The price of condominiums on the Island of Montreal has soared over the past decade, driven by increased demand and a growing population of younger professionals, according to the Quebec Professional Association of Real Estate Brokers (QPAREB).

Between 2014 and 2024, the median condo price in Montreal rose by 70%, reaching record highs in areas such as Griffintown and Hochelaga-Maisonneuve. The largest percentage increase, 93.6%, was recorded in West Island North, where prices jumped from to $420,000 from $216,990. The South West and N.D.G. neighbourhoods also experienced substantial gains, with condo prices rising by 85.9% and over 80%, respectively.

“The condo market is doing really well in areas like Villeray, Plateau, Rosemont, Verdun, and [Notre-Dame-de-Grace].,” Marc Lefrançois, a real estate broker at Royal LePage Tendance, told the Montreal Gazette. “It really corresponds to what the younger professional is looking for.”

Despite the surge, condo prices have increased at a slightly slower pace than single-family homes. Single-family home prices on Montreal Island nearly doubled, climbing 91% over the same period. Rosemont led the trend, with the median home price soaring 114% from $423,000 to $905,000. The West Island South followed, with a 105% rise.

For many first-time buyers, affordability has pushed condos to the forefront. “The prices of single-family homes are too high for many first-time buyers, leading those properties to be mostly purchased by experienced buyers,” explained Chantal Routhier, assistant director of data analysis and management at QPAREB.

As single-family homes remain out of reach for many, suburban areas like the South Shore are seeing an influx of buyers seeking more affordable options.

“St-Lambert has always been a beautiful neighbourhood, it’s always been hot, but today you’ll see a specific kind of client that really was a city person who never before that would have thought of leaving the island,” Nicholas Zagury, a residential broker at Re/Max du Cartier, told the Gazette.

Previously, such island devotees never would looked at homes on the South Shore, according to Zagury.

“It’s price-driven because they can get more for their money out there if they want a single-family home,” he told the Gazette.

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