Cost- Montreal has generally seen more stable conditions through 2026 than the sharper pullbacks in the GTA and, to a lesser extent, Vancouver.
- Quebec's own welcome tax structure and closing process differ meaningfully from the rest of Canada, which shapes buyer budgeting differently in this market specifically.
- Montreal remains significantly less expensive than Toronto and Vancouver on average, continuing to draw comparative affordability-driven interest.
Comparative stability through 2026
Montreal has generally tracked more stable than Toronto and Vancouver through 2026, part of a broader pattern in which cities less exposed to a heavy pre-construction investor supply wave have held up more steadily than the GTA specifically. Montreal's new-construction and condo investor activity has historically been smaller in scale relative to Toronto's, which has shielded it somewhat from the specific dynamics described in our Toronto market update.
The welcome tax factor
Quebec's land transfer duty — commonly called the welcome tax — is billed separately by the municipality after closing rather than collected by the notary at closing, a structural difference from how the rest of Canada handles this cost. See our province-by-province land transfer tax comparison for how this compares. Buyers relocating to Montreal from elsewhere in Canada sometimes aren't expecting this delayed billing structure.
Relative affordability
Montreal remains meaningfully less expensive than Toronto and Vancouver on average, a gap that has continued to draw buyers weighing affordability against other major-city considerations. This affordability gap predates the recent rate cycle by a wide margin and reflects longer-standing structural differences between the markets rather than anything specific to 2026.
Considering a Montreal purchase? Check your numbers with the mortgage payment calculator and Quebec's specific closing costs on the closing cost calculator.
- Canadian Real Estate Association (CREA) — accessed September 2026