Quebec City Real Estate Market Cools Slightly as Supply Rises
Event summary
- July 2026 residential property sales in Quebec City CMA dropped 4% year-over-year to 709 transactions, though still 19% above the ten-year average.
- South Shore saw an 11% increase in sales, while Agglomeration of Quebec City and Northern Periphery declined by 6% and 17%, respectively.
- Active listings rose for a fifth consecutive month (+24% year-over-year), but remain half the historical average for this time of year.
- Median prices increased modestly: single-family homes +1% to $460,000; condominiums +5%; plexes +22%.
- Multiple-offer situations decreased significantly, with only 20% of single-family homes selling for 5%+ above asking price in July (down from 50% in March).
The big picture
Quebec City's real estate market shows signs of softening after a period of exceptional performance, with increased supply beginning to ease tight conditions. The market remains active due to strong local employment and stable mortgage rates, but the strategic shift toward more deliberate transactions suggests a potential long-term rebalancing. The 22% price jump in plexes indicates particular investor interest in multi-unit properties amid persistent housing shortages.
What we're watching
- Supply-Demand Balance
- Whether the recent increase in supply will continue to moderate price growth and reduce seller advantage.
- Regional Disparities
- How the South Shore's outperformance compared to other sectors will evolve, particularly if affordability remains a key factor.
- Market Sentiment
- The pace at which buyer urgency normalizes as multiple-offer situations become less frequent.