Montreal vs Quebec City: which is better for Airbnb investment? (2026)

Bottom line

Montreal and Quebec City score similarly on the metrics that matter most for short-term rental returns. The right pick depends on whether you optimise for yield (lower regulation risk, higher RevPAR) or capital growth.

Head-to-head metrics

	Montreal	Quebec City
Median occupancy	34%	34.5%
Median daily rate	£116	£151
Median RevPAR	£34	£44
Active listings	7,186	1,999
YoY occupancy	-5.5 pts	-9.9 pts
YoY daily rate	+45.9%	+61.3%
Regulation risk	—	—
Annual night cap	None	None
License required	No	No

Full analysis: Montreal vs Quebec City

There is no clean winner between Montreal and Quebec City. Montreal posts 34% occupancy and £34 RevPAR; Quebec City posts 34.5% occupancy and £44 RevPAR. Weighted together with regulation risk the two finish inside the margin we are willing to call, which is the honest answer rather than an evasive one — a scoring gap this small would flip on the next data refresh. When markets are this close the decision stops being about the market and starts being about the deal: what you pay, what it costs to run, and how quickly you could exit.

Quebec City takes both halves of the yield equation, which is less common than it sounds. It charges more per night — £151 against £116 — and still fills more of the year, 34.5% against 34%. A market that leads on price and utilisation at once is normally one where demand has outrun supply, rather than one where hosts are discounting to keep the calendar busy. RevPAR reflects the double advantage at £44 against £34.

A tie does not mean the two are interchangeable — it means each holds something the other does not. Montreal is the deeper market at 7,186 active listings against 1,999, which usually means better comparables going in and a wider buyer pool coming out. Across a full year the median Quebec City listing grosses £16,021 against £12,277 in Montreal. Pick the one whose advantage matches how you intend to operate, because the composite score will not do that job for you.

Neither Montreal nor Quebec City currently has a verified short-term rental regulation record in our register, so the comparison above is a yield comparison only. Regulation is the single largest source of downside in this asset class — an unverified market is an unpriced risk, not an absent one.

The two calendars also behave differently. Montreal peaks in September at 62.4% and bottoms in February at 28.9%; Quebec City runs from 58.9% in October down to 27.9% in January. Both swing by a similar amount across the year, so neither offers meaningfully steadier cash flow than the other.

Who each suits, then. Montreal suits buyers who want a conventional, lightly regulated entry. Quebec City answers to the same regulatory profile, so the split between them is operational rather than legal. It is the contrarian side: buying it means buying a market that has cooled. Every figure above comes from the same Inside Airbnb snapshot pipeline on both sides, dated 2026-09, filtered to listings with at least one booking in the last twelve months. Occupancy medians are drawn from 7,186 active Montreal listings and 1,999 in Quebec City.

Frequently asked questions

Is Montreal or Quebec City better for Airbnb investment?

Neither pulls clearly ahead. Montreal runs 34% occupancy and £116 a night; Quebec City runs 34.5% occupancy and £151 a night. Once occupancy, revenue per available night and regulation risk are weighted together the two finish within a couple of points of each other, so the decision turns on purchase price, how far you are willing to travel, and which rulebook you would rather work under.

Which has higher occupancy, Montreal or Quebec City?

Effectively neither — they are level. Montreal sits at 34% and Quebec City at 34.5%, a 0.5-point difference that is inside the noise of a median drawn from a listings snapshot. Over the last twelve months Montreal shed 5.5 points and Quebec City shed 9.9 points, so the gap is closing.

Which has higher nightly rates, Montreal or Quebec City?

Quebec City, at £151 a night against £116 in Montreal — roughly 29.9% more. Revenue per available night agrees rather than contradicts: £44 in Quebec City against £34, so the rate premium survives contact with the occupancy figures.

Which has stronger year-over-year growth, Montreal or Quebec City?

Neither is growing on occupancy — both cooled over the last year. Montreal gave up 5.5 points and Quebec City 9.9, so Montreal is the shallower decline rather than the winner. Nightly rates rose 45.9% in Montreal and rose 61.3% in Quebec City over the same window.

Which is the bigger Airbnb market, Montreal or Quebec City?

Montreal, with 7,186 active listings against 1,999 in Quebec City. Size cuts both ways: a deep market gives you comparables, contractors and an exit, while a thinner one means fewer near-identical rivals competing for the same search results.

How much can you earn from an Airbnb in Montreal vs Quebec City?

Quebec City earns more: roughly £16,021 a year for a median listing against £12,277 in Montreal. Those are gross booking revenues before cleaning, management, platform fees, furnishing amortisation and tax — budget for a meaningful share of them, and note that a median listing is a median operator, not a good one.

Go deeper on each city

Market guide

Airbnb in Montreal →

Occupancy, ADR, neighborhoods, regulation

Market guide

Airbnb in Quebec City →

Occupancy, ADR, neighborhoods, regulation

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