Why Buyers and Sellers Finally Moved in 2025, and What's Next for Quebec CRE

Quebec's commercial real estate market has changed fast, and the old "local only" playbook does not hold up anymore. Louis Bergeron , partner at HPDG , joins Axel Monsaingeon to unpack what appraisers are seeing before the headlines: how developers now chase opportunities across the province, why 2024 felt frozen, and what shifted in 2025 to bring buyers and sellers closer together. Louis also shares the real story behind PDG's roots coming out of Desjardins, how the firm grew through acquisitions and mergers, and why a merger has to be "1 + 1 = 3" or it is not worth doing. They dig into PDG's full-service model from valuation and property management to tax appeals, litigation support, and expropriation tied to major projects like the REM and the Blue Line extension. Louis closes with what PDG is building for 2026, including a refreshed brand and a bigger push to share market insights, plus why comparing cap rates is often harder than people think. Topics & Timestamps 🗺️ The market is not local anymore: developers go wherever opportunity is (00:00:00) 🧬 HPDG's "DNA": staying close to clients from market study to asset management (00:01:13) 🏦 Origin story: Desjardins, the 90s crash, and how HPDG was formed (00:02:06) 📈 Growth strategy: the 2018 merger and expansion through acquisitions (00:04:02) 🏢 How property management started: from crisis cycles to condo management (00:06:25) 🧾 Beyond financing valuations: tax appeal work and investor support A to Z (00:08:18) ⚖️ Litigation support and expropriation: REM and Blue Line context (00:09:35) 🧠 Expropriation valuation is different and the law has changed (00:10:58) 🚀 Entrepreneurship is not linear: expanding services across Quebec (00:11:41) 🤝 Merger mantra: "1 + 1 has to equal 3", and why they ended a merger (00:12:55) 📊 What changed in 2025: market rebound and buyer-seller gap narrowing (00:16:40) 🏙️ Where deals are happening: multi, office, industrial shifting behavior (00:17:30) 🏗️ Office market reality: towers, notable deals, and transactions not announced yet (00:18:38) 🔄 2026 plans: rebrand + sharing more market insights and data (00:20:59) 🍎🍎 Cap rates "apples to apples" problem and confidentiality constraints (00:23:26) 🌐 Best way to contact HPDG: website and LinkedIn (00:24:17) 🔗 Connect with Louis Bergeron 💼 LinkedIn: 🏢 Avison Young: 👤 Follow Axel Monsaingeon 💼 LinkedIn: 📸 Instagram: 🌐 Explore more resources 📊 Market guides, data, and advertising opportunities:

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Why Buyers and Sellers Finally Moved in 2025, and What's Next for Quebec CRE is an episode from The Very Real Estate Effect Investing in Quebec by Axel Monsaingeon.

This episode is 25:31 long.

This episode was published on Jan 16, 2026.

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