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Three people riding their bikes accross a pond in autumn in the Estearn Townships, Quebec Three people riding their bikes accross a pond in autumn in the Estearn Townships, Quebec

Property prices: Ranking of cities with the highest growth since 2020

Published on October 28, 2022

The real estate market went into overdrive starting in March 2020, particularly because of the unprecedented global situation. The profile of property prices across Quebec was transformed by rock-bottom interest rates, a shortage of properties for sale and an increased demand from buyers.

Over the last two years, all residential property types gained in value, but single-family homes were most affected, experiencing a price hike of 41% on average in the province, according to the JLR Real Estate Radar1. The value of co-owned properties (condos) also rose, up to 30%, while multi-dwelling properties increased 25%2.

Time to take stock

Since the second quarter of 2022, the market has started to change. The overheated market is slowly starting to cool down, more properties are coming on the market, and there are signs of price levels going back down. So, it’s a good time to rank the cities in Quebec that experienced the strongest growth during the pandemic years.

Fascinating! Most of the municipalities ranking highest are not in major urban centres. They are often cities located in second or third suburbs or in popular areas for second homes, like the Laurentians or Estrie. There are a number of reasons for buyers’ interest in these municipalities, notably the increased prevalence of teleworking and the affordable selling prices prior to the pandemic.

Cities in Quebec ranked in order of highest price growth since 2020 and their median price for single-family homes in the 3rd quarter of 2022.
Source: Real Estate Radar at JRL.ca / NB: To qualify for this ranking, a city must have had a minimum of 30 transactions during the 2 periods under study.

Click here to see the full list of cities and their percentage increases.

Interested in taking advantage of higher property values in your area before things return to baseline? The DuProprio team offers you visibility and support to help you sell successfully. Contact us at 1-866-387-7677 or watch our webinar to learn more about our services:

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1. Variation in the median selling price of single-family homes, condos and multiplexes (2 to 5 dwellings) in the 3rd quarter of 2022 in Quebec, relative to the same period in 2020, according to the Real Estate Radar at JLR.ca. 2. Variation in the median selling price of single-family homes, condos and multiplexes (2 to 5 dwellings) in the 3rd quarter of 2022 in Quebec, relative to the same period in 2020, according to the Real Estate Radar at JLR.ca. 3. Median selling price of single-family homes, condos and multiplexes (2 to 5 dwellings) in the 3rd quarter of 2022 in Quebec, according to the Real Estate Radar at JLR.ca. 4. Variation in the median selling price of single-family homes, condos and multiplexes (2 to 5 dwellings) in the 3rd quarter of 2022 in Quebec, relative to the same period in 2020, according to the Real Estate Radar at JRL.ca.