Buying in Montreal in 2026: what it really costs
Median price, down payment, CMHC premium, Montreal's own multi-tier welcome tax, and the first-time buyer credit: here's the real cost picture, with a worked scenario at today's median price.
Montreal's market cooled a little in 2026 without turning over: fewer transactions, but prices that kept climbing, still pushed up by supply that hasn't quite caught up with demand. Here's where the numbers stand, and what buying today actually involves.
The Montreal market in Q2 2026
| Indicator | Montreal CMA, Q2 2026 |
|---|---|
| Median price — single-family | $645,000 (+3% year over year) |
| Median price — condo | $430,000 (+1% year over year) |
| Median price — plex (2-5 units) | $874,000 (+5% year over year) |
| Average days on market — single-family | 32 days |
| Sales | 13,365 (-7% year over year) |
| Active listings | ≈ 20,735 (+14% year over year) |
The rebound in supply (+14%) gives buyers a bit more choice, especially in the condo segment, where the market is rebalancing. For single-family homes and plexes, sellers still hold the advantage — a 32-day average time to sell is still fast. Source: QPAREB (APCIQ), Centris statistics for Q2 2026 (press release, July 14, 2026).
What buying at $645,000 really costs
At $645,000, expect about $2,978/month with 20% down — or ≈ $3,635/month with the minimum down payment (CMHC premium included) — plus a welcome tax of about $8,249. Assumptions: 5-year fixed mortgage rate of 4.92% (market average as of mid-July 2026), 25-year amortization, semi-annual compounding as required by Canadian law. Whether you qualify for a loan that size is the next question: the borrowing capacity calculator turns your income and debts into a maximum purchase price.
20% down payment ($129,000)
A $516,000 loan, no CMHC premium required. Estimated monthly payment: ≈ $2,978/month. This is the cheapest scenario overall, but it requires a substantial down payment in a market where the median price already tops $600,000.
Minimum down payment (≈ 6.1%, $39,500)
For a price between $500,000 and $999,999, the legal minimum down payment is 5% on the first $500,000 and 10% on the rest — about $39,500 here. The base loan is $605,500; a CMHC insurance premium of about $24,220 (4.00% of the loan, since the down payment is just under 10%) gets added on, bringing the total loan to ≈ $629,720. Estimated monthly payment: ≈ $3,635/month.
Montreal's welcome tax: a schedule of its own
Montreal is the only city in Quebec allowed to apply a multi-tier schedule above $500,000, with rates climbing as high as 4% on very high-value properties — well beyond the 3% cap other municipalities can set by bylaw.
| Bracket | Montreal rate |
|---|---|
| $0 – $62,900 | 0.5% |
| $62,900 – $315,000 | 1.0% |
| $315,000 – $552,300 | 1.5% |
| $552,300 – $1,104,700 | 2.0% |
| $1,104,700 – $2,136,500 | 2.5% |
| $2,136,500 – $3,113,000 | 3.5% |
| $3,113,000 and up | 4.0% |
On a $645,000 property, the bracketed welcome tax comes to about $8,249 — noticeably more than the ~$5,578 you'd pay under the standard provincial schedule at the same price. Our welcome tax calculator lets you check this for any price.
Buy or rent in Montreal in 2026?
In Montreal, the gap between the monthly cost of owning and the rent for an equivalent home is one of the widest in Quebec — which historically tends to favor renting combined with disciplined investing of the difference. In practice, the break-even point — the year the buyer's net worth catches up to the renter who invests — arrives later in Montreal than elsewhere in Quebec. But that's only true if you actually invest that gap instead of spending it. The full buy-or-rent guide walks through this mechanic; the calculator lets you test your own scenario with your price, rate and horizon — just pick "Montreal" as the city.
What to check before buying in Montreal
1. The borough's property tax rate — it varies meaningfully from one borough to the next.
2. The real welcome tax, not a flat 1.5% estimate — as shown above, the gap can exceed $2,500 on a median-priced property.
3. Your eligibility for the first-time buyer credit — it phases out between $750,000 and $1M.
4. The time-to-sell in your specific area — 32 days is a metro-wide average; some neighbourhoods move much faster.
5. Your actual available down payment — the monthly payment gap between 20% and the minimum exceeds $650/month in the example above.
Frequently asked questions
How much is the welcome tax in Montreal on a $645,000 property?
About $8,249, based on Montreal's multi-tier schedule (rates climbing up to 4% on the highest brackets) — noticeably more than the ~$5,578 you'd pay under the standard provincial schedule at the same price.
What is the 2026 first-time buyer credit in Montreal?
For a first property under $1M (neither buyer having owned a home in the past 4 years), this refundable tax credit reimburses 100% of the first $5,000 of welcome tax, then 25% of the excess, up to $5,875. On a $645,000 property, the net bill drops to about $2,437 instead of $8,249. It phases out between $750,000 and $1M.
What's the minimum down payment to buy in Montreal in 2026?
For a price between $500,000 and $999,999, the legal minimum is 5% on the first $500,000 and 10% on the rest. Below 20% down, a CMHC insurance premium gets added to the loan.
Is it better to buy or rent in Montreal in 2026?
In Montreal, the gap between the monthly cost of owning and rent for an equivalent home is one of the widest in Quebec, which often favours renting combined with disciplined investing of the difference — but only if that gap is actually invested rather than spent.
▸ Compare buying vs renting in Montreal with your numbersElsewhere in Quebec
The Montreal market isn't representative of the whole province — see Buying in Quebec City in 2026 for a very different picture (even scarcer supply, standard-schedule welcome tax), or the general buy-or-rent guide for the full comparison mechanics.
This article is provided for informational purposes only and does not constitute financial, tax, or legal advice. Market statistics come from the Quebec Professional Association of Real Estate Brokers (QPAREB/APCIQ), press release dated July 14, 2026, covering Q2 2026 (Montreal CMA). The mortgage rate (4.92%, average 5-year fixed) reflects market conditions observed in mid-July 2026 and may have changed since. Monthly payment and welcome tax figures are estimates calculated with the same formulas used in the Immobascule calculator (25-year amortization, semi-annual compounding, 2026 schedules); they may vary based on your situation, lender, and the property's actual price. Consult a professional before making any decision.