Faced with a significant lack of offers on the resale market, Royal LePage predicts that the Quebec region will see the median price of its properties increase by another 11% in 2025, the largest increase expected in the province .
This major increase will come on top of the record increase that the capital’s real estate market has already experienced over the last year. At the end of December 2024, the median price of a property had already increased by 11.3%, to stand at $400,600.
If Royal LePage’s forecasts are correct, in the fourth quarter, the median price of a property in Quebec will reach $444,666 at the end of 2025. Last year, at this date, its median stood at only $360,000.
The decline in the volume of homes for sale is the main cause of these price increases. Compared to last year, according to data from the Professional Association of Real Estate Brokers of Quebec (APCIQ), its number is down 15% in single-family homes and 17% in co-ownerships.
As the number of buyers still far exceeds the number of properties put up for sale, more and more transactions are subject to multiple offers and at increasingly higher prices compared to the displayed price, confirms Michèle Fournier, vice-president and real estate broker at Royal LePage Inter-Québec.
At the end of 2024, the median price of a detached single-family home in the Quebec region had increased by 13.2% year-over-year to $428,300. The median price of a condominium increased by 9.7% during the year, reaching $293,400 at the end of 2024.
In such a context, Mme Fournier advises first-time buyers to remain cautious, despite the drop in mortgage rates. “Even if they now qualify for a more expensive property, it’s essential to stick to your initial budget,” she advises. Otherwise, the continued increase in the cost of living risks catching up with them.”
