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Montreal Housing Market Report

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Market Report Summary for November 2023
Updated December 7th, 2023
  • The average home sold price reached $578,427 in November 2023, for a 3.3% annual increase.
  • While Montreal home sales are down 1.9% year-over-year, active listings are up 11% compared to last November.
  • Single-family detached median price increased by 3.8% year-over-year to $540k.
  • Condo median price increased by 4% year-over-year to $395k.
  • Plex median price increased by 2.3% year-over-year to $731k.
  • December 11, 2023 Update: Today’s Lowest mortgage rates in Montreal is 5.14% for 5-Year Fixed

Montreal Housing Market Overview

Data for November 2023
Median Sold Price:$578,427
All Property Types:$578,427
Single-Family Detached:$539,700
Condo Apartment:$395,275
Transactions (Buy/Sell):2,664
All Property Types:2,664
Single-Family Detached:1,329
Condo Apartment:1,051
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Current Market Conditions
This Month’s SNLR: 56%
An SNLR between 40% and 60% indicates a balanced market.

Montreal’s housing market is showing signs of stability as home prices and sales remained virtually unchanged from the previous month in November 2023. High mortgage rates have impacted the purchase plans of homebuyers in Montreal over the past year, with many buyers being unable to afford a mortgage. That, coupled with a seasonal slowdown, has led to home sales shrinking for the sixth month in a row in Montreal’s housing market. However, despite the slowdown in sales, home prices in Montreal’s housing market have grown on a yearly basis.

Home Prices

November 2023’s average home sold price of $578,427 in Montreal’s housing market is a 3.3% increase year-over-year from November 2022. However, the average home price remained unchanged from the previous month. The average price has increased by 15.9% over the past three years.

The benchmark price of $516,000 in October 2023 is a 54% increase compared to October 2018, indicating that home prices have increased significantly over the past five years.

Sales and Inventory

2,664 homes changed owners in Montreal's housing market during the month of November 2023. This indicates a 1.9% decline in sales compared to November last year and a 0.4% decrease compared to last month. The sales mark the second lowest sales activity for the month of November since the year 2000.

There were 17,715 active listings at the end of November 2023, an increase of 11% year-over-year. On the other hand, the 4,787 new listings represented a 3% year-over-year increase. This month, Montreal's sales-to-new listings ratio is 56%. A sales-to-new listings ratio (SLNR) of 40% - 60% indicates balanced market conditions.

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 $539,700 in November 2023, down by 1% from the previous month and up 3.8% year-over-year.
  • The median price for condominiums increased by 4% year-over-year to a median price of $395,275 for November 2023. This is a 1.4% increase compared to last month.
  • The median price for plexes for November 2023 was $731,250, up 2.3% year-over-year and down 0.5% month-over-month.


Comparing the recent changes in the market conditions in Montreal with other major cities, Montreal’s sales-to-new listings ratio (SLNR) of 56% was higher than the 50% observed in Vancouver’s housing market and much higher than the 40% observed in Toronto’s housing market. All three markets had an SLNR in the balanced market bracket (40% - 60%). On the other hand, Calgary’s housing market is overheated, with an SLNR of 80%.

Toronto and Vancouver are witnessing homes return to the resale market much faster than in Montreal. New listings in Montreal’s housing market increased by 3% year-over-year. In comparison, the new listings in Toronto and Vancouver increased by 19% and 9.8%, respectively.


The Bank of Canada’s (BoC’s) mid-year rate hikes led to a further increase in the already soaring Montreal mortgage rates and Quebec City mortgage rates, making borrowing even costlier. This resulted in a drop in demand for housing in Montreal. There will likely be no more rate hikes; however, if the demand continues to decline and the supply continues to increase, we may see home prices in Montreal drop in future.

Early in 2023, markets expected interest rates in Canada to decline fast over the second half of 2023 and during 2024. These expectations had buoyed the Canadian housing market. However, expectations for future mortgage rates changed dramatically over the course of the year, as we did not see any rate cuts from BoC in 2023. The 2024 interest rate forecast now suggests that mortgage rates will start to decline in the first quarter of 2024. The market expectations continue to change almost every week, which has confused many homebuyers, and many are now hesitant to withdraw from their TFSA or RRSP to buy a home in Quebec.

Home Prices in Montreal

Montreal Housing Market Statistics for All Property Types in November 2023

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Property Type Distribution

Single Family
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Market Overview for Single-Family Homes in November 2023

Median Sold Price


Market Overview for Condominiums in November 2023

Median Sold Price


Market Overview for Plexes in November 2023

Median Sold Price


Best 5-Year Fixed Mortgage Rates in Montreal
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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.

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 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.