Montreal Housing Market Report

Market Report Summary
Updated May 4th, 2021
  • Average sold prices reached $514K in March 2021, a 27% annual increase
  • Number of transactions increased moderately by 8% year-over-year
  • Median single-family detached prices increased by 32% year-over-year to $481k
  • Median condo prices increased by 21% year-over-year to $347k
  • Median plex prices increased by 8% year-over-year to $660k

Home prices in Montreal continued to rise this quarter and reached an average sold price of $514,868, a 27% increase year-over-year. This price appreciation has been shared by both detached homes and condos with median home prices growing by 31.8% and 20.9% year-over-year, respectively. Plexes, or the multi-unit homes that characterize much of Montreal, have remained out of the loop, however, with only an 8% increase in median prices despite an increase in sales activity.

Sales activity has remained relatively stable in Montreal, especially compared to other housing markets in Canada. Toronto's housing market and Vancouver's housing market have both experienced more than 100% growth in transaction volume this March compared to last year. In contrast, Montreal saw only a 8% growth in transactions with market share shifting towards condos. Surprisingly, sales of detached homes have decreased by 7% year-over-year. Listings have also gone down significantly, likely reflecting a hesistancy in the market amidst a rise in COVID-19 cases. Condos and plexes made up for the drop in detached home sales with 27% and 36% year-over-year increases in transactions, respectively.

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 March 2021 was $1.09M. Benchmark home prices in Vancouver are even higher at over $1.12M. Similar to Montreal, Ottawa has average sold prices at below $600K and is experiencing a rapid real estate boom with average sold prices up 31% yoy (as of Mar. 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 March 2021
Median Price: $481,00031.8% from Mar. 2020
Units Sold: 3,090-7.7% from Mar. 2020

Condo Prices in Montreal

Statistics for March 2021
Median Price: $347,06520.9% from Mar. 2020
Units Sold: 2,63025.9% from Mar. 2020

Plex Prices in Montreal

Statistics for March 2021
Median Price: $660,0008.1% from Mar. 2020
Units Sold: 62033.0% from Mar. 2020

Montreal Housing Market Statistics for All Property Types in March 2021

$514,868
Avg. Sold Price
4%
Monthly change
6%
Quarterly change
27%
Annual change
6,348
Transactions (Buy/Sell)
24%
Monthly change
38%
Quarterly change
7%
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$1,089,536Vancouver$1,175,100Hamilton$787,758Montreal$514,868Ottawa$659,929Edmonton$398,229Calgary$494,111Winnipeg$369,310
$250k to $300k
$300k to $340k
$340k to $400k
$400k to $460k
$460k to $600k
$600k to $910k

Market Overview for Single-Family Homes in March 2021

$481,000
Median Sold Price
5%
Monthly change
12%
Quarterly change
32%
Annual change
3,090
Transactions (Buy/Sell)
23%
Monthly change
28%
Quarterly change
-8%
Annual change

Median Sold Price

Transactions

Market Overview for Condominiums in March 2021

$347,065
Median Sold Price
2%
Monthly change
7%
Quarterly change
21%
Annual change
2,630
Transactions (Buy/Sell)
27%
Monthly change
62%
Quarterly change
26%
Annual change

Median Sold Price

Transactions

Market Overview for Plexes in March 2021

$660,000
Median Sold Price
2%
Monthly change
3%
Quarterly change
8%
Annual change
620
Transactions (Buy/Sell)
23%
Monthly change
9%
Quarterly change
33%
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.