Montreal Market Report Summary
- The average selling price of a home in Montreal increased by 3.8% year-over-year to $534,300 in May 2024.
- The average selling price of a single-family home in Montreal increased by 3.6% year-over-year to $626,200 in May 2024.
- The average selling price of a townhouse/multiplex in Montreal increased by 2.2% year-over-year to $585,000 in May 2024.
- The average selling price of a condo in Montreal increased by 4.7% year-over-year to $408,900 in May 2024.
- The average rent in Montreal increased by 6.0% year-over-year to $2,037 for May 2024.
Composite Home Prices
The average selling price of a home in Montreal was $534,300 for the month of May 2024, that’s increased by 0.6% compared to the previous month. On a year-over-year basis, Montreal home prices have increased 3.8% over the last 12 months.
Single-family Home Prices
The average selling price of a single-family home in Montreal was $626,200 for the month of May 2024, that’s increased by 0.5% compared to the previous month. On a year-over-year basis, single-family home prices in Montreal have increased by 3.6% over the last 12 months.
Townhouse and Multiplex Prices
The average selling price of a townhouse in Montreal was $585,000 for the month of May 2024, that’s decreased by 1.3% compared to the previous month. On a year-over-year basis, the price of a townhouse in Montreal has increased by 2.2% over the last 12 months.
Condo Prices
The average selling price of a condo in Montreal was $408,900 for the month of May 2024, that’s increased by 0.9% compared to the previous month. On a year-over-year basis, the price of a condo in Montreal has increased 4.7% over the last 12 months.
Montreal Housing Market Summary
Data from the Quebec Professional Association of Real Estate Brokers (QPAREB) indicates that the average price of resale residential homes sold across Montreal in May 2024 was $534,300, and it increased of 3.8% compared to a year ago.
QPAREB also reported a sales-to-new-listings ratio (SNLR) of 65%, indicating a sellers market in Montreal for May 2024.
In May 2024, the Quebec Professional Association of Real Estate Brokers (QPAREB) released statistics on Montreal’s residential real estate market, showing a 4% increase in sales with 4,563 transactions. The North Shore had a significant 13% surge in sales, attributed to economic growth and market adaptation. Single-family homes saw a 2% increase, while condos had a 5% rise. Small-income properties had an impressive 11% growth. Active listings reached 18,996, with median prices showing an upward trend. The Montreal CMA saw a slight rise in median prices for single-family homes and a 2% increase for condos. Different regions had varying changes in median prices, with the Island of Montreal seeing a 1% decrease.
Month-over-Month Market Expectations for Montreal
Transactions – Number of Sales
The number of sales in Montreal was 4,563 during May 2024, that’s decreased by 2.7% compared to the previous month. On a year-over-year basis, sales in Montreal have increased by 3.0% over the last 12 months.
New Listings
The number of new listings in Montreal was 7,005 during May 2024, that’s decreased by 1.3% compared to the previous month. On a year-over-year basis, new listings in Montreal have increased by 13.1% over the last 12 months.
Real Estate Market
The sales to new listings ratio (SNLR) in Montreal was 65% during May 2024, indicating a sellers market. On a monthly basis, that’s decreased by 1.4% compared to the previous month. Montreal’s yearly sales to new listings ratio has decreased by 8.9% over the last 12 months.
The sales to new listings ratio (SNLR) measures the number of home sales compared to new listings. An SNLR under 40% suggests a buyer’s market in which buyers have the upper hand and more negotiating power. An SNLR between 40% and 60% is a balanced market, while an SNLR of over 60% is considered a seller’s market.
Annual Changes to Composite Home Prices in Montreal
Montreal Market Rents Summary
The average rent in Montreal was $2,037 for the month of May 2024, which increased by 6.0% on a year-over-year basis.
The average rent for a bachelor apartment in Montreal was $1,493 for the month of May 2024, which increased by 7.0% on a year-over-year basis.
The average rent for a 1-bedroom apartment in Montreal was $1,766 for the month of May 2024, which increased by 7.0% on a year-over-year basis.
The average rent for a 2-bedroom apartment in Montreal was $2,316 for the month of May 2024, which increased by 7.0% on a year-over-year basis.
The average rent for a 3-bedroom apartment in Montreal was $1,766 for the month of May 2024, which increased by 7.0% on a year-over-year basis.
How Does Renting Compare with Homeownership in Montreal?
Each $100,000 in mortgage balance costs an average of $555.70 per month on nesto’s lowest fixed 5-year rate at and $623.08 per month on nesto’s lowest adjustable 5-year rate at . For each $100,000 in mortgage balance, a 0.25% change in Canada’s policy rate impacts the monthly payment by $15. Rates used for calculation are those offered on insured purchases with less than a 20% downpayment on a 25-year amortization. Canada’s policy rate is , and nesto’s prime rate is set to .
Rental Price Changes by City
Rental Price Changes by Province
Rental Price Growth by Housing Type
Frequently Asked Questions
Is the Montreal housing market going to crash in 2024?
Montreal home prices are currently sagging due to surging mortgage rates. Montreal prices remain below average compared to the rest of the country, and with the current Bank of Canada rate hikes, mortgages have been harder to qualify for due to the stress test. Montreal prices will recover quicker than in other areas once mortgage rates decline back to manageable levels for homebuyers to purchase or homeowners to refinance their homes.
