Seven years ago the median single-family home in the Montreal metropolitan area sold for $340,000. In 2025 it sold for $622,500, an increase of 83% in six years, most of it concentrated in two extraordinary years and then partly given back.
This page is the record: what happened each year, what the Bank of Canada was doing while it happened, and what the numbers were when the dust settled. Every figure comes from the annual statistics published by the Association professionnelle des courtiers immobiliers du Québec, drawn from the Centris system, and covers the Montreal census metropolitan area (the full metropolitan region, not the island alone and not any single borough). Sources are listed at the end.
One year is incomplete, and I have said so rather than filling the gap with an estimate. That is explained where it appears.
The seven-year record
| Year | Single-family median | Condominium median | Residential sales |
|---|---|---|---|
| 2019 | $340,000 (+6%) | $267,900 (+5%) | 51,329 (+10%) |
| 2020 | $400,000 (+18%) | $305,000 (+14%) | 55,609 (+8%) |
| 2021 | not published annually | not published annually | (−2%) |
| 2022 | $510,000 (−3%) | $357,000 (−1%) | (−14% into 2023) |
| 2023 | $541,000 (−2%) | $390,000 (−1%) | 36,186 (−14%) |
| 2024 | $578,000 (+7%) | $408,000 (+5%) | 43,742 (+20%) |
| 2025 | $622,500 (+8%) | $425,000 (+4%) | 47,019 (+8%) |
2019: the last normal year
A record 51,329 residential sales closed in the Montreal CMA, up 10% on 2018. The single-family median reached $340,000, up 6%; condominiums reached $267,900, up 5%. Steady, unremarkable, and in hindsight the last year that looked like the years before it.
The Bank of Canada held its policy rate at 1.75% for the entire year, moving neither up nor down. The federal First-Time Home Buyer Incentive launched on 2 September.
2020: the year the rules broke
Three emergency rate cuts inside four weeks: 4 March took the policy rate from 1.75% to 1.25%, 13 March to 0.75%, and 27 March to 0.25%. That was the lowest in the Bank's history. What followed was not the collapse most people expected in the spring of 2020.
The single-family median rose 18% to $400,000, which APCIQ described as the largest increase since Centris began compiling statistics in 2000. Condominiums rose 14% to $305,000. Sales reached 55,609, up 8%, in a year that lost most of a spring season to lockdown.
2021: the peak, and an incomplete record
This is the year with a gap, and it is worth being precise about why.
APCIQ's year-end release for 2021 reported December's month-over-month figures rather than full-year medians: single-family prices up 22% year over year in December, condominiums up 17%. Sales for the year finished 2% below 2020's record. Against that base, APCIQ characterised the year as a particularly active market rather than a slowdown.
I have not been able to source a full-year 2021 median for the Montreal CMA from a citable APCIQ publication. It would be easy to reverse-engineer one from the following year's percentage change, and the number would probably be close. It would also not be a published figure, and a page like this is worth less the moment it starts carrying numbers that cannot be traced. If you need the 2021 annual figure for something that matters, it is worth requesting directly from APCIQ.
What is not in doubt is the shape of the year. The policy rate sat at 0.25% for all twelve months. On 1 June the minimum qualifying rate for uninsured mortgages rose to the greater of the contract rate plus two points or 5.25%, up from a benchmark that had been sitting at 4.79%. It was the first meaningful attempt to cool what the rate cuts had started.
2022: the correction
The Bank of Canada raised its policy rate seven times in ten months: 2 March (0.25% to 0.50%), 13 April (1.00%), 1 June (1.50%), 13 July (2.50%, the largest single move in more than two decades), 7 September (3.25%), 26 October (3.75%) and 7 December (4.25%).
Prices gave back less than the volume did. The single-family median closed the year at $510,000, down 3% or $15,000. Condominiums finished at $357,000, down 1%. Sales, though, fell off a cliff. December alone was down 39% on the previous December.
That asymmetry is the most useful thing in this whole record. When rates move sharply, Montreal transaction volume reacts immediately and violently; prices move slowly and much less. Sellers who needed to sell sold. Everyone else waited.
2023: the trough
36,186 sales, down 6,043 transactions or 14% on 2022. That was the quietest year in the series by a wide margin. The single-family median nonetheless rose to $541,000, though APCIQ reports the annual variation as −2%, reflecting where within each year the transactions fell. Condominiums reached $390,000, reported at −1%.
The policy rate peaked at 5.00% on 12 July and stayed there for the rest of the year.
2024: the rebound
Five cuts: 5 June (5.00% to 4.75%), 24 July (4.50%), 4 September (4.25%), 23 October (3.75%) and 11 December (3.25%, the first half-point move since the pandemic).
Sales rose 20% to 43,742, an increase of 7,421 transactions that brought volume back to roughly pre-pandemic levels. The single-family median rose 7% to $578,000 and condominiums 5% to $408,000.
On 15 December the federal insured-mortgage cap rose from $1 million to $1.5 million, and 30-year amortizations became available to first-time buyers and purchasers of new construction. It was the largest single change to Canadian mortgage qualification rules in years.
2025: a mature market
Four more cuts, driven substantially by tariff uncertainty: 29 January (3.25% to 3.00%), 12 March (2.75%), 17 September (2.50%) and 29 October (2.25%), where the rate was held at the December meeting.
47,019 sales, up 8%. The single-family median reached $622,500, up 8%; condominiums $425,000, up 4%. APCIQ called it Quebec's third-best year on record.
What the record actually shows
Volume is volatile, price is sticky. Sales swung from 55,609 to 36,186 and back to 47,019 inside four years, a 35% peak-to-trough collapse and a 30% recovery. Over the same period the single-family median never fell more than 3% in a year. If you are timing a purchase around a price correction in Montreal, the record suggests you will be waiting a long time.
The rate is the variable that matters. Every inflection in this series follows a Bank of Canada decision within two to three quarters. Not immigration, not construction starts, not sentiment. Rates.
Condominiums and houses have diverged. Single-family homes went from $340,000 to $622,500, up 83%. Condominiums went from $267,900 to $425,000, up 59%. That 24-point gap opened almost entirely during the pandemic years and has not closed since.
These are metropolitan figures, and your street is not the metropolitan area. That is not a caveat, it is the main point. Within the second quarter of 2026 alone, single-family medians across the sectors I track ranged from $649,325 in Pierrefonds-Roxboro to $2,201,700 in Outremont, and days on market ranged from 36 to 95. A number that averages Outremont with Pierrefonds describes neither.
Current quarter-by-quarter figures for 21 Montreal neighbourhoods are on the neighbourhood pages, updated 30 days after each quarter closes.
Sources
All price and sales figures: Association professionnelle des courtiers immobiliers du Québec (APCIQ / QPAREB) annual statistical releases, Centris system data, Montreal census metropolitan area (apciq.ca). Policy rate dates and levels: Bank of Canada rate announcements (bankofcanada.ca). Mortgage qualification changes: Office of the Superintendent of Financial Institutions (2021 minimum qualifying rate) and Department of Finance Canada (December 2024 insured-mortgage changes).
Where a figure could not be traced to a published source it is marked as unavailable rather than estimated. If you spot an error, tell me and I will correct it.