In brief
- Sales are down: in September, the number of real estate transactions in Greater Montreal fell by 12% compared with September last year.
- Supply is up: there were 21,793 properties on the market—20% more than a year earlier.
- It has become easier for buyers to negotiate: competition for housing has eased, and multiple-offer situations are less common.
- Changes are especially noticeable in the condominium market in central Montreal, including Ville-Marie and Griffintown.
- A quick market recovery is not expected: one of the brokers surveyed suggests that the deterioration could continue until the summer of 2027.
What is happening in Montreal’s real estate market?
The latest data from the Quebec Professional Association of Real Estate Brokers (APCIQ), based on information from the Centris platform, confirm a trend that has been observed since late 2025.
In September 2026, the number of purchase-and-sale transactions in Greater Montreal was 12% lower than a year earlier. At the same time, the number of properties available to buyers reached 21,793, up 20% year over year. Supply has been rising for 14 consecutive months.
For buyers, this means a wider selection and the ability not to make decisions in a rush. Not long ago, in-demand properties were often sold after several competing offers, and potential buyers had to act quickly for fear of missing out on a suitable option.
Now the situation is gradually changing.
“The era when 30–40% of properties sold through multiple offers is over,” notes Royal LePage broker Marc Lefrançois. According to him, buyers no longer have to constantly worry that someone will beat them to the home they like.
Thus, the market on the Island of Montreal is gradually moving toward a situation where the advantage shifts to buyers.
Why is housing demand weakening?
Experts link the changes to several factors at once.
Demographics. A decline in demographic indicators may limit the number of potential buyers.
Mortgage rates. Expectations about changes in the cost of mortgage borrowing are making some families more cautious about deciding to buy real estate.
High housing costs. Prices remain a serious obstacle for many households, especially for first-time buyers.
Uncertainty in the labor market. Concerns about employment and income are prompting people to postpone major financial decisions.
The rental market situation may also play an important role. According to Camille Laberge, Deputy Director and Chief Economist at APCIQ, some improvement in rental conditions can also reduce demand for home purchases.
In previous years, renters faced a shortage of available apartments, significant rent increases, and fears of losing their housing. Under such conditions, buying a condominium seemed to many like a way to secure greater stability.
When pressure in the rental market eases, some potential buyers no longer feel the need to urgently purchase their own property.
Which Montreal neighborhoods are already becoming a buyer’s market?
Changes are happening unevenly. The weakening of competition is most noticeable in the condominium segment, especially in the city’s central neighborhoods.
Ville-Marie and Griffintown
According to Camille Laberge, these neighborhoods are already in buyer’s-market conditions. To find a similar situation, she says, you would need to go back to 2016.
For buyers, this means more opportunities to compare properties, assess housing maintenance costs, and discuss deal terms with sellers.
Single-family homes
In the detached-home market, the trend is less pronounced. However, as Marc Lefrançois notes, activity remains low in some areas, particularly in Montréal-Nord.
Montreal suburbs
In the suburbs, sellers still have the advantage in many local markets, although the tension no longer reaches the levels of 2024–2025.
Camille Laberge believes the changes may gradually spread beyond the central neighborhoods as well. She compares this process to ripples on water: first the shifts become noticeable in the center, and then they affect other areas.
At the same time, the timing and scale of such changes will depend on the specific neighborhood and housing category.
Will prices start to fall?
Weaker demand does not necessarily lead to an immediate drop in property values. At the first stage, the market may respond with slower price growth, longer selling times, and fewer competing offers.
According to Camille Laberge, condo prices have been stagnating since 2023, especially in central Montreal. In the single-family home segment, price growth has also slowed in recent months.
The economist notes that a year ago the monthly increase in home values could reach 8–10%, whereas now it is more often 2–5% in good months.
Broker David Tardif also points to how quickly the situation is changing. In his observations, if during the pandemic a property could receive ten or twelve competing offers, now the number is often limited to two or three.
Tardif suggests that the market weakening could continue until the summer of 2027. This is his forecast, not an established fact: further dynamics will depend on interest rates, the employment situation, housing supply, and buyers’ purchasing power.
What does this mean for buyers and sellers?
For buyers, conditions are becoming more favorable. There is an opportunity to compare options more carefully, check the condition of a property, analyze condo maintenance costs, and not rush an offer simply out of fear of losing the listing.
However, rising supply by itself does not guarantee lower prices. This is especially true for certain housing categories and neighborhoods where demand remains steady.
For sellers, the situation is becoming more difficult. An inflated price can lead to a long wait for a buyer, and competition with other listings requires a more realistic valuation and a careful approach to preparing the property for sale.
Frequently asked questions
1. Is it true that it’s more выгоднее to buy housing in Montreal right now?
Negotiating conditions have become more favorable for buyers, especially in the condo market in central neighborhoods. But the attractiveness of a specific purchase depends on the price, mortgage rate, maintenance costs, and the planned holding period.
2. Does the increase in the number of listings mean housing will get cheaper soon?
Not necessarily. First, price growth may slow, and price declines for individual properties occur unevenly. The overall trend does not rule out price increases in certain segments.
3. Where are the changes most noticeable?
According to experts, first and foremost in the condo market in central neighborhoods, including Ville-Marie and Griffintown.
4. Should sellers postpone selling until the market recovers?
There is no universal answer. The decision depends on personal circumstances, the property’s value, financial obligations, and the situation in a specific neighborhood. Market forecasts do not guarantee that waiting will lead to a higher price.
5. How long can the current trend last?
One of the brokers surveyed allows for further deterioration until the summer of 2027. However, this is a forecast, not a confirmed timeframe for a change in the market cycle.
Unique commentary
Greater Montreal’s real estate market is entering a period when buyers increasingly rarely have to compete with many contenders for a single property. But this still does not mean a return to affordable housing: with high prices, even a calmer market does not remove the problem of the down payment, mortgage payments, and property maintenance costs.
The main change today lies not so much in the promise of an imminent price drop as in the restoration of the ability to choose. Buyers can evaluate a property more carefully, negotiate, and walk away from a deal that does not match their means.
For Montreal, this is an important shift after several years of intense competition. However, how sustainable it will be and whether it will spread to the suburbs will be shown in the coming months. For now, the most well-founded conclusion is that the market is becoming calmer, and the decision to buy is potentially more considered.
