MONTREAL HOUSING OUTLOOK 2024
Montreal Market Report Summary
- The average selling price of a home in Montreal increased by 3.2% year-over-year to $533,100 in July 2024.
- The average selling price of a single-family home in Montreal increased by 2.3% year-over-year to $623,400 in July 2024.
- The average selling price of a townhouse/multiplex in Montreal increased by 3.7% year-over-year to $599,600 in July 2024.
- The average selling price of a condo in Montreal increased by 4.5% year-over-year to $407,400 in July 2024.
- The average rent in Montreal increased by 1.0% year-over-year to $2,003 for July 2024.
Composite Home Prices
The average selling price of a home in Montreal was $533,100 for the month of July 2024, that’s decreased by 0.9% compared to the previous month. On a year-over-year basis, Montreal home prices have increased 3.2% over the last 12 months.
Single-family Home Prices
The average selling price of a single-family home in Montreal was $623,400 for the month of July 2024, that’s decreased by 1.8% compared to the previous month. On a year-over-year basis, single-family home prices in Montreal have increased by 2.3% over the last 12 months.
Townhouse and Multiplex Prices
The average selling price of a townhouse in Montreal was $599,600 for the month of July 2024, that’s increased by 0.4% compared to the previous month. On a year-over-year basis, the price of a townhouse in Montreal has increased by 3.7% over the last 12 months.
Condo Prices
The average selling price of a condo in Montreal was $407,400 for the month of July 2024, that’s increased by 0.8% compared to the previous month. On a year-over-year basis, the price of a condo in Montreal has increased 4.5% 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 July 2024 was $533,100, and it increased of 3.2% compared to a year ago.
QPAREB also reported a sales-to-new-listings ratio (SNLR) of 71%, indicating a sellers market in Montreal for July 2024.
| Montréal | Benchmark Price (This Month) | Benchmark Price (Previous Month) | YoY Change (%) | MoM Change (%) |
|---|---|---|---|---|
| Single Family Home | $623,400 | $634,600 | 2.28% | -1.76% |
| Townhouse/Multiplex | $599,600 | $597,400 | 3.68% | 0.37% |
| Condo / Apartments | $407,400 | $404,300 | 4.46% | 0.77% |
| Composite | $533,100 | $537,700 | 3.15% | -0.86% |
| Rent | $2,003 | $2,013 | 1.00% | -0.50% |
According to the Quebec Professional Association of Real Estate Brokers (QPAREB), Montreal’s housing market demonstrates resilience. Residential sales increased 12% year over year in July 2024, reaching 3,439 transactions. This activity level is notably higher than the historical average for July since 2000, indicating a strong rebound from the previous exodus to other regions of Quebec.
While the average home price decreased slightly from the previous month, the median prices for single-family homes and condominiums continued to rise, suggesting overall price stability. This trend is attributed to balanced market conditions, allowing buyers to benefit from lower mortgage interest rates following recent Bank of Canada rate cuts. Montreal’s relative affordability compared to Toronto and Vancouver continues to attract buyers and newcomers, evidenced by a record population increase of 90,000 on the Island of Montreal between 2022 and 2023.
July witnessed a notable 11% year-over-year growth in home sales, coupled with a 22% increase in active listings. The sales-to-new listings ratio (SNLR) of 71% indicates a seller’s market for the third consecutive month, suggesting favourable conditions for sellers. Single-family homes saw a median price increase of 6% year-over-year, reaching $585,000, while condominiums experienced a 4% increase to $411,000. Plexes recorded a more modest 3% increase, with a median price of $755,000.
Experts predict continued growth for Montreal’s housing market, fueled by anticipated further rate cuts and the city’s relative affordability. QPAREB’s Market Analysis Director Charles Brant points to stabilizing price growth as a key factor benefiting buyers. Additionally, the influx of newcomers to Montreal is expected to bolster demand further.
Montreal’s housing market remains robust, with strong sales activity, stable prices, and a favourable environment for sellers. While the average home price saw a slight dip in July, the overall trend suggests continued growth and a positive outlook, especially as interest rates are expected to decline.
Month-over-Month Market Expectations for Montreal
Transactions – Number of Sales
The number of sales in Montreal was 3,439 during July 2024, that’s decreased by 10.2% compared to the previous month. On a year-over-year basis, sales in Montreal have increased by 11.0% over the last 12 months.
New Listings
The number of new listings in Montreal was 4,829 during July 2024, that’s decreased by 11.3% compared to the previous month. On a year-over-year basis, new listings in Montreal have increased by 10.9% over the last 12 months.
Real Estate Market
The sales to new listings ratio (SNLR) in Montreal was 71% during July 2024, indicating a sellers market. On a monthly basis, that’s increased by 1.3% compared to the previous month. Montreal’s yearly sales to new listings ratio has unchanged by 0.1% 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.
| Year | Month | Market |
|---|---|---|
| 2023 | July | Sellers |
| 2023 | August | Balanced |
| 2023 | September | Balanced |
| 2023 | October | Balanced |
| 2023 | November | Balanced |
| 2023 | December | Sellers |
| 2024 | January | Buyers |
| 2024 | February | Balanced |
| 2024 | March | Sellers |
| 2024 | April | Sellers |
| 2024 | May | Sellers |
| 2024 | June | Sellers |
| 2024 | July | Sellers |
Montreal Market Rents Summary
The average rent in Montreal was $2,003 for the month of July 2024, which increased by 1.0% on a year-over-year basis.
