Montreal's Million-Dollar Condominium Market Sits Stagnant While Detached Homes See Multiple Offers

Montreal’s residential market recorded 8.7% year-over-year price growth, even as Toronto and Vancouver posted declines. At first glance, this suggests broad strength across Canada’s second-largest city. But Joëlle Bitar, a broker whose team manages nearly 100 active listings across Montreal and its suburbs, says that headline figure masks a sharp divide across property types.

Bitar sees a clear split in the market. Detached homes and multi-unit residential properties are selling quickly, often receiving multiple offers and pricing above the asking price. In contrast, luxury downtown condominiums — especially those priced at $1 million or more — are sitting on the market far longer than expected. “Houses are selling pretty fast,” Bitar says, “but the ones that are taking longer are the condo ones. Million-dollar condos downtown—that’s what’s not selling. That’s taking too long.”

Bitar’s team has found that while single-family homes and multi-unit properties attract steady buyer interest and frequent bidding wars, high-end downtown condos face extended marketing periods. She notes, “Montreal condos, I noticed that it’s not honestly the best time,” contrasting the slow pace of condo sales with the intense activity in other segments.

Remote Work and Shifting Buyer Preferences

Bitar attributes the slowdown in the luxury condo segment to changing buyer priorities, driven by the widespread adoption of remote work. “People are buying outside Montreal lately,” she observes. As more buyers leave the city for the suburbs or exurbs, they are seeking larger homes and more space, a trend enabled by the ability to work remotely.

This shift has left downtown condominiums — once prized for their proximity to offices — at a disadvantage. The same professionals who previously paid a premium for urban living now choose detached homes outside the city, often for similar or lower prices. Bitar observes that the trend is most noticeable at the top end of the market. High-net-worth buyers who now work from home are opting for suburban properties over downtown high-rises. This marks a reversal from pre-pandemic dynamics, when luxury condos in the city center sold quickly and at premium prices.

Why the Headline Numbers Mislead

Montreal’s overall 8.7% price increase masks these differences. While detached homes and multi-unit properties continue to appreciate, luxury condos are stagnating or declining in value. The average remains positive because transaction volume is concentrated in the stronger segments.

This disconnect can mislead developers and investors who rely on citywide statistics. If they continue to build or acquire downtown condos based on aggregate data, they may miss the shift in demand. Bitar’s experience shows that transaction speed, frequency of multiple offers, and days on market vary dramatically by property type and location. Without tracking these details, market participants risk misallocating capital and inventory.

International Buyers Remain Active

There is one notable exception to the downtown condo slowdown. International buyers, especially from China, continue to purchase urban properties — primarily multi-unit residential and commercial buildings. “We work a lot with Chinese buyers,” Bitar says. “They are buying more four- or five-plex and up.”

This points to a split in downtown demand. International investors seeking income properties continue to buy in the city, while domestic buyers with remote work flexibility are choosing the suburbs. As a result, luxury condo inventory in downtown Montreal may need to be repositioned toward international buyers and investors, rather than the domestic owner-occupants who previously drove demand.

Inventory Strategy Going Forward

Whether this divergence persists will depend on the future of remote work and employer return-to-office policies. For now, Bitar’s observations show that transaction patterns have already shifted. Brokers and developers who rely solely on aggregate market statistics may miss critical changes in buyer behavior.

For those managing diverse portfolios, the implication is clear: property-specific data — such as transaction speed, multiple-offer rates, and days on market — offers far more actionable guidance than citywide averages. As buyer preferences continue to evolve, success will depend on reading the market at the segment level, not just by the headline numbers.