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Montreal Housing Market Report

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Market Report Summary for March 2024
Updated April 8th, 2024
  • The average home sold price reached $595,132 in March 2024, for an 8% annual increase.
  • The benchmark price was $531,300, up 4.8% annually and 2.3% from last month
  • Montreal home sales are up 13.7% year-over-year, and new listings are up 10% compared to last March.
  • Single-family detached median price increased by 5.6% year-over-year to $565k.
  • Condo median price increased by 4.8% year-over-year to $400k.
  • Plex median price increased by 5.5% year-over-year to $750k.
  • April 23, 2024 Update: Today’s Lowest mortgage rates in Montreal is 4.74% for 5-Year Fixed

Montreal Housing Market Overview

Data for March 2024
Median Sold Price:$595,132
All Property Types:$595,132
Single-Family Detached:$565,000
Condo Apartment:$400,000
Plexes:$750,000
Transactions (Buy/Sell):4,488
All Property Types:4,488
Single-Family Detached:2,379
Condo Apartment:1,735
Plexes:371
Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
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Montreal Market Condition
Seller's Market
This Month’s SNLR: 64%
An SNLR above 60% indicates a market that favour sellers.

The month of March 2024 saw sales activity in Montreal’s housing market grow significantly year-over-year, unlike Toronto and Vancouver, which saw sales tumble in the same period. Being a much more affordable market compared to Toronto and Vancouver, Montreal seems to be garnering the interest of buyers, similar to Calgary. Meanwhile, the anticipated mortgage rate cuts this year also seem to be promoting more activity in Montreal’s housing market.

Home Prices

March 2024’s average home sold price of $595,132 in Montreal’s housing market is a notable 8% growth over the average price of last March and an increase of 2.7% from the previous month. The average home price in March 2024 is 60% higher than the average price five years ago in March 2019.

Sales and Inventory

4,488 homes changed owners in Montreal's housing market during the month of March 2024. This indicates a 13.7% increase in sales compared to March last year and a 16.8% increase compared to last month.

There were 18,707 active listingsat the end of March 2024, an increase of 17% year-over-year and 3.3% from last month. The 6,973 new listings in March 2024 represent a 10% year-over-year increase.

This month, Montreal's sales-to-new listings ratio s 64%, an increase from the SLNR of 57% observed at the end of last month and that of 38% at the end of January. A sales-to-new listings ratio (SLNR) (SLNR) of over 60% generally means that the market is more favourable for the sellers.

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 $565,000 in March 2024, increasing 2.7% from the previous month and 5.6% year-over-year.
  • The median price for condominiums increased by 4.8% year-over-year to a median price of $400,000 for March 2024. This is a 1.3% increase compared to last month.
  • The median price for plexes for March 2024 was $750,000, up 5.5% year-over-year and 1.4% month-over-month.

Comparison with Other Cities

The average home prices in Montreal increased by 8% year-over-year, while Toronto, Vancouver and Calgary saw average prices increase by 1.2%, 4.1%, and 11.3%, respectively.

On the other hand, the transactions in Montreal and Calgary grew by 13.7% and 9.5%, respectively, year-over-year. Meanwhile, transactions in Toronto and Vancouver dropped by 4.9% and 4.7%, respectively.

Meanwhile, based on the sales-to-new listings ratio, Toronto and Vancouver were in the balanced market territory in March 2024, while Calgary and Montreal were both seller’s markets.

Reasoning

Montreal’s housing market activity has been influenced by the mortgage rate market as well as the influx of migrants since the end of the pandemic. The Bank of Canada’s (BoC’s) rate hikes led to a significant increase in Montreal mortgage rates and Quebec City mortgage rates in 2022 and 2023, making borrowing much costlier than in 2020 - 2021. This resulted in a drop in demand for housing in Montreal in the past year.

However, markets expect the Bank of Canada to start cutting interest rates soon. Meanwhile, Montreal is also a more affordable housing market compared to Toronto and Vancouver, despite being Canada’s second-largest city by population. The expectations surrounding the rate cut and the relative affordability have caused sales activity in Montreal’s housing market to magnify recently.

The 2024 interest rate forecast now suggests that mortgage rates will start to decline by mid-2024. The market expectations continue to change almost every week, which has confused many homebuyers, and some are currently hesitant to withdraw from their TFSA or RRSP to buy a home in Montreal.

Home Prices in Montreal

Montreal Housing Market Statistics for All Property Types in March 2024

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Property Type Distribution

Single Family
Condominiums
Plexes
Best 5-Year Fixed Mortgage Rates in Montreal
Mortgage Term:
Fixed
Variable

Market Overview for Single-Family Homes in March 2024

Median Sold Price

Transactions

Market Overview for Condominiums in March 2024

Median Sold Price

Transactions

Market Overview for Plexes in March 2024

Median Sold Price

Transactions

Best 5-Year Fixed Mortgage Rates in Montreal
Mortgage Term:
Fixed
Variable

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.