The Quebec City census metropolitan area (CMA) is having an exceptional spring. With 964 sales in May 2026, up 5% year-over-year, the capital hits an all-time high for a month of May — against the grain of the Montreal CMA, which is declining. The momentum is broad: plexes jump 15% and single-family homes 6%. As we noted in our review of the Quebec City spring market, the capital combines affordable prices and sustained demand. The Bank of Canada also held its policy rate at 2.25%.
1. The Quebec City Market in Numbers — May 2026
$470,000
Single-family
sales +6%
$575,000
Plex (2 to 5 units)
sales +15%
$330,000
Condominiums
entry-level segment
With a median single-family price of $470,000 — well below the Montreal CMA — and a plex at $575,000, Quebec City remains one of the most affordable major markets in the province. That price gap is what fuels the strength of sales this spring.
2. An All-Time Sales High
The 964 transactions of May 2026 set a record for the Quebec City CMA. The explanation lies in a favorable equation: accessible entry prices, a solid regional economy supported by public-sector employment, and a tight rental market pushing renters toward ownership. A stable policy rate at 2.25% also secures buyers’ budgets.
💡 The contrast: while the Montreal CMA declines in May 2026, Quebec City rises 5%. Two markets, two trajectories — affordability makes the difference.
3. Plexes in the Lead (+15%)
With sales growth of 15%, the plex is the capital’s most dynamic segment. At a $575,000 median, it remains far more affordable than in the Montreal CMA, which mechanically improves rental yield: at comparable rent, a building that costs less to buy delivers a higher gross yield. Investors and owner-occupants compete for these buildings, supporting both volume and prices.
4. Listings +20%: The Market Breathes
The 20% rise in listings is good news for buyers: after years of shortage, choice is widening. But since sales are rising in parallel, the market stays active and does not tip in favor of buyers; it normalizes. For sellers, it is the time to act while demand is at its peak, while pricing realistically against a fuller field of competition.
5. Outlook
The Bank of Canada’s next decision, expected on July 15, 2026, will set the tone. As long as the policy rate stays at 2.25%, the environment remains supportive for the capital. The fundamentals — affordability, stable employment, rental demand — argue for a continued dynamic seller’s market in Quebec City.