August 18, 2026

The second quarter confirms the return of property supply

Spring 2026 did not bring Quebec’s real estate market to a halt. Instead, it confirmed a transition that had begun in late 2025: fewer transactions, more properties for sale, and more moderate price increases.

For buyers, this change is important. After several years of scarcity, they are gradually gaining a little more choice. For sellers, the market remains favourable, but conditions are less exceptional than last year.

The second-quarter picture therefore calls for nuance. Quebec is not shifting into a buyer’s market; rather, it is returning to a more normal dynamic, with significant differences across regions.

Spring 2026: less intense but still active

Between April and June 2026, 27,296 residential sales were completed in Quebec through real estate brokers, a decrease of 5% from the same period last year and marking the third consecutive quarter of declining transactions.

This pullback confirms the loss of momentum anticipated at the beginning of the year. However, it should not be interpreted as a major downturn in the market. The number of sales remains slightly above the ten-year average, a sign that activity remains brisk despite more cautious demand.

As Charles Brant, Director of the QPAREB’s Market Analysis Department, summarizes: “Quebec’s residential real estate market is showing signs of normalization. While sales are down, they remain at a historically solid level. What is changing most is that supply is returning, which is gradually easing the pressure on buyers.”

The midpoint of 2026 is therefore marked less by a shock than by a change in pace. Households have not left the market, but they are taking more time to assess their budget, financing, and the right moment to move forward with their plans.

Why buyers are more cautious

Various factors explain this more measured attitude. Affordability remains the main issue, particularly for first-time buyers. Even though price growth is slowing, the values reached in recent years still require a substantial down payment and high mortgage payments.

Repeat buyers are not spared either. In 2026, many homeowners will need to renew mortgages taken out during the pandemic, when rates were exceptionally low. The shift to higher rates reduces their flexibility and limits plans to sell their property in order to purchase a higher-end one.

Hélène Bégin, QPAREB senior economist, notes that the economic context also plays a role: “Full-time employment among 25- to 54-year-olds, which represents the core of residential demand, has shown signs of fragility since the beginning of the year. Moreover, slower population growth and a climate of economic uncertainty are prompting many households to wait before making a commitment.”

The slowdown is, therefore, not caused by a lack of interest in homeownership. Rather, it reflects tighter household trade-offs in an environment where every real estate decision must be better planned.

The big change this quarter: the return of supply

The most revealing figure from the spring may not be the decline in sales, but the increase in the number of available properties.

In the second quarter, active listings on Centris reached 41,466 properties, up 14% from the previous year. The increase affected all major property categories: condominiums posted the strongest gain (+20%), ahead of single-family homes and plexes (+11% each).

This increase gives buyers some breathing room. It allows them to compare more properties, visit without necessarily needing to make a quick decision and, in some markets, have a little more manoeuvering room in negotiations.

However, it is important to keep the proper benchmark in mind: inventory remains below its ten-year average in most Quebec markets. The only notable exception is the Montreal CMA, where supply now exceeds its historical average. While the market is easing, a shortage of single-family homes for sale persists, whereas there is a surplus of condominiums in the central neighbourhoods of the island.

Prices still rising, but more slowly

Price growth continued in the spring, but the deceleration is becoming more visible. Increases are still present, especially for single-family homes, but they no longer resemble the very rapid surges observed in 2024 and 2025.

Across Quebec, second-quarter median prices were as follows:

Property prices for Quebec
Property type	Q2 2026 median price	Annual variation
Single-family homes	$523,250	+5%
Condominiums	$405,000	+1%
Plexes	$690,000	+2%

The message is clear: the pressure on prices has not disappeared, but it is moderating. Selling times also confirm that the market remains active. A single-family home sold in an average of 38 days in Quebec, a plex in 43 days, and a condominium in 46 days.

Condominiums are the segment where the change is most noticeable. Supply is increasing more quickly, buyers have more choice, and prices are rising much more slowly. This movement confirms the QPAREB’s recent findings: condominiums are often the first segment to move closer to balance.

Seven markets, seven speeds

Provincial data show the general trend, but they mask sharply contrasting regional realities. The second quarter clearly illustrates this diversity.

Montreal: The CMA recorded 13,365 sales, down 7% year over year. Supply increased by 14%, with a marked rise in condominiums. Rebalancing is more advanced here than elsewhere, even though prices continue to rise: +3% for single-family homes, +1% for condominiums, and +5% for plexes.

Quebec City: The market remains very competitive. Sales rose slightly (+2%) and supply finally rebounded (+19%), ending nine quarters of decline. Despite this improvement, inventory remains 57% below its historical average, maintaining strong competition among buyers.

Gatineau: The transition is more pronounced. Sales fell by 15%, while supply jumped by 30%. Conditions are moving closer to balance, particularly for condominiums, which saw a decline in the median price.

Sherbrooke: After nine quarters of sales growth, the market is changing direction. Transactions declined by 9% and supply increased by 10%. Sellers still retain the advantage, however, because inventory remains below its historical norm.

Saguenay: The market remains dynamic. Sales rose by 3% and supply by 18%, but available properties remain scarce. This scarcity continues to support prices, particularly for single-family homes.

Trois-Rivières: This region bucked the trend with a 9% increase in sales. The plex segment stood out in particular. Even though supply rose sharply, conditions remain tight.

Drummondville: The market saw a slight downturn, with a 3% decline in sales and a 22% increase in active listings. Buyers have more choice, but conditions remain favourable to sellers, especially in the single-family home segment.

What this changes for buyers and sellers

The 2026 market requires a more nuanced reading than during the recent overheated years. For buyers, the return of supply is good news, yet it does not automatically guarantee easy negotiations. In markets where inventory remains low, well-positioned properties continue to quickly attract interest.

For sellers, strategy is becoming more important. The asking price must be realistic, especially in segments where supply is rising quickly. A well-positioned property from the outset continues to sell quickly. However, a property with an overestimated initial price may remain on the market longer than in recent years.

The key word, then, is no longer simply speed. It is adjustment: adjusting expectations, price, financing, search criteria, and decision-making timelines.

2026 outlook: a soft landing

The QPAREB’s revised outlook follows this logic. For all of 2026, the Market Analysis team now expects residential sales in Quebec to decline by about 6% and the single-family home median price to rise by about 5%.

This scenario is not based on a market reversal, but on continued rebalancing. Employment, affordability, mortgage renewals, and demographics should continue to encourage households to be cautious. At the same time, the rebound in supply should help further slow price growth, especially in the condominium segment.

In short, 2026 is shaping up to be a year of transition: less frenzy, more choice and market conditions that are gradually becoming more predictable.

Second-quarter key takeaways

Sales are down 5%, but remain slightly above their ten-year average.
Supply is increasing sharply, with 41,466 active properties, 14% more than one year earlier.
Prices continue to rise, but at a more moderate pace.
Condominiums are rebalancing faster than single-family homes.
Selling times remain short, a sign that the market is still active.
Regional differences are significant: Quebec City and Trois-Rivières are holding up better, while Montreal, Gatineau and Sherbrooke are rebalancing more quickly.
The 2026 forecasts point to lower sales, but not to a major correction.

Why professional guidance matters

In a more nuanced market, local information becomes decisive. Provincial trends provide a useful framework, but they do not replace a precise reading of the neighbourhood, property type, and level of competition on the ground.

For buyers and sellers alike, the guidance of a real estate broker therefore remains an important asset. It helps them better interpret the statistics, adjust their strategy, and make informed decisions in a market that is gradually regaining its balance.

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