to improve: 39 days for a single-family home and 48 days for a condominium.

Quebec City: a record shortage

The Quebec City CMA experienced its third most active quarter since 2020, with 2,204 sales, up 8 per cent. What stands out most, however, is the shortage of properties: down to only 1,763 active listings, a historic low. As a result, prices are skyrocketing.

Gatineau: a persistent seller’s market

In the Gatineau CMA, 1,207 sales were concluded (+4 per cent). Although supply edged up (+4 per cent), it remains 25 per cent below the historical average. Plexes stand out with sales up 16 per cent

Sherbrooke: a balanced but tight market

In Sherbrooke, 514 properties were sold (+4 per cent). The city of Magog stands out with sales rising by 27 per cent. Regional inventory fell 6 per cent, further tightening the market. Prices continue to rise.

Trois-Rivières: a fast and competitive market

The Trois-Rivières market remains dynamic, with 334 sales (+4 per cent). Properties are selling at record speed:

• 26 days for a house
• 28 days for a condominium
• 46 days for a plex

Median prices are also rising:

Saguenay: the highest growth in sales in Quebec

With 375 sales (+13 per cent), the Saguenay CMA posted the best performance in the province. The supply of properties for sale shrank (-17 per cent), and prices soared. Market conditions remain firmly in favour of sellers.

Drummondville: inventory in free fall

In Drummondville, 210 properties were sold (+4 per cent), but supply fell 23 per cent, down to its lowest level in five years. Properties are selling much faster than before, with an average selling time of 44 days (down 27 days). Plexes gained in popularity (sales up 26 per cent).

In summary: a strong market, but one to watch

The 2025 Quebec real estate market is showing exceptional resilience. Despite a fragile economic context, lower interest rates, a sustained demand, and a persistent shortage of properties for sale are continuing to exert upward pressure on prices.

Key trends to keep in mind:

1. Increased sales and prices across all regions.
2. Plexes: the most dynamic segment, favoured by investors.
3. Market still tilted in favour of sellers, especially outside major cities.
4. Shorter selling times, reflecting continued market tightness.
5. Record median prices reached in several CMAs, notably Quebec City and Montreal.

What this means for buyers and sellers

• For sellers: It’s still a good time to put a property on the market. Demand remains strong, and well-positioned properties continue to sell quickly.
• For buyers: You need to have your financing in order and be prepared to act quickly. Lower interest rates offer some relief, but competition remains high.
• For investors: Plexes and income properties present attractive opportunities to secure returns in a context of moderate interest rates.

A robust residential market

The 2025 third quarter confirms the strength of the Quebec real estate market, which continues to stay the course despite headwinds. Whether in Montreal, Quebec City, Saguenay, or Sherbrooke, one thing is clear: real estate remains a solid pillar of the Quebec economy, supported by steady demand and a persistent imbalance between supply and demand.

No matter what your situation or real estate plans are, a real estate broker can help you see things more clearly and identify the best opportunities. Consult the QPAREB’s Residential Market Barometer and the detailed monthly statistics for information on price movements and real estate trends.

Article written in collaboration with:

See also:

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A comprehensive 12-step guide to buying a home

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