Quebec’s Housing Market Recalibrates Following a Strong 2024: Q1 2025 Market Update
Between Q1 2024 and Q1 2025, Quebec’s housing market moved from robust growth into a period of moderation. Strong quarterly gains in home sales, most notably a 12.8% jump in Q4 2024, coincided with rising new listings and an initial surge in active inventory. Prices advanced steadily through much of 2024 before slipping 1.0% in early 2025.
Sales
Source: Edge Realty Analytics
Quebec’s home sales showed a turning point over the five quarters, with a drop in the first quarter of 2025. After an initial 10.1% uptick in Q1 2024, quarterly gains slowed to 2.0% in Q2 before rebounding to 5.9% in Q3. The strongest surge came in Q4 2024, when sales jumped 12.8%, marking the period’s peak activity. This momentum reversed in Q1 2025, as sales declined 9.1% quarter-over-quarter.
Inventory and Listings
Source: Edge Realty Analytics
Source: Edge Realty Analytics
New listings rose through 2024, climbing 3.6% in Q1 and continuing with smaller gains in subsequent quarters before spiking 10.0% in Q1 2025. Active inventory, however, painted a different picture: a 21.0% surge in Q1 2024 was followed by moderating increases (5.1% in Q2, 0.5% in Q3) and a 3.0% contraction in Q4. With only a modest 2.3% rebound in Q1 2025, listing volumes remained well below their early-2024 peak.
Price
Source: Edge Realty Analytics
Quarterly price changes mirrored these supply and demand shifts. After a minimal 0.2% rise in Q1 2024, price growth accelerated by 1.3% in Q2, 2.9% in Q3, and 1.8% in Q4. The first quarter of 2025 saw a 1.0% decline, the only downward move in the period, though prices stayed 6.4% above Q1 2024 levels.
Construction Trends
New construction activity fluctuated sharply. Q1 2024 began with a 3.4% drop in dwellings under construction, followed by a 6.3% increase in Q2. A steep 9.7% decline in Q3 preceded a modest 1.1% recovery in Q4, and construction finished the period with a 2.9% downturn in Q1 2025.
Overall, Quebec’s market shifted from strong early 2024 sales and expanding inventory toward a late-2024 tightening, with double-digit sales growth and narrowing listings, before showing signs of easing demand and rising supply in the opening quarter of 2025.
Source: Edge Realty Analytics
