Montreal Housing Market Report

Market Report Summary
Updated October 22nd, 2021
  • Average sold prices reached $547K in September 2021, a 15% annual increase
  • Number of transactions fell by 29% year-over-year
  • Median single-family detached prices increased by 17% year-over-year to $505k
  • Median condo prices increased by 15% year-over-year to $365k
  • Median plex prices increased by 13% year-over-year to $690k

Sales for the third quarter of 2021 are down in Montreal’s housing market as the number of transactions in September 2021 couldn’t keep up with the frantic pace set by last year’s surge in sales. Total sales are down 29% compared to last year and new listings are also down by 22%. However, a slight increase in the average selling time of homes compared to August 2021 signifies that the market is getting tighter and further reinforces that the market is currently in a seller's market. Looking at Montreal's market on a monthly basis, average sold prices are up 1% in September 2021 compared to last month, while the number of sales transactions increased by 9%.

The average selling time of single-family homes fell from 57 days at the start of the year to just 32 days this September. This means that single-family homes are selling over 40% faster this month compared to the start of 2021. Condominiums and plexes also had a drop on average selling times, but not as significant as the drop seen for single-family homes.

As the market tightens, prices stayed fairly stable this quarter. Looking at year-over-year growth in average sold prices, single-family homes are once again leading the way with a 17.3% year-over-year increase to $504,500. Condominiums were next with a 14.8% increase to $365,000, while plexes increased 13.1% this year to $690,000. Plexes were the only home type to see an increase in active listings in September 2021, and they also had the lowest decrease in year-over-year sales. In fact, single-family homes had 38% fewer sales this month compared to the same time last year, condos had 18% fewer sales, while plexes only had 17% fewer sales. However, price growth of Montreal plexes lag behind single-family homes and condos.

Sales activity has been especially volatile in Montreal, especially compared to other housing markets in Canada. Toronto's housing market and Vancouver's housing market have both experienced a slight dip in transaction volume this September compared to last year, but have seen a slight reversal with transactions increasing compared to August. In contrast, Montreal saw a massive drop off in sales, with this drop off continuing further this month.

Home prices in Montreal, despite their 15% growth this past year, are still much lower than those in other markets in Canada. For comparison, average sold prices in the Greater Toronto Area for all property types in September 2021 was $1.14M. Benchmark home prices in Vancouver are even higher at over $1.19M. Similar to Montreal, Ottawa has average sold prices at just over $639K and is experiencing a significant real estate cool off with average sold prices up 14% YoY but sales are down 31% YoY. Even so, the relatively lower prices in Montreal and Ottawa are bringing buyers across Canada who are looking to maximize their home budgets.

Home Prices in Montreal

Single-Family Detached Home Prices in Montreal

Statistics for September 2021
Median Price: $504,50017.3% from Sep. 2020
Units Sold: 1,713-37.8% from Sep. 2020

Condo Prices in Montreal

Statistics for September 2021
Median Price: $365,00014.8% from Sep. 2020
Units Sold: 1,554-18.4% from Sep. 2020

Plex Prices in Montreal

Statistics for September 2021
Median Price: $690,00013.1% from Sep. 2020
Units Sold: 401-16.8% from Sep. 2020

Montreal Housing Market Statistics for All Property Types in September 2021

$546,940
Avg. Sold Price
0.95%
Monthly change
-1%
Quarterly change
15%
Annual change
3,671
Transactions (Buy/Sell)
9%
Monthly change
-21%
Quarterly change
-29%
Annual change

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Property Type Distribution

Single Family
Condominiums
Plexes

Housing Markets Across Canada

Interactive Map - Hover Over Province for Details
ONQCMBSKABBCYTNTToronto$1,070,911Vancouver$1,176,600Hamilton$779,486Montreal$541,811Ottawa$606,943Edmonton$384,874Calgary$488,043Winnipeg$355,653
$260k to $310k
$310k to $330k
$330k to $380k
$380k to $450k
$450k to $560k
$560k to $900k

Market Overview for Single-Family Homes in September 2021

$504,500
Median Sold Price
0.9%
Monthly change
-0.69%
Quarterly change
17%
Annual change
1,713
Transactions (Buy/Sell)
5%
Monthly change
-26%
Quarterly change
-38%
Annual change

Median Sold Price

Transactions

Market Overview for Condominiums in September 2021

$365,000
Median Sold Price
-3%
Monthly change
0%
Quarterly change
15%
Annual change
1,554
Transactions (Buy/Sell)
16%
Monthly change
-12%
Quarterly change
-18%
Annual change

Median Sold Price

Transactions

Market Overview for Plexes in September 2021

$690,000
Median Sold Price
2%
Monthly change
-2%
Quarterly change
13%
Annual change
401
Transactions (Buy/Sell)
3%
Monthly change
-27%
Quarterly change
-17%
Annual change

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.

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.