Montreal Housing Market Report

Montreal Housing Market Overview

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

Montreal's housing market entered the fall with more homes for sale and softer prices. Sales rose 8.0% from August to 3,082 as activity picked up after the summer, but new listings climbed much faster, rising 27.6% to 7,494. The sales-to-new-listings ratio fell to 41% from 49% in August, and active listings reached 21,793, up 15.7% from a year earlier.

The average home price was $683,074 in September 2026, 0.9% above September 2025 and 1.0% below August's price. Montreal's annual price growth has narrowed sharply over the past two months, from 5.3% in July to 3.2% in August and 0.9% in September. Median prices for single-family homes and condominiums both eased from August, while plexes edged higher.

The average home sold price in Montreal's housing market was $683,074 in September 2026, 0.9% higher than September 2025's average price and 1.0% lower than August 2026's average price.

Unlike August, this month's dip cannot be explained by the mix of homes sold. The sales mix actually tilted toward pricier property types: single-family homes made up 53.5% of September transactions, up from 52.5% in August, and plexes 11.4%, up from 10.8%, while the condominium share slipped to 35.1% from 36.7%. A shift of that kind would normally lift the all-property average, yet the average still fell because the median single-family price dropped 2.3% and the median condo price dropped 1.7% from August. That suggests prices themselves eased in September, rather than buyers simply purchasing cheaper homes. Over a longer horizon, the average price of a Montreal home has climbed by roughly 24.9% in the past five years.

3,082 homes were sold in Montreal's housing market in September 2026. Sales were 12.4% lower than in September 2025 but 8.0% higher than in August. Part of that monthly gain reflects the usual return of buyers after the summer.

Montreal's housing market recorded 7,494 new listings in September 2026, 5.0% more than a year earlier and 27.6% more than in August. That monthly jump largely reflects the usual rise in listings as sellers return to the market in September. The 21,793 active listings at the end of September 2026 were 15.7% above September 2025 and 8.3% above August 2026. According to QPAREB, the supply of properties for sale has now risen year over year for 14 consecutive months, with the increase gaining momentum in the suburbs, and inventory is 18% above its 10-year average.

The sales-to-new-listings ratio, or SNLR, fell to 41% in September 2026 from 49% in August, and it is also below the 49% recorded in September 2025. With new listings outpacing sales by a wide margin, the ratio now sits close to the 40% level generally associated with a buyer's market.

Another key gauge of market conditions is months of supply, or months of inventory. Starting with this report, WOWA calculates Montreal's months of supply using the same standardized methodology it already applies to the other Canadian cities it covers: active listings at month-end divided by that month's sales. On that basis, Montreal had 7.1 months of supply in September 2026, unchanged from 7.1 months in August and up from 5.4 months in September 2025. Under WOWA's thresholds, 3 to 5 months of supply indicates a balanced market and more than 5 months a buyer's market, which places Montreal in buyer's market territory.

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

• The median price of a single-family home in Montreal was $635,000 in September 2026, up 0.4% from a year earlier but down 2.3% from August. Single-family sales rose to 1,649, down 9.6% year-over-year but up 10.1% on the month.
• The median price for condominiums was $430,000 in September 2026, down 1.7% from August's high of $437,250 and unchanged from a year earlier, making condos the only category without an annual price gain. Condo sales totalled 1,081, down 14.6% year-over-year.
• The median price for plexes was $861,000 in September 2026, up 2.6% year-over-year and 0.6% from August, the strongest annual gain of the three categories. Plex sales rose to 350 in September 2026, though they were down 17.6% year-over-year.

The average home price in Montreal rose 0.9% year-over-year, well behind the pace in Calgary. The average home price in Calgary's housing market increased by 5.1% over the past year to $646,198. In Vancouver's housing market, the benchmark price fell 5.5% year-over-year to $1,075,900. Montreal's annual gain has narrowed for two straight months, while Calgary's widened from 4.3% in August.

Sales were lower than a year earlier in all three markets in September 2026, with Montreal posting the steepest decline. Transactions fell 12.4% year over year in Montreal, 8.4% in Vancouver and 4.1% in Calgary.

September's data shows supply building faster than demand can absorb it. Sellers listed homes at the usual fall pace, but buyers did not keep up, and this time the median single-family and condo prices fell along with the average. QPAREB describes the Montreal market as continuing on a path toward more balanced conditions, with inventory 18% above its 10-year average easing pressure on prices. For buyers, more choice and slower price growth mean less urgency than during the strong activity of 2024 and 2025.

Borrowing costs well below their 2023 and 2024 peaks continue to support Montreal's housing market. Lower Montreal mortgage rates and Quebec mortgage rates keep mortgage financing more affordable than it was through that period. The Bank of Canada (BoC) kept its target for the overnight rate at 2.25% on September 2, 2026, its seventh consecutive hold, and its next scheduled decision is on October 28, 2026. Because the Bank has flagged renewed tariff and energy-price pressure on inflation, further rate cuts before year-end look unlikely.

For sellers: competition is building heading into the fall. Active listings are 15.7% higher than a year ago, new listings jumped 27.6% in September, and both the SNLR and months of supply now point to buyer's market conditions. Realistic pricing and a willingness to negotiate matter more than at any point this year, especially for condominium owners, whose median price showed no annual gain in September.

For buyers: selection keeps widening, with 21,793 properties for sale and about 7.1 months of supply. Single-family and condominium median prices both eased in September, giving buyers more room to negotiate, while plexes have posted the strongest price gains. What to watch: whether new listings slow in October and November, as they usually do after the September rush. If new supply eases while sales hold near current levels, conditions could firm slightly into winter. If listings keep arriving at September's pace, Montreal's average price could slip below last year's level. The direction of interest rates is the other variable, and with the BoC on hold, affordability is unlikely to improve much 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 $683,074 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 September 2026, Montreal recorded a total residential sales volume of $2,105 million across 3,082 transactions, resulting in the average price above.

Methodology change: Starting with the September 2026 report, WOWA calculates Montreal's months of supply as active listings at month-end divided by that month's sales, the same method it uses for other Canadian cities. Under this method, 3 to 5 months of supply is generally considered balanced, and more than 5 months is generally considered a buyer's market. Reports up to August 2026 used QPAREB's method, which divides inventory by average monthly sales over the past 12 months and treats fewer than 8 months as a seller's market. Months-of-supply figures and market-status labels in earlier reports are therefore not directly comparable with this report. On QPAREB's 12-month basis, WOWA calculates Montreal's September 2026 months of supply at about 5.9 months, which QPAREB's thresholds would classify as a seller's market.

Home Prices in Montreal

Montreal Housing Market Statistics for All Property Types in September 2026

Market Overview for Single-Family Homes in September 2026

Market Overview for Condominiums in September 2026

Market Overview for Plexes in September 2026