The fastest way to raise the value of a Quebec City multi-family building in 2026 is to lower what it costs to operate, and energy-efficient upgrades do exactly that. Because multi-family properties are valued largely on net operating income, every dollar you cut from heating, electricity, and water bills can translate into several dollars of added building value. Frederic Murray, founder of Groupe Murray, has used this principle to grow a portfolio of more than 200 units while keeping operating costs under control.
This guide covers the upgrades Immeubles Murray considers most worthwhile for Quebec City plexes and apartment buildings in 2026.
Why Efficiency Raises Value, Not Just Savings
In a single-family home, value tracks comparable sales. In a multi-family building, value tracks income. That difference is the whole strategy.
When you reduce operating expenses, you increase net operating income. Murray Immeubles explains the chain plainly:
- Lower energy bills increase net operating income.
- Higher net operating income increases the building’s appraised value at a given cap rate.
- Efficient buildings also attract and retain tenants, reducing vacancy.
So an efficiency upgrade pays you twice: monthly savings now, and a higher sale or refinance value later.
High-Impact Upgrades for Quebec’s Climate
Quebec winters make heating the dominant cost, so the best returns usually start there. Frederic Murray prioritizes:
Insulation and air sealing
- Often the highest-return upgrade, because heat lost is money burned every cold month.
- Attic insulation and sealing air leaks reduce heating demand immediately.
Windows and doors
- Older single-pane units bleed heat; modern sealed units cut drafts and noise.
- Tenants notice the comfort difference, which supports retention.
Heating system modernization
- Efficient heat pumps and modern systems use far less energy than aging electric baseboards or old furnaces.
- Zoned controls let tenants heat only occupied space.
Water efficiency
- Low-flow fixtures and efficient water heaters reduce both water and heating-of-water costs.
- Fixing chronic leaks protects the structure as well as the bill.
Lower-Cost Improvements With Quick Returns
Not every upgrade requires major capital. Groupe Murray captures easy wins first:
- LED lighting in units and common areas, which cuts electricity and replacement frequency.
- Programmable or smart thermostats in common areas and, where appropriate, units.
- Weatherstripping and door sweeps to stop drafts cheaply.
- Sealing and insulating accessible pipes and ducts.
These pay back quickly and build momentum (and budget) for the larger projects.
Funding and Incentives in 2026
Quebec and federal programs frequently offer rebates or financing for residential energy retrofits, and these change over time. Immeubles Murray advises owners to:
- Check current provincial energy-efficiency rebate programs before committing to upgrades.
- Review federal retrofit incentives that may apply to rental buildings.
- Consider an energy assessment to identify the highest-return measures for your specific building.
- Confirm eligibility rules in 2026, since program terms and amounts are periodically revised.
Stacking available incentives can sharply shorten the payback period on an upgrade you were going to make anyway.
Sequencing Upgrades for the Best Return
The owners who profit most from efficiency are methodical, not impulsive. Frederic Murray recommends a clear order of operations:
- Start with an assessment so you spend on what actually moves the bill.
- Tackle the building envelope first — insulation and air sealing — before sizing new systems.
- Then modernize heating and water systems to match the now-tighter building.
- Capture low-cost wins (lighting, thermostats) alongside the bigger projects.
- Document the before-and-after savings to support your next appraisal or refinance.
Approached this way, efficiency stops being an expense and becomes one of the most reliable levers for building long-term value in a multi-family portfolio.
For more on building and operating a Quebec City portfolio, explore the Murray network:
- Frederic Murray Estates – investment analysis
- Frederic Murray Management – professional management
- Murray Immeuble – building care and maintenance
- Frederic Murray Immeubles – market trends
