Quebec’s Third Quarter Real Estate Market Holds Steady Despite Strong Headwinds

L’ÎLE-DES-SŒURS, Quebec, Oct. 14, 2025 (GLOBE NEWSWIRE) -- The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released the third quarter 2025 residential real estate market statistics for the province of Quebec, based on the real estate brokers’ Centris provincial database.

A resilient market despite a less favourable economic environment

Despite a tumultuous economic climate, Quebec’s real estate market has once again demonstrated remarkable resilience. This market strength comes even as the broader economy remains fragile, marked by a decline in real GDP, rising unemployment, and the rapid increase in the cost of living over the past few years. However, the Bank of Canada lowering its policy interest rate to 2.5 per cent in September may have helped further support the transactional activity observed at the end of the quarter.

No fewer than 22,690 properties changed hands between July and September 2025, an increase of 11 per cent over last year and the highest level since 2020. This momentum was not limited to a single region: all of Quebec’s metropolitan areas and nearly all urban centres posted sales growth. A clear sign that, despite the slight deterioration in the labour market, Quebec’s real estate sector remains on solid footing and surprisingly resilient.

Price growth remained steady across Quebec. “It’s no longer a surge, but rather more moderate price increases in some markets. The rise in prices is not surprising, as they are driven by a combination of steady demand from repeat buyers and a supply of properties that remains well below the historical average,” notes Hélène Bégin, QPAREB Senior Economist, Quebec Economy and Real Estate Market.

This dynamic is particularly strong in the plex segment, which has seen the sharpest increases in sales and prices, as well as the most significant declines in inventory and days on market. “Buyers see income properties as a way to offset higher borrowing costs,” adds Charles Brant, QPAREB Market Analysis Director.

The Quebec real estate market remains tight and largely favourable to sellers

The balance of power clearly remains in favour of sellers. “In a context where the persistent shortage of inventory is becoming a real cause for concern, many local markets are still facing a severe lack of properties for sale. This situation is putting considerable pressure on buyers, who often have to act quickly to secure a property,” notes Hélène Bégin.

Properties continue to sell quickly, often after only a few viewings. The number of days required to sell a property has dropped significantly compared to last year: it now takes an average of 44 days for a single-family home to find a buyer, 11 days fewer than during the same period in 2024. This trend is repeated across all property types, confirming that Quebec’s residential market remains tight.

Quarterly Highlights for the Province

Sales

In the third quarter of 2025, 22,690 residential properties were sold through the Centris system, an 11 per cent increase compared to the same period in 2024. This marks the most active quarter for this time of year since 2020.
Growth was observed across all property categories: plexes saw a 24 per cent jump with 2,321 sales, single-family homes rose 12 per cent with 14,951 transactions, while condominiums recorded a modest 3 per cent increase at 5,321 sales.
All of Quebec’s CMAs ended the third quarter of 2025 in positive territory. The strongest increases were seen in Saguenay (+13 per cent), Montreal (+11 per cent), and Quebec City (+8 per cent). The other CMAs posted growth of 4 per cent.
As for urban centres, nearly all of Quebec’s agglomerations posted an increase in transactional activity. The markets of Mont-Tremblant (+34 per cent), Rimouski (+29 per cent), and Saint-Sauveur (+24 per cent) stood out with the strongest sales growth. Conversely, only Baie-Comeau, Sainte-Adèle, Granby, Victoriaville, and Thetford Mines saw a slight decline in the number of transactions.

Listings

After beginning the year with some tightening of supply, the market stabilized in the third quarter of 2025 with 36,117 active listings, a level similar to last year.
However, this level remained well below the 20-year average, which typically has more than 51,000 properties for sale in the third quarter.
Condominium listings rose by 7 per cent, while there was a drop in the inventory of single-family homes (-2 per cent) and plexes (-13 per cent).
Certain local markets experienced significant declines in supply. This was notably the case for the CMAs of Drummondville (-23 per cent), Quebec City (-22 per cent), and Saguenay (-17 per cent), which have a much more limited supply than a year earlier. Inventory levels remained stable elsewhere, and even increased in the Montreal (+3 per cent) and Gatineau (+4 per cent) CMAs.
Disparities in supply fluctuations are also evident in urban centres. The agglomerations of Rimouski (+18 per cent) and Mont-Tremblant (+7 per cent), which already stood out for their strong sales, also posted the largest increases in listings. Furthermore, the number of listings edged up in Joliette (+5 per cent) and Sainte-Agathe-des-Monts (+4 per cent). All other urban centres have seen their inventories either stabilize or tighten, increasing pressure on buyers.

