House Hunting in Canada: A Restored 19th-Century Farmhouse in Quebec

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According to October 2021 statistics from QPAREB, the median price of a home in the Quebec City metro area is 315,00 Canadian dollars ($255,000), up 14 percent over the same quarter last year. Condominiums cost an average $220,000 Canadian ($178,000), up 13 percent year over year and the strongest quarterly increase since 2004. In upscale southern suburbs like Sillery, Cap Rouge and Sainte-Foy, prices can range from 500,000 to more than 3 million Canadian dollars ($404,000 to $2.43 million) for a lakefront property, Mr. Donovan said.

By contrast, the median price for a single-family home in Montreal in September was 504,500 Canadian ($408,000), with median condominium prices at 365,000 Canadian ($295,000), according to QPAREB. The average price for a detached home is close to 1.8 million ($1.45 million) in both Toronto and Vancouver, according to local real estate boards.

Quebec City’s downtown market is an opportunity for investors, said Mr. Dostie of Sotheby’s. “Values will go back up once tourism resumes.” But he cautioned that the city’s stringent new rules around Airbnb rentals may disqualify many condo units in the historic district.

Ultimately, Quebec stands to benefit from “the trend of people leaving larger cities,” said Carl Viel, president and CEO of Quebec International, the city’s economic development agency. “Our cost of living is lower, salaries go further, and housing prices aren’t rising as fast.”

Investments in the region should also boost the market, Mr. Viel said. In 2023, construction is expected to start on a long-delayed, $3.3 billion tramway through the city, and some investors have already begun speculating on property along proposed routes, said Bryan Peladeau, co-owner of the Peladeau Real Estate Agency in Quebec City.

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