Quebec has long offered a way in for homebuyers priced out of Canada’s most expensive cities, given its relatively affordable real estate prices across the province. But according to the 2026 Royal LePage Affordable Cities Report, that window has recently narrowed. 

According to the report, two Quebec cities rank among the 15 most affordable markets in Canada: Trois-Rivières, in eighth place, and Sherbrooke, in thirteenth. That is down from four cities in 2024, when Gatineau and Quebec City also featured on the top 15 list.  Both have since dropped out of the ranking.

In Trois-Rivières, 27.3%of a household’s monthly income is required in 2026 to service a mortgage payment, an improvement from 2024, when 28.5% was needed. In Sherbrooke, 28.9% of a household’s monthly income is required, down from 30.8% two years ago. By national standards, these are competitive numbers, but the bigger picture reveals a province where affordability is under increasing pressure, with one city pulling in the opposite direction entirely.

Quebec City: The exception that proves the rule

Of the 62 Canadian cities analysed in this year’s report, Quebec City is the only market in the country where affordability deteriorated over a two-year period, with the income required to service a mortgage rising by 1.6% since 2024, pushing the affordability index from 30.8% to 32.4%.  

Quebec City stands out in particular, having recorded the highest year-over-year aggregate home price increase for the last eight consecutive quarters, according to the Royal LePage Q1 2026 House Price Survey. Sustained demand in the face of limited supply has a predictable effect in a market already testing its affordability limits: home prices rise.

Quebec City is feeling that pressure, and the gap between local incomes and housing costs is therefore narrowing.

From four cities to two

In 2024, Quebec placed four cities among Canada’s most affordable. Two years later, only two remain. The pattern is consistent nationally: the most affordable cities tend to attract demand from buyers priced out of larger markets, and prices follow.

“An important but often overlooked trend in Canadian real estate has been the compression of home prices between regions. During the pandemic boom, the gap between Canada’s most expensive markets and mid-sized cities widened dramatically. Since then, the reverse has occurred. Home values in Toronto and Vancouver have softened while cities such as Ottawa, Montreal and Regina have held their ground or continued to appreciate,” said Phil Soper, president and CEO, Royal LePage.

“The result is a narrower pricing spread. For many Canadians, the question is no longer simply whether they can afford a home, but where they can achieve the best balance of affordability, career opportunity and quality of life. If this trend continues, the financial incentive to relocate will diminish, and we can expect fewer households to seriously consider moving solely in pursuit of lower housing costs.”

Trois-Rivières: Holding the line

Trois-Rivières holds its position as the most affordable of Quebec’s two cities on the list, supported by a resilient local economy anchored by the Université du Québec, the hospital network, and several paper mills. 

“Trois-Rivières remains an affordable city, especially compared to the rest of Canada, but our position in the ranking has shifted down due to sustained home price increases over the past two years. Since the pandemic, the local market went through a necessary catch-up in property values, which has narrowed the historical gap with the provincial average, said” Martin Leblanc, real estate broker, Royal LePage Centre.

Trois-Rivières is feeling the effects of rising prices, but the underlying market remains strong. For buyers looking beyond Montreal, it remains one of the more compelling options in the province.

Sherbrooke: Popular, and feeling it

Sherbrooke’s 13th-place national ranking tells only part of the story. The city is actively attracting buyers from larger urban centres, and housing supply has not kept pace. Residents in the Greater Montreal Area are more likely to choose another city within their own province than their counterparts in the greater regions of Toronto and Vancouver, according to a recent Royal LePage survey, conducted by Burson.  Among Greater Montreal respondents, 29%say they would consider purchasing a primary residence in Sherbrooke if they were able to find a job locally or work remotely, making it the top destination of choice for Montrealers looking to relocate.

“Sherbrooke is experiencing a major influx of buyers coming from Quebec City and Montreal. Many Baby Boomers and retirees are returning to the region in search of a quieter lifestyle, secondary residences, or countryside properties. Even though market inventory has grown, it simply hasn’t kept pace with this influx, triggering a natural market adjustment and putting upward pressure on prices. Despite this increase, Sherbrooke remains genuinely affordable compared to other major Canadian markets. We still have a significant catch-up period ahead of us before reaching the pricing tiers of larger centres, which means real estate here is highly accessible and represents a strong investment opportunity,” said Jean-François Bérubé, certified real estate broker, Royal LePage Évolution EB

Affordability aside, Sherbrooke has built a strong case on its own merits. Quality schools, accessible nature, and a university and hospital centre that sustain a healthy local economy make it a compelling destination well beyond its price point.

A Narrowing Gap

The province of Quebec’s story is part of a larger national picture. Across the country, 61 of the 62 cities analyzed recorded an improvement in affordability between 2024 and 2026, with the most significant gains concentrated in higher-priced markets. 

“Over the past two years, home prices in Canada’s major urban centres – particularly Toronto, Vancouver and their surrounding communities – have softened, as demand in these higher-cost regions has been tempered by geopolitical and economic uncertainty, reduced immigration levels and an unprecedented increase in supply,” said Soper. “At the same time, cities where home prices are lower have seen more robust demand as buyers seek an entry point into the market, pushing prices up as a result.

“That said, local income relative to home prices remains a critical factor when assessing affordability, and the degree of improvement varies significantly from one market to the next. For residents already stretched by the higher cost of living, the gains from declining home prices may not yet be felt.”

Quebec’s affordability story is not over, but it is evolving. Since the pandemic, the province has been catching up to the rest of the country in terms of home prices, and the gap is narrowing. Trois-Rivières and Sherbrooke still offer genuine value for buyers looking beyond Montreal. For now, the province of Quebec remains among the more affordable in Canada. 

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1Royal LePage’s Affordability Factor is based on the percentage of income required to service a monthly mortgage payment, using Statistics Canada 2024 provincial median total income of economic families and persons not in an economic family, and city-level aggregate home price data from the Royal LePage Q1 2026 Home Price Update. The mortgage calculation is based on a three-year fixed-term loan at 4.64%, amortized over 25 years with a 20% down payment.