Montreal Market Update
Real Talk. Real Estate. Real Value.
Montreal’s real estate market isn’t what it was last year — and certainly not what it was pre-pandemic. Inventory is shifting, interest rates are still in the spotlight, and buyer behavior has changed. If you’re starting your home search with outdated information or assumptions, you could miss out on the best opportunities… or worse, overpay. That’s why we created this bite-sized video: to give you a real-time pulse check on the market, right from a local expert who lives and breathes Montreal real estate.
Montreal’s Market Moves Fast — And So Do the Buyers: Inside a Frenzied Weekend of Open Houses
By The Mellor Group Social Desk
April 11, 2025 — Montreal, QC
This past Sunday, a quiet residential street in the heart of Montreal’s borough of Pankow turned into a hive of activity as real estate broker Alexandre Pedriks stood on the front steps of 215 Champlain, greeting a steady stream of potential buyers. Just days after the listing went live, the four-bedroom single-family home—priced at a compelling $559,000—was drawing serious attention. Hardwood floors, central air, modern finishes, and a coveted garage made it a magnet for families eager to buy in a market moving at lightning speed.
“It’s been non-stop,” Pedriks admitted during a live segment of Open House Live, the weekly digital broadcast hosted by Royal LePage Heritage owner Etienne Mellor and agency director Mike Thierry-Francois. “Five out of my last seven deals were multiple-offer situations. At every price point—this is what we’re seeing.”
From Calm to Chaos: The Market Surges
For those not watching the Montreal market daily, this may come as a surprise. After all, a year ago the mood was cautious. But Mellor called it months ago—"Interest rates dropped last summer, and this spring, we’re feeling it in full force."
What used to be a relaxed, research-heavy buying process has transformed. “No more 20-house weekends,” Mellor emphasized. “Buyers are making decisions after seeing two or three properties. You wait, you lose.”
And it’s not just mid-range homes like Champlain drawing attention. “Even in the million-dollar range, we’re seeing activity,” said Pedriks. “Only once you cross the $2 million threshold does it become a bit more of a buyer’s market.”
Verdun Steals the Spotlight
During the episode, a new name emerged in the perennial debate over Montreal’s most desirable borough: Verdun. Once a quieter part of town, it’s now the darling of buyers seeking charm and lifestyle. “Wellington Street was named the coolest street in the world by TimeOut,” Mike noted, “and for good reason.”
Mellor, who has watched the borough evolve for over two decades, didn’t hesitate to agree. “Verdun offers that rare mix—green spaces, family-friendliness, a walkable lifestyle. It’s not surprising it’s at the top.”
Photograph: Michelangelo Buonarroti
Photograph: Caroline Perron
AI Enters the Real Estate Chat
But amid the property buzz came a twist: artificial intelligence. The team discussed a new article from The Times about a chatbot in the UK that searches over 100 data sources to find a home tailored to your preferences—proximity to good schools, quiet streets, walkability, and beyond.
“Amazing tool,” said Mike. “But it won’t replace us. AI can’t hear the street noise or feel the afternoon light in the living room.”
Instead of resisting, the Mellor Group encourages agents to embrace tech that enhances the client experience. “If it helps us serve better, we’re all for it,” Mellor said.
What It All Means for Buyers
With over 23 open houses this weekend across the Greater Montreal area, the options are plentiful—but time is of the essence. “Pre-approval is a must,” Etienne urged. “If you’re not ready to offer, you might miss out on your dream home.”
For those just entering the market or unsure where to begin, the Mellor Group offers a step-by-step buyer’s guide and encourages open conversation through DMs, email, or even a simple comment during the livestream.
“Reach out. No obligation. We’re here to help,” said Mike.
A Show That Feels Like a Community
More than just a market rundown, Open House Live is a window into the pulse of Montreal real estate. From showcasing the newest listings to highlighting standout brokers and sharing real-time feedback from the field, it brings together data, dialogue, and a human touch.
“We’re not just here to sell homes,” Mellor concluded. “We’re here to inform, support, and build relationships. And judging by this weekend’s energy—we’ve got a lot of buyers ready to make a move.”
Follow the Mellor Group on YouTube and Instagram for weekly live updates, property tours, and behind-the-scenes access to Montreal’s hottest homes.
Thinking of selling or buying in Montreal?
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Montreal house prices have shown signs of softening again in recent months, largely due to high interest rates and cautious buyer sentiment. After a period of rapid growth during the pandemic, the market has cooled, with many buyers waiting on the sidelines for rates to drop. While prices haven’t crashed, there’s been a slight dip in average sale prices, especially in certain neighborhoods and property types like condos. This cooling trend presents opportunities for buyers, but sellers may need to adjust expectations as the market stabilizes.
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Montreal real estate prices are generally cheaper compared to other major Canadian cities like Toronto and Vancouver due to a combination of factors: lower average incomes, stricter rent control policies, higher property taxes, and a slower pace of population growth. The city also has a large supply of older housing stock and less international investment pressure, which helps keep prices more affordable. While Montreal offers a vibrant lifestyle and strong culture, its housing market has traditionally remained more accessible, making it an attractive option for buyers looking for value.
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To afford a home in Montreal today, a household typically needs an annual income of around $100,000 to $120,000, depending on the property's location and size. With the average home price hovering near $500,000, this income range allows buyers to manage mortgage payments, property taxes, and other homeownership costs without exceeding the recommended debt-to-income ratio. However, first-time buyers with smaller down payments or aiming for more desirable neighborhoods may need a higher income or additional financial support.
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One of the best areas to live in Montreal is Plateau-Mont-Royal, known for its vibrant culture, charming architecture, and walkable streets lined with cafes, boutiques, and parks. It offers a perfect mix of urban living and a laid-back, artistic vibe. For families, NDG (Notre-Dame-de-Grâce) and Outremont are popular for their excellent schools, green spaces, and strong community feel. If you're looking for a more modern, condo-style lifestyle close to downtown, Griffintownand Ville-Marie are trendy and convenient options. The best area really depends on your lifestyle—whether you're after culture, quiet, or convenience, Montreal has a neighborhood to match.
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