Montreal Housing Market Report
- The average home sold price reached a new all-time high of $676,778 in September 2025, for a 7.1% annual increase.
- Montreal's benchmark home price reached $578,900 in September 2025, 1.1% higher than last month and 6.5% higher than a year ago.
- Montreal home sales were up 10% year over year to 3,520 in September 2025, and new listings were up by 17% to 7,135 in the same time period.
- Single-family home median price increased by 7.2% year-over-year to $633k.
- Condo median price increased by 3.6% year-over-year to $430k.
- Plex median price increased by 6% year-over-year to $839k.
- October 29, 2025 Update: Today’s Lowest mortgage rates in Montreal is 3.79% for 5-Year Variable.
Montreal Housing Market Overview
In September 2025, the average home price reached a new all-time high for the third consecutive month in Montreal’s housing market. Meanwhile, the sales continued to grow on an annual basis. On the other hand, new listings saw a significant increase from last year, outpacing the growth in sales. As a result, the market, which had previously favoured sellers, has now moved into balanced territory. Unlike Toronto and Vancouver, Montreal’s housing market remained robust, largely due to relatively low home prices.
Home Prices
The average home sold price in Montreal’s housing market recorded a new all-time high for the third month in a row, reaching $676,778 in September 2025. This is 7.1% higher than last September's average price and 1.2% higher than the previous month. Looking at longer-term changes, the average price of a home in Montreal is now about 42% higher than it was five years ago.
Sales and Inventory
3,520 homes were sold in Montreal's housing market during the month of September 2025, reflecting a 10% growth in sales compared to September last year and a 5.7% increase compared to last month. There were 7,135 new listings on Montreal’s housing market in September 2025, marking a 17% year-over-year increase and a 28% month-over-month increase. Meanwhile, there were 18,835 active listings at the end of September 2025, increasing by 8% year-over-year, while representing a 7.5% increase from last month.
New listings have been increasing in Montreal’s housing market over the past few months, which has brought some relief to previously tight market conditions. The sales-to-new listings ratio (SNLR) dropped to 49% in September 2025, making market conditions balanced. An SNLR of 40%-60% typically means that the market conditions are balanced, favouring neither the buyers nor the sellers. Meanwhile, an SNLR of over 60% typically signals that market conditions are favourable for sellers, with more buyers competing for the same properties. Based on SNLR, Montreal’s housing market has been a seller’s market for most months since the beginning of 2024.
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 reached $632,500 in September 2025, increasing 7.2% year-over-year and decreasing by 0.1% from last month.
- The median price for condominiums reached $430,000 in September 2025, increasing by 3.6% year over year and by 1.9% from last month.
- The median price for plexes reached $839,000 in September 2025, up 6% year over year and representing a 0.1% decrease month over month.
Comparison with Other Cities
The average home price in Montreal increased by 7.1% year-over-year, while Vancouver's housing market saw average prices increase by 0.1%. Meanwhile, Toronto’s housing market and Calgary's housing market witnessed a 4.3% and 1.1% decline in the average home price, respectively.
On the other hand, transactions in Montreal, Vancouver and Toronto grew by 10%, 1.2% and 11.9%, respectively, compared to September last year. Meanwhile, transactions in Calgary declined by 14.1%.
Based on SNLR, Montreal’s and Calgary’s housing markets were balanced, and Toronto and Vancouver were buyer’s markets.
Reasoning
Mortgage rates and the influx of migrants since the end of the pandemic have been major influences on Montreal's housing market activity. After cutting its policy rate by 2.50% since June last year, the Bank of Canada (BoC) has now reached 2.50%. Due to the cuts, the policy rate is much lower than it was in 2023, which has led to a decline in Montreal mortgage rates and Quebec mortgage rates, making borrowing cheaper than two years ago. This has supported home sales in Montreal over the past year.
Meanwhile, Montreal has a more affordable housing market than Toronto and Vancouver, despite being Canada’s second-largest city by population and a major financial hub. Thus, Montreal attracts many buyers, magnifying sales activity in Montreal’s housing market compared to last year.
On the other hand, new listings have increased sharply in recent months, shifting market conditions toward a more balanced state from the earlier seller’s market. This suggests that sellers are now more motivated to list their properties, likely seeking to capitalize on higher home prices.
Looking Forward
The interest rate forecast suggests that the BoC might reduce its policy rate by 25 basis points by the end of this year. Meanwhile, the U.S. import tariffs and reciprocal tariffs imposed by Canada are another factor that may affect the direction of the BoC’s policy rates in the near future. The impact of the tariffs has already been felt on the Canadian job market and may also have inflationary impacts on some consumer categories. This is what will affect both policymaking and affordability for many Canadian families going forward. The uncertainty surrounding the same might also deter some homebuyers from making a purchase.
A further decline in mortgage rates might also attract more buyers to Montreal’s housing market, but the broader economic conditions may also prompt more sellers to list their homes on the market. Those looking to purchase a home in Montreal may consider withdrawing from their TFSA or RRSP to make a downpayment on the new home.
Note: The average home price of $676,778 is calculated by dividing total sales volume by the number of transactions across all property types. For individual property categories (e.g., single-family homes, condos, plexes), median prices are used to better reflect typical sale values and reduce the impact of outliers. In September 2025, Montreal recorded a total residential sales volume of $2,382,260,167 across 3,520 transactions, resulting in the average price above.
Home Prices in Montreal
Montreal Housing Market Statistics for All Property Types in September 2025
Average Sold Price and MLS HPI Benchmark Price
Total Transactions
Property Type Distribution
Market Overview for Single-Family Homes in September 2025
Median Sold Price
Transactions
Market Overview for Condominiums in September 2025
Median Sold Price
Transactions
Market Overview for Plexes in September 2025
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 and 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 cover 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. Owners of the buildings have 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.