Montreal Housing Market Report
- The average home sold price reached $618,798 in February 2025, for a 6.7% annual increase.
- Montreal's benchmark home price reached a new all-time high of $562,300 in February 2025, 2.3% higher than last month and 7.6% higher than a year ago.
- Montreal home sales were up 6.4% year over year to 4,088 in February 2025, and new listings were up by 5% to 6,868 in the same time period.
- Single-family detached median price increased by 9.1% year-over-year to $600k.
- Condo median price increased by 6.3% year-over-year to $420k.
- Plex median price increased by 6.8% year-over-year to $790k.
- March 25, 2025 Update: Today’s Lowest mortgage rates in Montreal is 3.79% for 3-Year Fixed
Montreal Housing Market Overview
The year-over-year growth rally of home prices and home sales continued in Montreal’s housing market in February 2025. Meanwhile, the year-over-year increase in new listings was modest compared to sales, indicating that inventory is depleting faster than it is being added to the market.
Home Prices
In February 2025, the average home sold price in Montreal’s housing market was $618,798. This is 6.7% higher than last February's average price and 0.2% lower than the previous month. It is noteworthy that the average price of a home in Montreal is now about 50% higher than it was five years ago.
Sales and Inventory
4,088 homes were sold in Montreal's housing market during the month of February 2025, reflecting a 6.4% growth in sales compared to February last year and a 45% increase compared to last month. The sales activity was in line with the pre-pandemic sales for the month of February.
There were 6,868 new listings on Montreal’s housing market in February 2025, marking a 5% year-over-year increase and a 10.4% month-over-month increase. Meanwhile, there were 16,976 active listings at the end of February 2025, a decline of 4% year-over-year and an 8% increase from last month.
Montreal’s housing market is in the balanced market territory based on this month’s sales-to-new listings ratio (SNLR) of 60%, increasing from last month’s 45%. An SNLR of 40%-60% typically means that the market conditions are balanced, favouring neither the buyers nor the sellers. An SNLR of over 60% typically signals that market conditions are favourable for sellers. Montreal’s housing market was a seller’s market for most of last year.
Property Types’ Performance
Looking at the median prices and sales of Montreal’s property types.
- The median price of a single-family home in Montreal was $600,000 in February 2025, increasing 9.1% year-over-year and 1.6% from last month.
- The median price for condominiums increased by 6.3% year over year to $420,000 in February 2025, remaining unchanged from last month.
- The median price for plexes in February 2025 was $790,000, up 6.8% year over year and a 1.3% increase month over month.
Comparison with Other Cities
The average home prices in Montreal increased by 6.7% year-over-year, while Calgary's housing market saw average prices increase by 5.1%. Meanwhile, Toronto’s housing market and Vancouver's housing market witnessed a 2.2% and 4% decline in the average home price, respectively.
On the other hand, the transactions in Montreal grew by 6.4% over the past year. Meanwhile, transactions in Toronto, Vancouver and Calgary declined by 28%, 11.7% and 19%, respectively. Notably, Calgary's housing market stayed hotter than others for a significant portion of the past two years.
Reasoning
Montreal’s housing market activity has been influenced by mortgage rates and the influx of migrants since the end of the pandemic. The Bank of Canada (BoC) has cut its policy rate by 2% over the past eight months, which led to a decline in the Montreal mortgage rates and Quebec mortgage rates, making borrowing cheaper than in the past two years. This has supported home sales in Montreal in recent months. Meanwhile, the expectations surrounding future rate cuts and relative affordability compared to housing markets such as Toronto and Vancouver have also magnified sales activity in Montreal’s housing market compared to last year.
The new mortgage rules introduced in December 2024 increased the insured mortgage price limit to $1.5 million, enabling buyers to enter the market with a smaller down payment. While this change has minimal impact on Montreal’s housing market—where most properties are priced below the previous $1 million insurance limit—the introduction of a 30-year amortization option for first-time homebuyers could be contributing to the higher demand seen in recent months.
Looking Forward
The interest rate forecast suggests that the BoC will continue to cut its rates in the coming months, causing mortgage rates to decline further. Meanwhile, Montreal has a more affordable housing market than Toronto and Vancouver despite being Canada’s second-largest city by population, thus attracting many buyers. A further decline in mortgage rates might also attract more buyers, and Montreal’s housing market might heat up further in the months to come. Those looking to purchase a home in Montreal may consider withdrawing from their TFSA or RRSP to make a downpayment on the new home.
Meanwhile, the imminent U.S. import tariffs and counter-tariffs imposed by Canada are another factor that may affect the direction of the BoC’s policy rates in the coming months. The tariffs will also likely have inflationary effects and lead to job losses and other economic impacts, which will affect affordability for several Canadian families. The uncertainty surrounding the same might also deter some homebuyers from making a purchase.
Home Prices in Montreal
Montreal Housing Market Statistics for All Property Types in February 2025
Average Sold Price and MLS HPI Benchmark Price
Total Transactions
Property Type Distribution
Market Overview for Single-Family Homes in February 2025
Median Sold Price
Transactions
Market Overview for Condominiums in February 2025
Median Sold Price
Transactions
Market Overview for Plexes in February 2025
Median Sold Price
Transactions
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Quebec Professional Association of Real Estate Brokers (APCIQ) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.