Montreal, September 8 2025 – August 2025 marked the strongest August month for the Montreal real estate market since 2021.

Unlike Vancouver, Calgary and Toronto, Montreal CMA housing marketing remains resilient, with residential sales up 12% from last year, totaling 3,330 transactions.

On the Island of Montreal, the rise was accompanied by notable price increases across all property types. The media price of single-family homes climbed to $807,000, up 10%, while plexes and condominiums increased 9% and 4%, respectively, compared to the same period last year.^[1].

Related: Early 2025 Montreal Fall Market:Key Employment, Credit, and Housing Trends

Home Prices

In August 2025, Montreal’s average home price reached a new all-time high of $792,229 up 11,07% from August 2024 and 5.19% higher than in July 2025.  Since January 2025, the median price trend continues to show growth, with single-family homes up 1.96%, condominiums up 7.06%, and plexes up 5.96%.

Looking at longer-term changes, the average price rose 42% for single family homes and 33% for both condominiums and plexes, over the past five years^[2].

Sales, Inventory and Dynamic

In August 2025, the Montreal CMA recorded 3,330 home sales, representing a 12% increase from last year, and a 11% decrease from July 2025.

New listings totaled 5,581, while active listings stood at 17,515. The sales-to-new listings ratio (SNLR) decreased from 72% to 60%, indicating a gradual shift toward a more balanced market.

On the Island of Montreal, 1,202 properties were sold, with an SNLR of 49%, reflecting more balanced conditions for both buyers and sellers.

Montreal Real Estate Market compared to other major Canadian cities

In Montreal, the market has been experiencing constant growth in 2025, while Toronto, Vancouver and Calgary are still struggling.

In August 2025 Toronto’s market was characterized by strong prices (despite a downward trend) and high inventory, lowering the sales-to-new listings ratio to 37%, a very favorable dynamic for buyers^[3].

These numbers are mostly attributable to the exceptional declines observed in condo sales.

In Vancouver, declining prices led to nearly 3% more sales compared to August 2024, giving hope that the market is indeed recovering.

Although prices remain the highest in the country, the luxury segment has been hit hardest, with prices falling 51% in the first six months of 2025^[4].

For Calgary, a significant increase in inventory, reaching its highest point since 2019, combined with a decline in prices, is favorable for buyers. The largest price decline was observed in the apartment and condominium segment^[5].

What explains Montreal’s performance?

Housing starts in Montreal surged 212% year-over-year as of July 2025, driven mainly by multi-unit projects, reflecting strong investor confidence. The city’s market has remained resilient amid broader economic uncertainty, with buyer activity slowing less than in other major regions^[6].

Strategic REIT investments in neighborhoods showing early signs of gentrification have contributed to higher rents and reinforced market stability. Sales trends are positive, with Montreal among the regions driving a fifth consecutive month of national home sales growth as of August 2025^[7].

The rental market remains healthy, supported by steady demand and a consistent supply. In contrast, Toronto and Vancouver are facing declining housing starts and more cautious investor activity, while Calgary, despite recent record-high starts, is expected to moderate in 2026^[8].

Market Forecasts

Montreal’s real estate market is expected to see a modest recovery, with home prices declining slower than the national average of 2% in 2025, thanks to stable buyer sentiment and ongoing demand.

Housing starts have risen 4% year-to-date, reflecting continued efforts to meet demand despite rising construction costs and infrastructure constraints. Interest rate cuts totaling 225 basis points by the Bank of Canada are helping support the market, although affordability remains a challenge, particularly for first-time buyers.

By 2027, pent-up demand will be largely addressed, leading to improved affordability and a more balanced market, according to CMHC’s recent Forecasts. Overall, Montreal is positioned for a gradual but steady rebound, with stronger resilience compared to other Canadian regions^[9].

^{[1] QPAREB, Monthly Statistics Report, August 2025}

^{[2] Centris System. Recorded transactions on the island of Montreal in the residential categories, from August 2021 to 2025.}

^{[3] TRREB, Market Watch, August 2025}

^{[4] GVR Monthly MLS Housing Market Report, August 2025}

^{[5] CREB, City of Calgary Monthly Statistics, August 2025}

^{[6] CMHC, Housing starts for July 2025}

^{[7] CMHC, REITs and Rent Dynamics, 2025}

^{[8] CMHC, Fall 2025, Housing Supply Report}

^{[9] CMHC 2025 Housing Market Outlook}