Montreal Home Prices Hit New Highs as Sales Outpace Toronto in March

Key facts

• Average home price in Montreal reached $656,807 in March 2026, up 5.1% year-over-year.
• Benchmark price hit a record $595,200, a 4.9% annual increase.
• Sales rose 1.4% to 5,045, surpassing Toronto's 5,039 sales.
• New listings jumped 11.2% to 8,574; active listings climbed 12.7% to 19,952.
• Single-family home median price rose 6.9% to $652,250; condo median up 1.2% to $425,000; plex median up 6% to $880,000.
• Months of inventory stood at 5.1, indicating a seller's market per QPAREB's definition.
• Sales-to-new-listings ratio was 59%, up from 52% in February, still within balanced range.

Spring Surge Reshapes Montreal's Housing Landscape

Montreal's housing market entered spring 2026 with a burst of activity that pushed the benchmark home price to a new all-time high of $595,200 and saw the city overtake Toronto in monthly sales for the first time in recent memory. Total sales reached 5,045 in March, a 1.4% increase from a year earlier and a 28.4% jump from February. The average sold price climbed to $656,807, up 5.1% annually and essentially flat month-over-month. Over five years, average prices have risen roughly 28%. The Quebec Professional Association of Real Estate Brokers (QPAREB) reported that new listings surged 11.2% year-over-year to 8,574, while active listings rose 12.7% to 19,952. The influx of supply has begun to temper the market's intensity, though conditions remain tilted in favor of sellers.

All Property Types Post Gains, Led by Single-Family Homes

Every major property category recorded year-over-year price increases in March. The median price for single-family homes rose 6.9% to $652,250, a new high. Condo median prices increased 1.2% to $425,000, and plexes — multi-unit buildings typically two to five units — saw a 6% rise to $880,000, also a record. The benchmark price, which represents the value of a 'typical' home in the area, reached $595,200, up 0.2% from February and 4.9% from March 2025. Sales volumes reflected broad demand. The 5,045 transactions in March outpaced Toronto's 5,039, underscoring Montreal's growing prominence as one of Canada's most active housing markets.

Supply Influx Shifts Market Toward Balance

The sales-to-new-listings ratio (SNLR) stood at 59% in March, within the balanced market range of 40% to 60% as defined by QPAREB. This marked a tightening from February's 52% SNLR, indicating that demand absorbed a larger share of new listings last month. Despite the balanced SNLR, the months of inventory — total inventory divided by average monthly sales over the past year — was 5.1 months. anything under 8 months constitutes a seller's market, meaning Montreal remains firmly in sellers' territory. The market has consistently favored sellers for most months since the start of 2024, and March's data suggests that trend is persisting even as more homes come onto the market.

Artists Face Displacement as Real Estate Pressures Mount

The broader housing market dynamics are having tangible consequences for Montreal's cultural fabric. At a Mile-Ex studio complex where musician Grimes once recorded, artists fear that planned renovations will force them out of their lofts. The lofts are among the last remaining affordable creative spaces in the neighborhood, as artists become increasingly priced out of the city. The situation highlights the tension between rising property values and the preservation of Montreal's artistic communities. No details on the renovation timeline or owner decisions have been made public, but the case mirrors similar displacement pressures seen in other gentrifying urban centers across North America.

National and International Context Shadows Local Trends

While Montreal's market shows robust health, broader economic currents could alter its trajectory. In the United States, nearly half of Americans oppose AI data centers in their neighborhoods, and more than 50,000 home-purchase contracts fell through in March nationally. Meanwhile, San Francisco's luxury home sales jumped 22% as its median price neared $7 million. In Canada, homebuying demand ticked up as mortgage rates edged down, and more homeowners are listing properties as spring arrives. The interplay of interest rates, geopolitical tensions, and shifting work patterns continues to shape housing markets on both sides of the border. Montreal's relative affordability compared to Toronto and Vancouver remains a draw, but the steady price appreciation over five years — 28% on average — raises questions about long-term accessibility for first-time buyers.

Outlook: Seller's Market Persists but Supply Growth Offers Relief

The March data suggests Montreal's housing market is entering a period of cautious optimism. Sales are rising, prices are hitting records, and the influx of new listings is providing more options for buyers without yet flipping the market into buyer-friendly territory. QPAREB's metrics indicate that while the market remains a seller's domain, the gap is narrowing. If new listings continue to grow at the current pace, the months of inventory could edge toward the 8-month threshold that would signal a balanced market. For now, Montreal's housing story is one of resilience and momentum — a market that has weathered interest rate cycles and economic uncertainty to emerge as a national leader in sales volume and price growth. The challenge ahead will be sustaining that momentum without shutting out the very communities that give the city its character.

The bottom line

• Montreal's benchmark home price hit a record $595,200 in March 2026, with average prices up 28% over five years.
• Monthly sales surpassed Toronto's for the first time, signaling Montreal's rising status in Canada's housing market.
• New listings surged 11.2% year-over-year, providing some relief but not enough to shift the market from seller's to balanced.
• Artists in Mile-Ex face displacement as rising property values threaten affordable studio spaces.
• The sales-to-new-listings ratio of 59% remains within balanced range, but months of inventory at 5.1 still favor sellers.
• National trends — including falling mortgage rates and increased listings — could further influence Montreal's market trajectory.