If you’ve been watching Quebec City’s real estate market lately, you’ve likely noticed something extraordinary happening. Properties are selling faster than ever, prices are climbing to unprecedented heights, and competition among buyers has reached levels we haven’t seen in years. As someone who has worked in Quebec City real estate for nearly two decades, I can confidently say that 2025 is shaping up to be one of the most dynamic years our market has experienced.

The Numbers Tell a Compelling Story

Let’s start with the facts. According to recent data from the Quebec Professional Association of Real Estate Brokers, the median price of a single-family home in the Quebec City area jumped by 21% in just one year, reaching $453,500. Even more remarkable, one in four properties is now selling for at least 10% above the asking price. The average time a single-family home spends on the market has dropped to just 26 days—a historic low that reflects the intensity of current demand.

These aren’t just statistics. They represent real families finding homes, investors building wealth, and a city that continues to attract people who recognize its exceptional quality of life and economic stability.

Why Quebec City Is Outperforming the Rest of Canada

While other major Canadian markets have experienced corrections or stagnation, Quebec City has defied national trends. There are several reasons for this remarkable resilience.

First, our diversified economy—anchored by strong institutional and public sector employment—provides stability that many other markets lack. While cities heavily dependent on specific industries have felt the impact of economic uncertainty, Quebec City’s balanced economic foundation has kept our real estate market robust.

Second, inventory remains critically low. Active listings in the Quebec City area are down 26% compared to last year. When demand consistently outpaces supply, upward pressure on prices is inevitable. This shortage isn’t just a temporary blip—it reflects years of underbuilding and a growing population that recognizes Quebec City’s value.

Third, falling interest rates have restored buyer confidence. As borrowing costs decrease, more people can enter the market, further fueling demand in an already competitive environment.

What This Means for Different Stakeholders

For Real Estate Investors: The current market presents exceptional opportunities for long-term wealth building. With rental vacancy rates near historic lows and rental increases projected at 5.9% for 2025, income properties offer both immediate cash flow and significant appreciation potential. The key is understanding which neighborhoods offer the best risk-adjusted returns—something that requires deep local knowledge and experience.

For Prospective Tenants: I won’t sugarcoat it—finding quality housing in today’s market requires speed and preparation. Properties are renting quickly, and competition is fierce. The most successful tenants come prepared with references, proof of income, and the ability to make quick decisions when they find the right fit. Working with established property management companies that maintain diverse portfolios gives you access to opportunities before they hit the broader market.

For Business Owners: Commercial space in Quebec City, particularly in high-traffic areas like Vieux-Québec and along Rue Saint-Jean, remains highly sought after. The city’s thriving tourism sector and strong local economy create excellent conditions for retail and hospitality businesses. Understanding foot traffic patterns and customer demographics by neighborhood is essential for choosing the right location.

For Homebuyers: This is perhaps the most challenging position in the current market. You’ll need to act decisively, get pre-approved for financing, and be prepared for multiple-offer situations. However, for those who can navigate these challenges, you’re buying into a market with strong fundamentals and excellent long-term prospects.

Local Expertise Makes All the Difference

At Groupe Murray, we’ve spent nearly 20 years building relationships throughout Quebec City’s neighborhoods—from the historic charm of Vieux-Québec to the family-friendly streets of Charlesbourg. Our portfolio of over 200 residential and commercial units across the region gives us firsthand insight into market trends before they become obvious to others.

Understanding this market isn’t just about reading statistics. It’s about knowing which buildings have the best property management, which neighborhoods are poised for growth, and how to structure offers that stand out without overpaying. It’s about relationships built over decades, not data downloaded overnight.

Looking Ahead

The Quebec City real estate market shows no signs of cooling in the near term. While economic uncertainties exist—trade tensions, political changes—the fundamentals remain strong. Housing is a basic need, and Quebec City continues to be one of Canada’s most livable and affordable major cities.

Whether you’re an investor, tenant, business owner, or prospective buyer, understanding these market dynamics is your first step toward making informed decisions. In the posts that follow, I’ll dive deeper into specific strategies and insights for navigating this exceptional market.

Frederic Murray leads Groupe Murray, a Quebec City-based real estate company specializing in residential and commercial properties throughout the capital region. For more information, visit groupemurray.com