Momentum that began nearly two years ago in Quebec’s housing market carried through the final months of 2025, with the province posting strong price growth and demonstrating notable resilience. As many markets across the country cooled, Quebec continued to outperform, bucking the broader trend and finishing the year as Canada’s clear leader in home price appreciation, according to the latest Royal LePage® House Price Survey and Market Forecast. With this strength carrying forward, the stage is set for another active spring season.
“The year 2025 was a testament to the strength and uniqueness of the Quebec real estate market,” said Dominic St-Pierre, executive vice president of business development, Royal LePage. “While the rest of Canada saw a recalibration, and even softening in some regions, Quebec maintained impressive momentum, and the fourth quarter only confirmed this trend of sustained growth. Once again, we stood out with price appreciation that far exceeded expectations and outperformed other major urban centres across the country.”
The aggregate price of a home in the province of Quebec increased 7.1% in the fourth quarter of 2025 to reach $461,500 compared to the same period last year. On a quarterly basis, the aggregate price of a property in the province rose slightly by 0.5%. When broken out by housing type, the median price of a single-family detached home increased 6.4% year over year to $494,400, while the median price of a condominium increased 3.1% to $396,600 during the same period.
Outpacing national trends, Quebec’s residential real estate market continued to demonstrate steady momentum, defying widespread forecasts of a slowdown driven by economic uncertainty. While caution was evident among some buyers, it did not derail price appreciation or activity levels, which held firm or strengthened across most regions of the province.
“This performance is no coincidence. It is underpinned by strong fundamentals, resilient local demand, and the unique ability of our consumers to navigate economic uncertainty,” added St-Pierre. “The Bank of Canada’s gradual interest rate cuts have undoubtedly helped reassure buyers and stimulate activity. However, it is sustained demand that continues to outpace supply, along with persistent household confidence, that allowed Quebec to close 2025 with price growth – clearly setting it apart from the more expensive and volatile markets of Toronto and Vancouver.”
At the national level, the aggregate price of a home declined 1.5% year over year in the fourth quarter of 2025, now standing at $807,200. In the country’s major markets, the aggregate price of a home in Toronto and Vancouver fell 5.7% and 4.1%, respectively, once again highlighting divergent market trends.
Steady growth anticipated this spring as market conditions remain balanced
Quebec’s real estate market will enter the spring of 2026 with expectations of moderate growth, shaped by distinct dynamics across market segments. While demand for single-family homes remains strong and the ongoing shortage of inventory continues to place upward pressure on prices – particularly early in the year – the condominium segment is expected to show greater stability.
In the Greater Montreal Area, a growing supply of condominium listings is creating more room for negotiation for buyers, in contrast to the continued strength of the single-family home segment. Meanwhile, markets such as Quebec City continue to see prices rise at a brisk pace, driven by sustained demand and inventory levels that remain constrained.
“The Quebec market is demonstrating remarkable resilience, adapting to evolving economic conditions,” observed St-Pierre. “We expect an active spring, where the scarcity of single-family homes will continue to support prices, while the condominium segment – with more abundant supply levels – may offer renewed negotiating power for buyers, particularly first-time purchasers. This balance is healthy and reflects the maturity of our market.”
Fourth quarter highlights:
- In the fourth quarter of 2025, the aggregate price of a home in the Greater Montreal Area rose 4.5% year over year, reaching $640,700. By comparison, the greater Toronto and Vancouver markets recorded declines of 5.7% and 4.1%, respectively.
- Quebec City continued to dominate the national rankings, recording the highest increase in aggregate price among Canada’s major regions for the seventh consecutive quarter, with a 13.2% increase to $453,600.
- The Sherbrooke and Trois-Rivières real estate markets posted notable gains in the fourth quarter, with aggregate price increases of 8.8% and 8.5% respectively, compared to the same period last year.
- Royal LePage anticipates a moderate increase in sales activity this spring, thanks to buyers who will take advantage of lower borrowing costs.
1Royal LePage’s aggregate prices are calculated using a weighted average of the median values of all housing types collected. Provincial prices have been updated to include all regions within the province and therefore may vary from previous reports. Data is provided by RPS Real Property Solutions and includes both resale and new build.
