Real estate market: what the Q1 2026 data reveals

The market slows … yet is not losing steam

During the first three months of 2026, just over 23,000 residential sales were completed across Quebec, a drop of 2 per cent over the same period in 2025.

At first glance, this decline may seem minor. However, it deserves some context.

As Charles Brant, QPAREB Market Analysis Director, explains: “The Quebec real estate market is entering a stabilization phase, yet without any real easing of pressure. Activity has slowed slightly, but demand remains strong, supported by relatively favourable economic conditions, including stable interest rates and a resilient job market.”

The volume of transactions therefore remains very close to the ten-year average, reflecting a still-active market.

The decline in sales can partly be explained by a shift in buyer attitudes. Many households are now taking more time before making their purchase decisions.

“The demand picture remains nuanced and reflects a shift in buyer behaviour. While interest in purchasing remains strong, many households are taking a more cautious approach, adjusting their budgets, their criteria, or the timing of their projects,” points out Camille Laberge, QPAREB Assistant Director and Senior Economist.

She adds, “This dynamic, combined with more fragile household confidence, has persisted from late 2025 into the first quarter, and has contributed to a slight drop in sales.”

The key word here is “caution.”

Across Quebec, buyers are showing greater caution, largely due to the current climate of economic uncertainty.

 “Consumer confidence has weakened in a context marked by Quebec’s slowing economy, persistent inflation concerns, and ongoing geopolitical uncertainty, whether related to the conflict in the Middle East or trade tensions with the United States. These factors are prompting many households to take more time before moving forward with a real estate project,” states Charles Brant.

Camille Laberge also notes that “this repositioning is occurring in a context where certain demographic factors, including the recent decline in the number of non-permanent residents, are moderating buyer demand in a number of markets.”

Conditions continue to favour… sellers

Even though sales have slowed slightly, Quebec’s real estate market still strongly favours sellers.

Why? For the simple reason that supply, although rising, remains insufficient.

In the first quarter of 2026, there were just over 36,000 properties listed on the Centris system, an increase of 6 per cent from the previous year.

There is, however, an important caveat: despite this increase, inventory levels remain well below historical averages.

As a result:

• Competition among buyers remains strong.
• Properties continue to sell quickly.
• Sellers maintain the upper hand in negotiations.
• Upward pressure on prices remains significant.

According to Charles Brant, the market is nevertheless entering a transition phase: “The Quebec market is gradually rebalancing, but conditions still remain in favour of sellers.”

Prices will grow, but at a more modest pace

After several years of strong growth, prices continue to rise, but at a more reasonable pace.

Median prices and annual growth across Quebec:

• Single-family homes: $511,850 (+6 per cent) 
• Condominiums: $400,000 (+3 per cent)
• Plexes: $675,000 (+8 per cent)

Properties continue to sell quickly

Another key indicator is the speed at which properties are selling.

In the first quarter:

• Single-family homes: 45 days
• Plexes: 51 days
• Condominiums: 52 days

These selling times have even decreased in several cases compared to last year.

Despite increased caution among buyers, demand remains strong enough to quickly absorb available inventory.

Very different realities across regions

Quebec’s real estate market is far from uniform. Market dynamics vary significantly from one region to another, making regional statistics especially relevant:

• Real Estate Statistics - Centris.ca
• Residential Barometer - QPAREB

Montreal CMA market: active but down slightly

Sales declined by 4 per cent, while inventory increased by 10 per cent, particularly in the condominium segment.

Despite this, prices continue to rise, and the market continues to favour sellers.

Quebec City CMA market: ongoing shortage of inventory

Supply continues to shrink, further intensifying the shortage and competition among buyers.

Selling times remain especially short, and price increases are still very significant.

Gatineau CMA market: continues to soften

With declining sales and a sharp increase in inventory, pressure has eased somewhat, influenced by the slowdown in the Ottawa market.

It is also one of the few regions where prices have dropped.

Sherbrooke CMA market: as active as ever

With increases in both sales and listings, sellers have maintained a strong position, leading to substantial price increases and fewer days on the market.

Saguenay CMA market: strong growth in sales

The strong momentum in the area continues to give sellers a significant advantage, which further intensified this winter due to sustained sales growth.

Trois-Rivières CMA market: declining sales

Despite slower transactional activity and increased inventory, market conditions remained very tight.

Drummondville CMA market: sellers still hold the advantage

A partial rebalancing is beginning to emerge, with rising inventory and declining sales, although conditions remain favourable to sellers for now.

A shift in buyer behaviour

Beyond the numbers, the one trend that is clearly emerging is that buyers are adapting.

We are seeing:

• Longer decision-making periods 
• Adjusted budgets
• Greater willingness to compromise
• A more cautious, wait-and-see approach

This is not a disengagement from the market, but rather an evolution in buyer behaviour.

At the same time, a trend is also emerging on the supply side.

“The increase in listings across several regions is beginning to provide buyers with more options, although not enough yet to restore true balance. Market dynamics continue to vary significantly from one market to another, with certain segments, particularly plexes, continuing to stand out because of sustained activity,” notes Camille Laberge.

A shift towards more balanced market conditions?

The first quarter 2026 data suggest the beginning of a rebalancing process. However, it remains fragile.

Three factors will be especially important:

1. Interest rates
2. Household confidence
3. Supply levels

For now, the market sits somewhere in between: neither overheated nor in correction territory. Charles Brant summarizes this fragile balance: “What comes next will largely depend on the evolution of interest rates and household confidence, especially as the international geopolitical context raises the risk of higher inflation in Canada.”

First quarter: key takeaways

✔ Sales are down slightly
✔ Supply is increasing but remains insufficient
✔ More moderate price growth
✔ Selling times remain short
✔ Buyers are more cautious
✔ Regional market dynamics remain highly uneven, with varying levels of affordability and inventory

Why professional guidance still matters

In a more nuanced market, real estate decisions require greater strategy.

Understanding local trends, positioning a property effectively, and negotiating successfully can make all the difference.

That is why working with a real estate broker remains a valuable asset for navigating Quebec’s real estate market with confidence.

Article written in collaboration with:

See also:

13 expenses to budget for when buying a home

A comprehensive 12-step guide to buying a home

Preparing for Your First Meeting With a Real Estate Broker