The average rent for a bachelor apartment in Montreal was $1,488 for the month of July 2024, which increased by 2.0% on a year-over-year basis.
The average rent for a 1-bedroom apartment in Montreal was $1,756 for the month of July 2024, which unchanged by 0.0% on a year-over-year basis.
The average rent for a 2-bedroom apartment in Montreal was $2,300 for the month of July 2024, which increased by 3.0% on a year-over-year basis.
The average rent for a 3-bedroom apartment in Montreal was $1,756 for the month of July 2024, which increased by 3.0% on a year-over-year basis.
How Does Renting Compare with Homeownership in Montreal?
Each $100,000 in mortgage balance costs an average of $545 per month on nesto’s lowest fixed 5-year rate at 4.34% and $608 per month on nesto’s lowest adjustable 5-year rate at 5.40%. 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 4.50%, and nesto’s prime rate is set to 6.70%.
Rental Price Changes by City
| CITY | Total | Bachelor | 1Bdr Average | 2Bdr Average | 3Bdr Average | Total YoY Change |
|---|---|---|---|---|---|---|
| Vancouver | $3,101 | $2,378 | $2,775 | $3,753 | $3,891 | -7.00% |
| Toronto | $2,719 | $1,985 | $2,458 | $3,214 | $3,691 | -5.00% |
| Mississauga | $2,646 | $1,915 | $2,401 | $2,810 | $3,229 | 0.00% |
| Burlington | $2,557 | $1,887 | $2,277 | $2,664 | $3,054 | -2.00% |
| Victoria | $2,378 | $1,832 | $2,192 | $2,825 | $3,566 | 3.00% |
| Halifax | $2,373 | $1,797 | $2,050 | $2,680 | $3,170 | 18.00% |
| Waterloo | $2,299 | $0 | $2,110 | $2,416 | $2,570 | 12.00% |
| Guelph | $2,253 | $1,643 | $2,080 | $2,402 | $2,829 | 1.00% |
| Ottawa | $2,218 | $1,638 | $2,020 | $2,517 | $2,741 | 4.00% |
| Barrie | $2,202 | $1,609 | $2,077 | $2,342 | $2,399 | -9.00% |
| Kitchener | $2,160 | $1,742 | $1,930 | $2,319 | $2,842 | 0.00% |
| Calgary | $2,111 | $1,565 | $1,851 | $2,303 | $2,834 | 4.00% |
| London | $2,049 | $1,515 | $1,783 | $2,219 | $2,663 | 4.00% |
| Kingston | $2,047 | $1,459 | $1,835 | $2,277 | $2,408 | 10.00% |
| Montreal | $2,003 | $1,488 | $1,756 | $2,300 | $2,718 | 1.00% |
| Hamilton | $1,972 | $1,457 | $1,842 | $2,136 | $2,697 | -4.00% |
| Niagara Falls | $1,927 | $1,325 | $1,662 | $2,043 | $2,295 | -9.00% |
| St. Catharines | $1,882 | $1,478 | $1,743 | $1,976 | $2,141 | -1.00% |
| Gatineau | $1,853 | $1,435 | $1,744 | $1,936 | $2,157 | 4.00% |
| Windsor | $1,687 | $1,358 | $1,528 | $1,873 | $1,948 | -2.00% |
| Quebec City | $1,657 | $1,147 | $1,460 | $1,638 | $2,458 | 21.00% |
| Winnipeg | $1,646 | $964 | $1,442 | $1,810 | $2,168 | 12.00% |
| Edmonton | $1,579 | $1,104 | $1,424 | $1,762 | $1,996 | 14.00% |
| Regina | $1,413 | $939 | $1,333 | $1,541 | $1,827 | 19.00% |
| Saskatoon | $1,344 | $1,030 | $1,215 | $1,435 | $1,771 | 19.00% |
Rental Price Changes by Province
| PROVINCE | Total | Bachelor | 1Bdr Average | 2Bdr Average | 3Bdr Average | Total YoY Change |
|---|---|---|---|---|---|---|
| AB | $1,810 | $1,216 | $1,620 | $1,986 | $2,191 | 15.00% |
| BC | $2,570 | $1,988 | $2,304 | $2,902 | $3,311 | -2.00% |
| MB | $1,632 | $968 | $1,436 | $1,781 | $2,080 | 12.00% |
| Atl. Can | $2,278 | $1,538 | $1,972 | $2,503 | $3,060 | 15.00% |
| ON | $2,396 | $1,828 | $2,189 | $2,638 | $3,073 | -1.00% |
| QC | $1,966 | $1,473 | $1,714 | $2,159 | $2,517 | 2.00% |
| SK | $1,331 | $969 | $1,235 | $1,432 | $1,656 | 22.00% |
| NT | $1,861 | $1,183 | $1,567 | $1,854 | $2,351 | 3.00% |
Rental Price Growth by Housing Type
| TYPE | Total | Bachelor | 1Bdr Average | 2Bdr Average | 3Bdr Average | Total YoY Change |
|---|---|---|---|---|---|---|
| Apartments | $2,131 | $1,610 | $1,941 | $2,336 | $2,656 | 8.90% |
| Condominium | $2,334 | $1,887 | $2,134 | $2,469 | $3,017 | 1.90% |
| House/Townhouse/Multiplex | $2,363 | $0 | $1,521 | $2,010 | $2,577 | 2.40% |
| All | $2,201 | $1,625 | $1,929 | $2,299 | $2,619 | 5.90% |
Story by: Nesto
