Major City Insights: Québec City—May 2022

The Conference Board of Canada, May 10, 2022
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Despite the rise in case counts from both the Omicron and BA.2 variants early in 2022, most Canadian cities have already seen restrictions loosened or dropped. We expect this to aid in the continued recovery of CMA economies across the country this year. It’s especially good news for the travel and tourism markets in each region, which so far have lagged most other industries in returning to their pre-pandemic levels. Still, higher prices and instability in other parts of the world serve as a downside risk to this year’s outlook.

This edition of our Major City Insights provides new forecasts for growth in 13 major cities across Canada as of March 23, 2022.

This forecast focuses on the Québec City metropolitan economy.

This publication contains both the French and the English versions of the articles.

Comprend un lien vers l’article en français.

Document Highlights

  • Québec City’s real GDP is expected to expand by 3.4 per cent this year and 3.0 per cent in 2023. Last year, economic activity increased by 4.3 per cent as the economy gradually reopened.
  • Although the provincial government had no plans to impose additional restrictions on activity in Québec City and elsewhere due to the spread of the new Omicron variant, it did extend the mask mandate to at least the end of April.
  • Home prices continue to increase in Québec City due to a lack of supply on the market and rising demand. Higher mortgage rates over the near term could rebalance the market.
  • The unemployment rate in Québec City will return to pre-pandemic levels this year.

Fait saillants

  • Le PIB réel de Québec devrait progresser de 3,4 % cette année et de 3 % en 2023. L’an dernier, avec un redémarrage graduel de l’économie, l’activité a augmenté de 4,3 %.
  • Bien que le gouvernement provincial n’ait pas prévu d’imposer d’autres restrictions à l’activité à Québec et ailleurs en raison de la propagation du nouveau variant Omicron, il a prolongé l’obligation du port du masque jusque fin avril au moins.
  • Le prix des logements continue d’augmenter à Québec à cause d’une offre insuffisante et d’une demande croissante. Des taux hypothécaires plus élevés à court terme pourraient rééquilibrer le marché.
  • Le taux de chômage retrouvera cette année à Québec ces niveaux d’avant la pandémie.

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