The Quebec City real estate market experienced a plateau in sales activity during November 2025, as a severe and ongoing shortage of available properties continued to define conditions. According to the latest data from the Quebec Professional Association of Real Estate Brokers (QPAREB), the market remains intensely competitive, favouring sellers and driving prices upward.
Sales Performance and Geographic Trends
In November, a total of 875 residential transactions were completed within the Quebec City Census Metropolitan Area (CMA). This figure represents a decrease of 4 per cent compared to November 2024. However, analysts note that the previous year was exceptionally strong, and the current performance is still robust. In fact, November 2025 ranks as the fourth-best November in the past 25 years.
Breaking down the sales by property type reveals a mixed picture. The plex (multi-unit property) segment was the sole category to see growth, continuing an upward trend with a substantial 19 per cent increase year-over-year. The 92 sales recorded mark the second-best November for plexes in a quarter-century. Conversely, single-family home sales declined by 3 per cent, and condominium transactions fell by 13 per cent.
Geographically, sales in the Agglomeration of Quebec City dropped by 6 per cent to 554 transactions. A similar trend was observed on the South Shore, where sales fell 10 per cent to 200. The Northern Periphery was the standout region, defying the broader trend with a spectacular 27 per cent increase in sales.
Historic Inventory Shortage and Seller's Market
The most striking feature of the current market is the dramatic scarcity of available properties. Active listings continued their steep decline for the 22nd consecutive month. The current inventory levels represent only about one-third of the ten-year average for available homes.
Specifically, in November there were only:
- 1,040 single-family homes listed (a 24% decrease)
- 490 condominiums listed (a 14% decrease)
- 227 plexes listed (a 13% decrease)
This historic shortage has created conditions that are extremely favourable to sellers, resulting in properties selling at a rapid pace. The average selling time dropped significantly across all categories: condominiums sold in just 24 days (32 days faster), single-family homes in 26 days (14 days faster), and plexes in 27 days (16 days faster).
Sustained Price Growth and Market Outlook
The intense competition for limited inventory is applying sustained upward pressure on prices. For the third consecutive month, the median price of plexes jumped by more than 20 per cent, reaching a 23 per cent increase in November to settle at $552,000. Condominiums followed with a 16 per cent price increase to a median of $320,000, while single-family homes saw a 13 per cent rise to $453,500.
Despite the monthly slowdown, the broader 2025 picture remains strong. Charles Brant, QPAREB Market Analysis Director, noted that with a 6 per cent increase in residential sales from January to November, 2025 is on track to be the second-best year in the past 25 years.
Hélène Bégin, QPAREB Senior Economist, highlighted a key factor supporting continued buyer activity: affordability relative to income. "After-tax family incomes in the Quebec City area are among the highest in the province," Bégin explained. "Mortgage payments account for 25 per cent of household budgets, which is well below the provincial average." This relative affordability helps maintain a high level of buyer engagement even as prices climb.
The data, sourced from the real estate brokers' Centris provincial database, paints a clear portrait of a market constrained by supply. The Quebec City area's dynamism is undeniable, but the path forward will be heavily influenced by whether the inventory of available homes can begin to recover from its historic lows.
