The clouds darkening the economic skies do not seem to be casting a shadow over Quebec’s real estate market, according to Royal LePage.
In Quebec, the market-weighted median price increased by 7.6 per cent in the first quarter of 2025, compared to the same period last year, according to the firm.
The market is solid across Quebec, says Royal LePage real estate broker Marc Lefrançois.
“When I talk to my colleagues outside the province, things are going very well, quite well everywhere at the moment,” he adds.
All the same, the Quebec market is standing out from the rest of Canada.
Lefrançois gives the example of Toronto, where the recent decline in interest rates does not seem to have given the market a push.
“It really fell flat, whereas in Quebec it just accelerated,” he said.
Additionally, Quebecers seem more optimistic despite the economic uncertainty.
In fact, 65 per cent of Quebecers say they are confident about the economy, according to an online survey conducted by Royal LePage in early April.
Lefrançois says that overbidding is still a frequent phenomenon, recounting one transaction in Laval, north of Montreal, where, “On the weekend, they were making offers to buy eight, nine, 10 properties.”
However, Lefrançois, who works in Montreal, says he has noticed a slowdown in the larger, luxury property sector.
While uncertainty does not seem to be discouraging first-time buyers, homeowners who want to move to a larger residence seem to be in less of a hurry, he observed.
“It’s a balanced market. You have to take into account prices, competition and recent sales,” he said.
At most price points, the property market is leaning in the seller’s favour across the province, the broker said.
Lefrançois urges those who want to sell this year not to wait a few months in the hope of getting a better price due to the uncertain economy.
Quebec City leads the way
The Quebec City region continues to lead the way in terms of rising prices.
The median price of a single-family home jumped by 16.9 per cent in the first quarter to reach $457,600.
“We experienced a few bumps in the road in March, but demand remains well above supply, which is supporting prices in all segments,” said Michèle Fournier, a Royal LePage broker in the Quebec City area.
In the Greater Montreal area, the median price of a single-family home rose by 8.3 per cent to $715,700.
“Things had calmed down in the north and south regions of Montreal in 2023 and early 2024, but now they’re almost like they were during the pandemic (period of overbidding),” said Lefrançois.
This report by The Canadian Press was first published in French on April 15, 2025.
