Quebec City condominium prices rose 11% year-over-year in the first quarter as part of a province-wide increase.

The median price of $259,900 reflected a sustained 11% increase posted in the previous quarter, the Quebec Professional Association of Real Estate Brokers (QPAREB) reported.

The provincial capital’s median-price increase was well above Montreal’s 4% and the province-wide 5% boost.

The Quebec City median-price rises came after the region’s condo listings decreased 11% year-over-year.

Quebec City-area overall residential sales transactions climbed 21%, to 2,5999, from the same period in 2023. That jump exceeded the 17% provincial rise in transactions.

The provincial double-digit sales gain was Quebec’s first since 2021, a span of 10 quarters.

Charles Brant, QPAREB’s market analysis director attributed the rise to lower inflation, the Bank of Canada’s softer stance on interest-rate cuts and homebuyers’ desire to take action in case the market overheats.

Photo: Destination Canada