Quebec City condo prices spiked during the second quarter, according to a new Royal LePage report.

The median condo price soared 12.7% year-over-year to $290,200. That increase exceeded Quebec City year-over-year aggregate increase of 10.4%, which led all Canadian major markets.

“The Quebec City real estate market is still very buoyant, stimulated by a low number of properties for sale, strong demand and affordable home values compared to many other markets in Quebec and Canada,” said Michèle Fournier, vice-president and chartered real estate broker for Royal LePage Inter-Quebec.

Quebec City’s median condo price rise surpassed the 9.7% year-over-year increase in the price of a detached single-family home.

“Unlike other markets in the province, multiple-offer scenarios are still the order of the day, when the price is justified and the property is well-presented,” said Fournier. “With the downward trend in interest rates, we find ourselves in the midst of a perfect storm for real estate price growth.”

Royal LePage is forecasting that the aggregate price of a Quebec City home will rise climb 9.5% in the fourth quarter of 2024.