Prices

The sustained strength of sales, combined with a limited supply of properties, continues to reinforce the sellers’ advantage in negotiations.
As a result, median prices continued to rise sharply across the province. The median price of single-family homes increased 9 per cent to $490,000, that of condominiums rose 6 per cent to $399,900, while plexes posted the strongest growth, rising 12 per cent to $650,000.
Although median prices in all property categories have shown steady growth for at least two years, plexes have consistently been the segment experiencing the strongest increases throughout this period.
Price growth continues at a strong pace, although slightly slower than at the end of 2024 and the beginning of 2025.
Each of the province’s metropolitan regions and nearly all urban centres saw an increase in the median price of single-family homes. The most significant gains were observed in the agglomerations of Sept-Îles (+18 per cent) and Victoriaville (+18 per cent), as well as in the CMAs of Quebec City (+17 per cent) and Saguenay (+17 per cent). Mont-Tremblant was the only area to buck this trend, with a 10 per cent decrease in its median price.
The situation is quite different for condominiums, with Mont-Tremblant standing out with a spectacular 58 per cent increase in the median price. The agglomerations of Granby (+16 per cent) and Saint-Sauveur (+15 per cent) also posted substantial gains. Conversely, Sainte-Adèle was the only area to see a decline in median price (-4 per cent).
The median price of plexes increased in all markets across the province. The largest gains were recorded in the CMA of Trois-Rivières (+24 per cent) and the agglomeration of Salaberry-de-Valleyfield (+20 per cent).

Days on the market and market conditions

The number of days required to sell a residential property decreased once again in the third quarter of 2025. This trend was observed broadly across markets throughout the province.
On average, a single-family home sold in 44 days (-11 days), a condominium in 49 days (-8 days), and a small income property in 53 days (-20 days).

Quarterly Highlights for the Regions

Montreal CMA

In the third quarter of 2025, 10,566 residential sales were recorded in the Montreal CMA, up 11 per cent from the same period in 2024, marking the seventh consecutive quarterly increase. Plexes posted the strongest growth with +29 per cent (1,197 sales), followed by single-family homes (+12 per cent), while the momentum of condominiums (+5 per cent) remained more modest.
The average residential inventory reached 17,725 properties, up slightly by 3 per cent. This growth was driven entirely by condominiums (+11 per cent), while the number of single-family homes
(-1 per cent) and plexes (-10 per cent) remained below last year’s levels.
Despite this slight increase in supply, the momentum in sales far outpaced available inventory, thus maintaining a sellers’ market and supporting an upward trend in prices. The median price reached $630,000 for single-family homes (+7 per cent), $830,000 for plexes (+8 per cent), and $425,000 for condominiums (+4 per cent).
The number of days required to sell a property continued to drop: down to 39 days for single-family homes (-12 days), 48 days for condominiums (-8 days), and 53 days for plexes (-21 days).

Quebec City CMA

Between July and September, 2,204 residential sales were recorded in the Quebec City CMA, an 8 per cent increase compared to the third quarter of 2024. This marks the ninth consecutive quarterly increase and the third most active quarter since 2020. These sales exceed the historical third-quarter average of 1,556 transactions by 42 per cent.
The number of properties for sale declined for the seventh consecutive quarter. At 1,763 residential properties, available inventory in the Quebec City CMA fell below the 2,000-property threshold for the first time, its lowest level ever recorded for a third quarter.
Market conditions continue to strongly favour sellers across all property categories, resulting in significant price increases. Half of all single-family homes sold for more than $455,000, up 17 per cent from the same quarter last year. The median price for plexes reached $515,000 (+14 per cent), and $315,000 for condominiums (+13 per cent).

Gatineau CMA

Between July and September 2025, 1,207 residential sales were concluded in the Gatineau CMA, an increase of 4 per cent compared to the same period last year. This marks the seventh consecutive quarterly increase, confirming the strength of transactional activity in the region.
Following two quarters of declining inventory, the number of properties for sale saw its first increase, with an average of 1,613 active listings (+4 per cent) in the third quarter. Despite this slight rise, inventory remains very limited at approximately 25 per cent below the historical average since 2000, which is putting significant pressure on the market.
However, momentum varies across categories. Plexes were by far the most sought-after segment: sales rose 16 per cent while supply contracted 29 per cent, driving a +18 per cent jump in the median price. The condominium market, on the other hand, is showing signs of easing, with sales down (-11 per cent), listings up (+17 per cent), and moderate growth in the median price (+3 per cent). For single-family homes, sales and supply both rose by +6 per cent, yet nevertheless resulting in a sustained increase in the median price (+8 per cent).
Overall, despite some rebalancing on the supply side, Gatineau’s residential real estate market remains largely favourable to sellers across all property categories.

