Quebec real estate market: what September 2026 tells us

Quebec overview: fewer transactions, more competition

APCIQ’s monthly bulletin, based on the Centris system, reports 7,045 residential sales in September, down 7% from September 2025. At month-end, 45,185 properties are listed, 23% more than a year earlier. New listings are up 13%.

My reading of these figures is that buyers have more choice and sellers face more competition. This can create more room to compare and negotiate. It does not establish a buyer’s market across Quebec: actual availability varies by region, price range and property type.

Houses, condos and plexes: three different readings

Single-family houses account for most sales. Activity is down 4%, but their provincial median price rises 3% to $498,500. Average selling time reaches 47 days, two days longer than in September 2025. Slower sales do not automatically erase price growth.

Condos show a more visible adjustment: sales decline 13%, the median price is essentially unchanged and average selling time rises from 48 to 62 days. Sales of 2–5-unit plexes also fall 13%, while their median price increases 4%. These averages combine very different markets and do not replace an analysis of a building’s income and expenses.

The month and the year-to-date picture tell different stories

From January through September, Quebec records 71,323 sales, down 5%. Year-to-date median prices reach $514,000 for houses (+5%), $402,000 for condos (+1%) and $689,900 for plexes (+6%). Those figures describe nine months of transactions, whereas September medians cover the month alone.

A median splits transactions into two equal groups. It also changes with the properties sold: a different mix of smaller units or high-end houses can shift the result. A lower median therefore does not directly measure a loss in value for the same property. Centris data describes transactions recorded in that system, not every notarized sale in Quebec.

Montreal and Quebec City: supply returns, but pressures differ

The Montreal CMA records 3,082 sales (−12%) and 21,793 active listings (+20%). House and condo medians are essentially stable year over year. APCIQ’s October 2 release places supply 18% above its ten-year average.

The Quebec City CMA records 776 sales (−5%) and 2,530 active listings (+35%). Despite that increase, APCIQ indicates that supply remains roughly half its historical average. Median prices continue to rise. Inventory growth percentages need to be read alongside the starting level.

The South Shore and subregions do not all move at the same pace

On Montreal’s South Shore, sales decline 7%, while supply rises 32%. Condos show a particularly strong contrast: 1,583 active listings (+43%), 230 sales (−14%) and an average selling time of 57 days, versus 41 a year earlier. Their median price reaches $405,500, down 3%.

Even subregions within a CMA can diverge. In the Quebec City area, sales rise 23% in the northern periphery but fall 24% on the South Shore. Around Montreal, Vaudreuil-Soulanges and Saint-Jean-sur-Richelieu post small increases. The bulletin does not provide separate monthly results for Brossard or Saint-Lambert: regional figures should not be attributed to either city individually.

• Read the detailed September South Shore report

Elsewhere in Quebec: regional context with clear dates

The September bulletin provides a provincial total, but not a detailed monthly table for every region. For a broader view, the second-quarter barometer offers older context: spring sales fell 15% in Gatineau and 9% in Sherbrooke, while rising 3% in Saguenay and 9% in Trois-Rivières.

These changes compare April–June 2026 with the same quarter of 2025. They are not September results. They illustrate why Quebec should be understood as a collection of local markets. The third-quarter barometer will allow an updated comparison using a more recent period.

• Read APCIQ’s Q2 2026 regional analysis

Interest rates and employment: the budget still drives the decision

On September 2, 2026, the Bank of Canada held its policy rate at 2.25%. Its next decision is scheduled for October 28. The policy rate is not the mortgage rate offered to a buyer. Fixed rates depend in part on bond markets; compare an actual offer, its term and conditions instead of assuming an upcoming reduction.

Employment conditions also support leaving room in your budget. According to Job Bank, Quebec lost 18,500 jobs in August, while unemployment remained at 5.6%. These are August figures, not September figures. They provide economic context without independently proving what caused housing market changes. Income stability and total housing costs remain central to a purchase.

• Estimate payments and closing costs

More resale listings do not resolve the entire supply question

Resale and construction are different indicators. In its August report released September 16, CMHC reports a 6% month-over-month increase in Montreal’s six-month housing-starts trend. The Canadian trend declines 1.3%. September figures are scheduled for October 16 and are not yet available for this October 8 analysis.

A housing start is not a home that is immediately available. A newly built rental unit is also not directly comparable with a house listed on Centris. My interpretation is that more resale supply can improve near-term choice, while housing variety, costs and delivery remain separate challenges for home ownership.

The APCIQ–Léger survey conducted July 28–August 3, 2026 offers another perspective: 92% of surveyed non-homeowners aged 18–34 aspire to ownership; among them, 31% abandoned that plan within the past five years. The survey describes aspirations and perceived obstacles rather than September transactions.

What I take from this for your purchase or sale

The adjustment creates more options, but your strategy needs to start with the market relevant to you. A South Shore condo, a house in the Quebec City area and a Montreal plex do not necessarily face the same negotiating conditions.

• For buyers : compare recent sales and competing listings in your area, then leave room for maintenance and unexpected costs. A longer average selling time does not guarantee a discount on every listing.
• For sellers : position your price against comparable properties currently available. As buyers gain more choice, preparation, documentation and presentation matter more.
• For condos : also review fees, planned work and condominium documents. A regional median is not enough to compare two buildings.
• For plexes : analyze rents, expenses, building condition and financing. A higher median price does not establish profitability for a specific building.

• Request a property-specific valuation
• Explore market reports and charts