Montreal Housing Market Report
- The average home sold price reached $630,063 in October 2024, for an 8.9% annual increase.
- Montreal home sales were up 43% year over year to 3,824 in October 2024, and new listings were up by 11% in the same time period.
- Single-family detached median price increased by 8.1% year-over-year to $589k.
- Condo median price increased by 6.2% year-over-year to $414k.
- Plex median price increased by 7.4% year-over-year to $790k.
- November 21, 2024 Update: Today’s Lowest mortgage rates in Montreal is 4.09% for 5-Year Fixed
Montreal Housing Market Overview
In October 2024, home prices for all property types in Montreal’s housing market continued to trend near last month's peak, experiencing only a small decline from last month. Sales witnessed a significant jump from last October, increasing by 43%. Sales have now returned to pre-pandemic levels. Meanwhile, new listings continued to rise, though at a slower pace than sales, tipping the market back in favour of sellers.
Home Prices
In October 2024, the average home sold price in Montreal’s housing market was $630,063. This is 8.9% higher than last October's and 0.3% lower than the previous month. It is noteworthy that the average price of a home in Montreal is now about 51% higher than it was five years ago.
Sales and Inventory
3,824 homes were sold in Montreal's housing market during the month of October 2024, reflecting a massive 43% growth in sales compared to October last year and a 19.5% increase compared to last month. The sales activity in Montreal is now comparable to pre-pandemic trends.
There were 18,201 active listings at the end of October 2024, an increase of 8% year-over-year and a 0.7% increase from last month. There were 6,258 new listings on Montreal’s housing market in October 2024, marking an 11% year-over-year and a 0.8% month-over-month rise.
Montreal’s housing market was a seller’s market for the third month in a row based on the sales-to-new listings ratio (SNLR). This month, Montreal's sales-to-new listings was 61%, increasing from 52% last month. An SNLR of 40% - 60% generally means that the market is balanced, while an SNLR of over 60% indicates that the market is more favourable for sellers. Montreal’s housing market has been a seller’s market since March of this year, with the exception of last month.
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 $589,000 in October 2024, increasing 8.1% year-over-year and dropping a minor 0.2% from last month.
- The median price for condominiums increased by 6.2% year over year to $414,250 in October 2024, a 0.2% decrease from last month.
- The median price for plexes in October 2024 was $789,500, up 7.4% year over year and down 0.3% month over month.
Comparison with Other Cities
The average home prices in Montreal increased by 8.9% year-over-year, while Calgary's housing market and Toronto’s housing market saw average prices increase by 13.8% and 0.8%. Meanwhile, Vancouver's housing market witnessed a 3.9% decline in the average home price in the same period.
On the other hand, the transactions in Montreal, Toronto and Vancouver grew significantly, increasing by 43%, 43% and 32% year over year, respectively. Meanwhile, transactions in Calgary increased at a much lower rate of 0.1%. However, it is noteworthy that Calgary’s housing market has been much hotter than others for the past two years.
Meanwhile, based on the sales-to-new listings ratio, Toronto and Vancouver were balanced markets in October 2024, while Calgary and Montreal were both seller’s markets.
Reasoning
Montreal’s housing market activity has been influenced by mortgage rates and the influx of migrants since the end of the pandemic. The Bank of Canada (BoC) has delivered four rate cuts in recent months, which led to a decline in the Montreal mortgage rates and Quebec City mortgage rates , making borrowing cheaper than last year. Meanwhile, the expectations surrounding future rate cuts and relative affordability compared to housing markets such as Toronto and Vancouver have also magnified sales activity in Montreal’s housing market compared to last year.
An increase in sales volumes has helped push home prices in Montreal up recently, and the average home price reached a new all-time peak last month. This month, the average price witnessed a very minor decline compared to last month, and the home prices are still near peak.
Looking Forward
The interest rate forecast suggests that the BoC will continue to cut its rates in the coming months. As a result, mortgage rates could decline further in the coming months. Meanwhile, Montreal has a more affordable housing market than Toronto and Vancouver despite being Canada’s second-largest city by population, thus attracting many buyers. A further decline in mortgage rates will likely attract more buyers, and we might see Montreal’s housing market heat up further in the coming months.
Those looking to purchase a home in Montreal may consider withdrawing from their TFSA or RRSP to make a downpayment for the new home.
Home Prices in Montreal
Montreal Housing Market Statistics for All Property Types in October 2024
Average Sold Price and MLS HPI Benchmark Price
Total Transactions
Property Type Distribution
Market Overview for Single-Family Homes in October 2024
Median Sold Price
Transactions
Market Overview for Condominiums in October 2024
Median Sold Price
Transactions
Market Overview for Plexes in October 2024
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.
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.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.