Figures

Montreal Multifamily Figures H1 2026

Affordability dictating pace of the market

October 9, 2026 8 Minute Read

First-half volume reached $2.78 billion on 763 transactions and 12,226 units. H1 2026 represents 57% of the $4.91 billion that made 2025 a record.
Deal count and dollar volume tell different stories. Transactions above $20 million are a fraction of the sub-$10 million segment by count. Contrastingly, as Figure 1 shows, those few trades carry their weight in terms of dollar volume.
Rental fundamentals held outside new construction. The average two-bedroom rent rose 14% year-over-year in 2025 to $1,346, while vacancy climbed to 2.9%, above the 2.4% five-year average but still low by historical standards. Downtown remains the exception, absorbing new supply slowly. In H1 2026, asking rents have softened, down 4.3% year-over-year across the CMA (Figure 5).
Immigration, Refugees and Citizenship Canada² has signalled slower growth in its 2025-2027 Immigration Levels Plan. Net non-permanent residents were negative from Q4 2025 through Q1 2026 before turning slightly positive in Q2 2026, and international migration is recovering from its lows. As new supply is delivered, vacancy is still expected to rise in CMHC’s 2026 survey, though easing may be more gradual.