Montreal Housing Market Report

Montreal Housing Market Overview

Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.

August 2026 reversed July's tighter market conditions in Montreal's housing market. New listings rose 11.7% from July to 5,874, while transactions fell 14.5% to 2,853. As a result, the sales-to-new-listings ratio dropped sharply from 63% in July to 49%, while months of supply increased from 5.2 to 5.4.

The average home price was $689,824, 3.2% above a year earlier but 0.6% below July, trimming an annual gain that stood at 5.3% a month ago. Underneath the average, median prices did not fall: single-family homes held at $650,000, condos rose to $437,250, and plexes eased only slightly to $856,000.

The average home sold price in Montreal's housing market was $689,824 in August 2026, 3.2% above August 2025's average price and 0.6% below July 2026.

That monthly dip says more about what sold than about what homes are worth. Not one median segment fell by more than 1% on the month, yet condominiums, the cheapest of the three categories, accounted for 36.7% of August transactions against 34.2% in July, while single-family homes slipped to 52.5% of sales from 55.5%. A shift of that size is enough to pull the all-property average down on its own, which is why the average and the median point in different directions this month. Over a longer horizon, the average price of a Montreal home has climbed by roughly 27.3% in the past five years.

2,853 homes changed hands in Montreal's housing market during August 2026. Sales came in 14.3% lower than in August 2025 and 14.5% below the previous month. QPAREB reports that on a seasonally adjusted basis the monthly decline was only 2%, so most of the drop from July reflects the usual late-summer lull rather than a fresh retreat in demand.

Montreal's housing market recorded 5,874 new listings in August 2026, a 5.2% year-over-year increase and an 11.7% month-over-month gain that undoes July's 20.9% monthly drop. The 20,128 active listings on the market at the end of August 2026 sat 14.9% above August 2025 and 1.7% above July 2026, ending two straight months of decline. QPAREB notes that the build-up has migrated outward from the Island: active listings were up 28% on the South Shore and 26% on the North Shore over the year. By category, condominium listings led at +19%, ahead of single-family homes at +17% and plexes at +15%.

The sales-to-new-listings ratio, or SNLR, fell to 49% in August 2026 from 63% in July, a 14-point move. The ratio is also below the 60% recorded in August 2025. The mechanics are the mirror image of last month: in July, new supply retreated faster than demand, and in August it returned while demand did not.

Another key gauge of market conditions is the months of inventory, or months of supply. The market held 5.4 months of inventory, calculated as total inventory divided by the average number of transactions over the past 12 months, up from 5.2 months in July. According to QPAREB, a market counts as a seller's market when months of inventory sit under 8 months, balanced between 8 and 10 months, and a buyer's market above 10 months. On that measure, Montreal remains in seller's market territory. The two gauges disagree this month, and the reason is methodological: months of supply is divided by a trailing 12-month average of sales and therefore moves slowly, while the SNLR reflects the current month alone. Read together, they describe a market that is still tight against QPAREB's historical thresholds, but that is loosening faster than the months-of-supply figure by itself would suggest.

Looking at the median prices and sales of Montreal's property types,

• The median price of a single-family home in Montreal was $650,000 in August 2026, a 2.6% year-over-year increase and unchanged from July. Single-family sales fell to 1,498, down 10.8% year-over-year and 19.1% on the month.
• The median price for condominiums was $437,250 in August 2026, up 1.3% on the month and 3.6% above a year earlier, the strongest annual gain of the three categories and a new high for the segment, above the $435,000 set in June.
• The median price for plexes was $856,000 in August 2026, up 1.9% year-over-year but down 1.0% from July, leaving the segment 2.7% below the $880,000 all-time peak it matched in June. Plex sales fell to 307, down 15.9% year-over-year.

The average home price in Montreal rose 3.2% year-over-year, and that is no longer the strongest annual gain among Canada's largest markets. The average home price in Calgary's housing market increased by 4.3% over the past year to $638,440. Prices moved the other way in Toronto's housing market, where the average selling price fell 2.8% to $993,410. Montreal is the only one of the three where the annual gain narrowed materially this month, from 5.3% in July.

Sales were softer across all three markets in August, but by very different margins. Transactions fell 14.3% year over year in Montreal and 16.5% in Calgary, while Toronto again held closest to last year's pace with a 3.0% decline.

August's data describes a supply story rather than a demand collapse. Sales were down sharply on both an annual and a monthly basis, yet prices did not break: every median category was flat or higher than a year ago. What changed is the other side of the ledger. Sellers who held back in July returned in August, inventory resumed climbing, and the choice buyers lost over the summer came back. QPAREB's economists tie the slower pace of decision-making to geopolitical tension, economic uncertainty and unease about price levels, alongside weaker demographic pressure than in recent years. Buyers have regained some negotiating room and are in less of a hurry to use it.

Montreal's housing market continues to draw support from borrowing costs well below their 2023 and 2024 peaks. Lower Montreal mortgage rates and Quebec mortgage rates have left mortgage financing meaningfully more affordable than it was through that stretch. The Bank of Canada (BoC) left its target for the overnight rate at 2.25% on September 2, 2026, a seventh consecutive hold, with its next scheduled decision set for October 28, 2026. The Bank pointed to stronger-than-expected second-quarter growth alongside renewed tariff and energy-price pressure on inflation, which makes a further cut before year-end look unlikely.

For sellers: the second half of 2026 opens with more competition than the first. Active listings are 14.9% above last August and rising again, selling times are stretching in the condo segment, and the SNLR no longer sits in seller's territory. Pricing to the market from day one matters more than it did in the spring, particularly for smaller condo units on the central Island.

For buyers: this is the widest selection in Montreal in some time, with 20,128 properties available and roughly 5.4 months of supply. Negotiating room is real but uneven: single-family homes across most of the CMA still favour sellers, while condominiums sit at or past the balanced line. What to watch: whether September's listings keep arriving at August's pace once the seasonal lull passes. If they do while sales stay near current levels, the SNLR holds below 50% and the moderate price gains of the past year should flatten out. If sellers pull back again as they did in July, conditions tighten just as quickly as they loosened. The direction of interest rates is the other variable, and with the BoC on hold and flagging inflation risk, the affordability picture is unlikely to improve on its own. Anyone planning a purchase may want to review FHSA, TFSA, and RRSP Home Buyers' Plan options when preparing their down payment.

Note: The average home price of $689,824 is calculated by dividing total residential sales volume by the number of transactions across all property types. For individual property categories, such as single-family homes, condos, and plexes, median prices are used to better reflect typical sale values and reduce the impact of outliers. In August 2026, Montreal recorded a total residential sales volume of $1,968 million across 2,853 transactions, resulting in the average price above.

Home Prices in Montreal

Montreal Housing Market Statistics for All Property Types in August 2026

Market Overview for Single-Family Homes in August 2026

Market Overview for Condominiums in August 2026

Market Overview for Plexes in August 2026