Sherbrooke CMA

A total of 514 residential properties changed hands in the Sherbrooke CMA in the third quarter of 2025, an increase of 4 per cent over the same period in 2024. This marks the seventh consecutive quarterly increase, confirming the market’s strength.
The City of Magog stood out with a 27 per cent increase in sales, while activity remained more stable in other areas of the region.
Property supply tightened by 6 per cent year-over-year, largely due to a significant 20 per cent decline in areas surrounding the city. This is the first drop in inventory for the region since early 2022. Moreover, the number of properties for sale remains 39 per cent below the historical third-quarter average since 2000.
In this context, the advantage for sellers has increased. The number of days on the market has decreased across all property types, and the pressure on prices has remained steady. The median price of single-family homes reached $460,000 (+8 per cent), while condominiums and plexes reached $315,000 (+5 per cent) and $550,950 (+6 per cent), respectively.

Trois-Rivières CMA

In the Trois-Rivières CMA, 334 residential properties were sold in the third quarter of 2025, an increase of 4 per cent over the same period in 2024. This growth came entirely from the outlying areas (+65 per cent), while sales in the City of Trois-Rivières declined slightly by 3 per cent.
Property supply remained stable, with an average of 295 active listings during the quarter. The number of single-family homes available increased by 7 per cent, while the selection of condominiums (-12 per cent) and plexes (-17 per cent) narrowed.
The market had a rapid turnover: during the quarter, it took an average of 26 days to sell a single-family home, 28 days for a condominium, and 46 days for a plex.
Median prices continued to rise. The median for single-family homes rose 6 per cent to $365,000. Gains were even stronger for plexes (+24 per cent) and condominiums (+14 per cent), reaching $421,500 and $302,500, respectively. These increases reflect market conditions that are decidedly favourable to sellers.

Saguenay CMA

In the third quarter of 2025, the Saguenay CMA posted the strongest residential sales growth among the province’s seven metropolitan regions, with 375 transactions (+13 per cent). The single-family home market, which dominates the region, contributed significantly to this increase, with 306 recorded sales, up by 20 per cent.
In contrast, property supply declined by 17 per cent, with an average of only 359 active listings between July and September 2025.
Active listings have been declining for the past six quarters, consequently limiting buyers’ choices and consolidating the dominant position of sellers, which has prevailed in the region since 2021.
In this context, properties sold faster than a year earlier, while prices continued to rise sharply. The median price of single-family homes climbed 17 per cent to $350,000, while plexes also saw a solid increase of 9 per cent, reaching $320,500.

Drummondville CMA

In the third quarter of 2025, 210 residential properties changed hands in the Drummondville CMA, a 4 per cent increase compared to last year. This marks the third most active quarter since 2020. This growth is mainly attributable to plexes (+26 per cent), while single-family home sales remained relatively stable (+2 per cent).
Property supply continued to decline for the third consecutive quarter, with only 269 active listings during the quarter, a 23 per cent drop. This level is 45 per cent below the historical average (2008–2024) of 492 listings for this period of the year.
The median price of single-family homes rose 8 per cent to $400,000, with half of all properties selling above this amount.
The Drummondville market, which has been favourable to sellers since 2019, has tightened over the past three months. Homes sold much faster than a year earlier, with an average of 44 days on the market, 27 days fewer than in the third quarter of 2024.

Third Quarter 2025 Data

Please consult the Barometer – Residential Market to view Q3 2025 data.

Additional information:

Detailed and cumulative monthly statistics for the province and regions.

If you would like additional information from the Market Analysis Department, such as specific data or regional details on the real estate market, please write to us.

About the Quebec Professional Association of Real Estate Brokers

The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 15,000 real estate brokers and agencies. It is responsible for promoting and defending their interests while taking into account the issues facing the profession and the various professional and regional realities of its members. The QPAREB is also a major player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Quebec’s residential real estate market statistics, provides training, tools and services relating to real estate, and facilitates the collection, dissemination and exchange of information. The QPAREB has its head office in Quebec City, administrative offices in Montreal and regional office in Saguenay. It has two subsidiaries: Société Centris inc. and the Collège de l’immobilier du Québec. Follow its activities at qpareb.ca or via its social media pages: Facebook, LinkedIn, X and Instagram.

For more information:
Ariane Boulé
Morin Relations Publiques
media@qpareb.ca

Image bank (credit QPAREB) available free of charge.

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