Little hope for rapid improvement in hopes of buying a new home in Quebec

New data shows single-family home prices have far outpaced incomes in Quebec, making it harder and slower for younger buyers to afford a first home.

The ability to purchase a single-family home in Quebec has deteriorated over the past decade in the province, to the point where there is little hope for rapid improvement in housing affordability.

This was the finding of the Quebec Professional Association of Real Estate Brokers (QPAREB) in a study published on Thursday, which also indicates that a gap is widening between regions.

According to their analysis, prices for single-family homes have doubled in most regions since 2015, with a significant gap existing depending on where one lives.

In Montreal, the median price of a single-family home is now $790,000, while in Gaspésie-Île-de-la-Madeleine it is $240,000.

At the same time, household incomes have only increased by 15 to 25 per cent, after taxes and adjusted for inflation.

“The rise in single-family home prices continues to outpace after-tax incomes. In addition, the labour market lacks momentum and further declines in mortgage rates remain uncertain,” said Charles Brant, Director of Market Analysis at the CPAIC.

Difficult to save for a down payment

One of the biggest obstacles to buying a property is the down payment, according to the CPAIC.

Federal mortgage rules that came into effect in 2016 stipulate that a minimum down payment of five per cent of the purchase price is required for properties priced at $500,000 or less.

The minimum down payment increases to five per cent of $500,000 and 10 per cent of the remaining amount for prices between $500,000 and $1.5 million.

In 2016, nearly five per cent of single-family homes were sold for more than $500,000 in Quebec. Currently, however, nearly half of all properties are selling above this threshold.

Many buyers are therefore forced to raise additional down payments, a requirement that was rarely applicable in Quebec nearly ten years ago, according to the QPARB.

And the picture varies from region to region. While the provincial average for a minimum down payment in 2025 is $24,510, it is $54,000 for Montreal and $12,000 for Gaspésie-Îles-de-la-Madeleine.

With all these changes, more time is needed to save money and hope to become a homeowner.

With the exception of Montreal, two to three years of savings were generally needed ten years ago in the province to obtain enough for a down payment.

Now, it takes nearly five years of savings at the provincial level to hope to accumulate enough money, and a little over 11 years in Montreal, according to APCIQ estimates.

“Current conditions leave little hope for rapid improvement in affordability,” said Brant, as single-family homes remain in high demand and new home construction is considered “anaemic.”

This report by The Canadian Press was first published in French on Nov. 27, 2025.