Montreal Housing Market

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Report Updated: March 3rd, 2021

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December brought a short reprieve from recent all-time highs as winter and COVID-19 restrictions slowed Montreal's real estate market. 4,613 homes were sold at an average price of $484,255, a 14% increase YoY. Of those 4,613, 2,418 were single-family detached homes sold at an median price of $430,000, a 33.7% increase in number of homes sold and 17.8% increase in price compared to Dec. 2019. Unlike other real estate markets in Canada, Montreal's condo and plex market has also benefited this year from a surge in demand with median condo and plex prices up by 14% and 10.2% from Dec. 2019, respectively. Transactions are also up with 1,627 condos and 567 plex sold, a 25.1% and 34.7% increase YoY, respectively.

Montreal continued to become more of a seller's market as inventory for all property types have steadily decreased since January 2020. Less than 2 months of inventory remain in Montreal for the most in-demand price ranges and property types with properties selling in less than 44 days on average, a significant decline from 2019. Factors powering this influx of capital and demand into Montreal's real estate market are likely record-low mortgage rates and the lower prices compared to other real estate markets in Canada. As of Feb. 2021, the most competitive 5-year fixed mortgage rates are at 1.28%, with many of the top banks offering between 1.5% to 2.0%. The lower interest rates allow buyers to handle larger mortgages with the same mortgage payments, enabling higher home prices.

Home prices in Montreal, despite their growth, 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 February 2021 was $967,885. Benchmark home prices in Vancouver are even higher at over $1M. Similar to Montreal, Ottawa has average sold prices at below $600K and is also experiencing a rapid real estate boom with average sold prices up 26% yoy (as of Feb. 2021). 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 December 2020
Median Price: $430,00017.8% from Dec. 2019
Units Sold: 2,41833.7% from Dec. 2019

Condo Prices in Montreal

Statistics for December 2020
Median Price: $325,00014.0% from Dec. 2019
Units Sold: 1,62725.1% from Dec. 2019

Plex Prices in Montreal

Statistics for December 2020
Median Price: $640,00010.2% from Dec. 2019
Units Sold: 56734.7% from Dec. 2019

Montreal Housing Market Statistics for All Property Types in Q4 2020

$484,255
Avg. Sold Price
-3%
Monthly change
1%
Quarterly change
14%
Annual change
4,613
Transactions (Buy/Sell)
-14%
Monthly change
-10%
Quarterly change
31%
Annual change

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Property Type Distribution

Top Real Estate Agents in

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Housing Markets Across Canada

ONQCMBSKABBCToronto Housing MarketVancouver Housing MarketHamilton Housing MarketMontreal Housing MarketOttawa Housing MarketEdmonton Housing MarketCalgary Housing Market

Market Overview for Single-Family Homes in Q4 2020

$430,000
Median Sold Price
-1%
Monthly change
0%
Quarterly change
18%
Annual change
2,418
Transactions (Buy/Sell)
-12%
Monthly change
-12%
Quarterly change
34%
Annual change

Median Sold Price

Transactions

Market Overview for Condominiums in Q4 2020

$325,000
Median Sold Price
3%
Monthly change
2%
Quarterly change
14%
Annual change
1,627
Transactions (Buy/Sell)
-18%
Monthly change
-15%
Quarterly change
25%
Annual change

Median Sold Price

Transactions

Market Overview for Plexes in Q4 2020

$640,000
Median Sold Price
2%
Monthly change
5%
Quarterly change
10%
Annual change
567
Transactions (Buy/Sell)
-6%
Monthly change
18%
Quarterly change
35%
Annual change

Median Sold Price

Transactions

Top Real Estate Agents in

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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. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.