Will Montreal’s housing prices increase in 2024?
Although the market is declining, many experts believe a turnaround is imminent. Buyers are waiting on the sidelines for the opportune time to make a move. The market has already started to get closer to becoming balanced.
Why choose nesto
At nesto, our commission-free mortgage experts, certified in multiple provinces, provide exceptional advice and service that exceeds industry standards. Our mortgage experts are non-commissioned salaried employees who provide impartial guidance on mortgage options tailored to your needs and are evaluated based on client satisfaction and advice quality. nesto aims to transform the mortgage industry by providing honest advice and competitive rates using a 100% fully digital, transparent, seamless process.
nesto is on a mission to offer a positive, empowering and transparent property financing experience – simplified from start to finish.
Contact our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.
EXPLANATIONS
Interest Rates
Qualified using nesto’s fixed 5-year insured and uninsured rates as advertised on our website. For today, Thursday, June 27, 2024, our example calculations are qualified on our lowest rates, which may or may not apply to your unique financing situation or long-term goals. Insured fixed-rate mortgages will be qualified at , which is exactly 2% in addition to our fixed insured rate currently at . Uninsured fixed-rate mortgages will be qualified at , which is exactly 2% in addition to our fixed uninsured rate currently at . Insured variable rate mortgages will be qualified at , which is exactly 2% in addition to our variable insured rate currently at . Uninsured variable rate mortgages will be qualified at , which is exactly 2% in addition to our variable uninsured rate currently at .
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Property Values
Home values collected from CREA or QPAREB are those presented as the composite benchmark or average prices for each city/province/region unless specified. They may be interchangeably called average home prices, though an average price may not be available for many regions outside Quebec.
MLS® Home Price Index (HPI)
The MLS® Home Price Index (HPI) is a real estate price index compiled by the Canadian Real Estate Association (CREA) that tracks the price of homes in your neighbourhood. It’s a quick way for Canadians to compare home prices in different parts of Canada and between different periods without having to factor in the unique characteristics of a particular property.
While market prices can vary from one month to the next based on seasonal factors, the Home Price Index (HPI) provides a more consistent view and tracks price trends over an extended period. The Home Price Index (HPI) is updated annually in May to reflect changes in real estate markets.
MLS® HPI is the most comprehensive and precise way to track a neighbourhood’s home price level and trends. MLS HPI uses over 15 years of data from the MLS® System and advanced statistical models to create a “typical” home based on the characteristics of homes purchased and sold. This benchmark home is tracked across all Canadian neighbourhoods and various types of homes.
Property Types
Detached homes, also known as single-family homes, are residential properties that stand alone and are not connected to other buildings. They are legal single residential units on their own parcel of land and have a separate title.
Semi-detached homes are characterized by their unique architectural design. Two houses are built side by side and share a common wall. Although sharing a building, semi-detached homes have their own parcel of land and separate legal titles.
Townhouses are residential dwellings typically characterized by narrow, tall structures, often sharing walls with neighbouring units. Although they may share yards or common elements with their neighbours, townhouses will have separate legal titles from any adjoining building. Townhouses can be purchased as freehold or leasehold within a condo or strata and may come with their own land parcel. Townhouses can be part of a low-rise or high-rise building.
Condo apartments, also known as condominiums, are residential properties that combine elements of apartments and individual homes. It is a unit within a larger building or complex owned by an individual who also shares ownership of common areas and amenities with other residents. Condo apartment owners have legal ownership of their units and can modify them within the guidelines set by the condominium association. Unlike a townhouse, condos do not offer exclusive use of outdoor space unless they come with a balcony or terrace. Condos can be part of a low-rise or high-rise building.
Plexes or multiplexes are unique residential buildings constructed into 2 to 6 units within a single structure. Traditionally, they have been designed as low-rise residential buildings where any unit is accessible via an external entrance with higher floors connected by staircases. Each unit will have a separate registration and title but may share common elements and co-ownership fees with the other multiplex owners. Plexes are common in Québec and older parts of Toronto.
Property Ownership Classes
A freehold is a type of property ownership where an individual or entity has complete and indefinite ownership rights over a property and its parcel of land. Common freehold property types include detached houses, semi-detached houses, farms, and townhouses, which are not part of condominium corporations.
A condominium or condo is a distinct type of property class that combines apartment living and individual homeownership elements. In a condominium, individual units are owned by the residents, while the common areas and amenities are shared among all the unit owners. This type of ownership gives you rights to your specific unit and some rights and responsibilities to the common areas, such as the hallways, elevators, garage, pool and rooftop patios.
A leasehold is a legal arrangement where a person or entity holds the right to use and occupy a property for a specific period, typically through a lease agreement. In some cases, the leaseholder may own the building or unit and rent the land from the landowner (landlord).
Strata insurance
Strata insurance is insurance that a strata or condominium uses to cover damages to common areas, assets and liabilities 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. Strata insurance can cover the following:
- Buildings and structures on the strata’s property, including common areas such as the garage, roof, lobby, pool, etc.,
- Liabilities for any property damage or bodily harm due to an injury suffered on a strata property,
- Which also includes fixtures in the standard unit or part of the original make of each unit.
Strata insurance generally does not cover personal belongings and appliances in a condo unit. Damage caused by individual unit owners (e.g., water damage due to a unit owner’s negligence) is typically covered under personal condo insurance.