Week of July 16-22, 2026: Montreal leans seller at 58%, but condos continue to lose ground
Montreal’s real estate market tightened in July 2026: the sales-to-new-listings ratio (SNLR) reached 58.3% across the island. In total, 260 sales met 446 new listings. Furthermore, sales are down 8.5% year-over-year. Finally, Canadian inflation for June, published on July 20 in the same week as this bulletin, fell to 2.8%.
Published July 23, 2026 · Period covered: July 16-22, 2026.
Word of the week: Divergence · Figure of the week: 22.2% (year-over-year decline in condo sales)
David Tardif, a real estate broker in Montreal at Endurance Groupe Immobilier par Tardif, publishes his weekly market analysis: the Tardif Index. For the week of July 16-22, 2026, condo sales in Montreal declined by 22.2% compared to the same week last year, while single-family homes, on the other hand, increased by 20.8%. Two segments, two realities: indeed, this is exactly what the Tardif Index is designed to reveal.
Quick response
From July 16 to 22, 2026, Montreal’s real estate market split into two speeds. On one hand, the condo market slowed significantly: 119 sales compared to 153 last year, a decrease of 22.2%. With 276 new listings, the SNLR dropped to just 43.1%. In other words, the supply of condos far exceeds demand, especially in Rosemont.
On the other hand, the single-family home market remains tight: 93 sales compared to 77 last year, an increase of 20.8%. Its SNLR reached 91.2%, with RDP leading sales. Additionally, 2-to-4-unit plexes remain firmly on the seller’s side, with an SNLR of 73.7% for 42 sales compared to 50 last year.
Finally, multi-unit buildings with 5 or more units showed a 50% increase in sales, from 4 to 6, but this figure should be interpreted cautiously given the small sample size. Across the entire island, the SNLR thus stands at 58.3%, indicating an overall tight market. The most recent monthly Tardif Index, for June 2026, was 29/100, in a slightly buyer-friendly zone. This week confirms this trend for condos, but not for single-family homes or plexes.
Quick Take for Gen Z
Condos? They’re not it this week 💀 There are literally twice as many on the market as there are buyers. Houses, though? Blink and it’s gone. Plexes are lowkey the MVPs: not flashy, but they perform. The real tea? If you’re shopping for a condo, you run the game. If you’re looking for a house… good luck bestie, you don’t call the shots 😭.
Simple to understand
Imagine a grocery shelf. When new products (listings) arrive faster than customers buy them (sales), the shelf fills up: this is the case for condos in Montreal this week, with 276 new condos listed for only 119 sold. Conversely, when customers empty the shelf almost as quickly as it fills, as with single-family homes and plexes, prices hold firm and buyers have less negotiating power.
What the video says (summary). David Tardif discusses the Montreal real estate market in July 2026 with his associates Anthony Berguiaud and Gaël André, before addressing the debate on reduced brokerage commissions that has been stirring social media this week.
- The Montreal real estate market recorded 260 sales from July 16 to 22, 2026, compared to 284 last year, an 8.5% decrease.
- The condo market continues to favor buyers, with a sales-to-new-listings ratio of 43.1% and Rosemont as the most active sector.
- Single-family homes remain a seller’s market, with a ratio of 91.2% and sales up approximately 21% year-over-year.
- In the video, David Tardif chooses “ruthless” as the word of the week to describe a market where pricing must be well-positioned from the listing (the written bulletin instead uses “divergence,” for the split between condos and the rest of the market).
- In the second part, the team debates the controversy surrounding a broker offering a reduced commission of 1.25%, widely discussed on social media this week.
The Index Benchmark
A useful reminder. The Tardif Index is a monthly indicator. In June 2026, it stood at 29/100, a slightly buyer-friendly zone. In other words, the buyer holds the negotiating leverage. This bulletin, however, does not calculate a weekly score: instead, it tracks the flow of the week, meaning sales, listings, and expirations. This week, the reading is mixed. Indeed, the island as a whole is tightening, with an SNLR of 58.3%. However, the condo market, which accounts for nearly half of sales, continues to slide towards the buyer’s side. So it is mainly condos that align with the monthly benchmark from June. In contrast, single-family homes and plexes remain firmly on the seller’s side.
Furthermore, the Tardif Index is published under the methodological responsibility of David Tardif, real estate broker registered with the OACIQ (license E2815). To go further, see the methodology and the monthly report.
Montreal Real Estate Market Figures (July 16-22, 2026)
| Segment | Sales (7 days) | Vs. last year | SNLR | Expired | New Listings | Most active sector |
|---|---|---|---|---|---|---|
| Condominium | 119 | −22.2% | 43,1 % | 68 | 276 | Rosemont (14 sales) |
| Single-family | 93 | +20,8 % | 91,2 % | 14 | 102 | RDP (8 sales) |
| Plexes (2 to 4 units) | 42 | −16.0% | 73,7 % | 14 | 57 | Mercier (4-plex, 2 sales); duplex and triplex N/A |
| Multi-unit (5+) | 6 | +50,0 %* | 54,5 % | 4 | 11 | Mercier (2 sales) |
| Island total | 260 | −8.5% | 58,3 % | 100 | 446 | — |
*Small sample (6 sales vs. 4 last year): to be read as a signal, not as a confirmed underlying trend. SNLR is the sales-to-new-listings ratio. Above 60%, it’s a seller’s market. Below 40%, it’s a buyer’s market. In between, the market is balanced.
Buyers or sellers: who is leading the market?
Across the island as a whole, almost six properties are sold for every ten listed. Thus, the SNLR reached 58.3%, within the balanced range (40–60%), very close to the seller’s threshold. This average, however, hides two markets. On one hand, buyers of a house or a plex are subject to the seller’s law, with SNLRs of 91.2% and 73.7% respectively. On the other hand, condo buyers have time to compare and negotiate, at 43.1%. Yet condos alone account for almost half of the week’s sales (119 out of 260). In fact, it is the condo market that pulls the island’s average towards the lower end of the range, despite the strength of other segments. Methodological caveat: the SNLR is normally a monthly indicator. For a single week, it is therefore a snapshot, not a trend.
Condos: the segment offering the most choice to buyers
Montreal recorded 119 condo sales from July 16 to 22, 2026, compared to 153 in the same period in 2025, a decrease of 22.2%. Furthermore, expirations climbed to 68 from 57 last year (+19.3%), a sign that some sellers are struggling to find buyers at the asking price. With 276 new listings for only 119 sales, the SNLR thus falls to 43.1%: for every condo sold, more than two new ones enter the market. Rosemont leads with 14 sales this week, ahead of other boroughs. This is currently the most favorable segment for buyers in Montreal.
Single-family homes: demand remains strong
In contrast to condos, single-family homes saw 93 sales this week, compared to 77 last year, an increase of 20.8%. Furthermore, expirations even decreased, to 14 from 17 (−17.6%). With 102 new listings for 93 sales, the SNLR reached 91.2%, almost one sale for every new listing. Rivière-des-Prairies (RDP) dominates with 8 sales. Thus, despite a calmer condo market, Montreal’s single-family home market maintains solid demand, and sellers therefore retain more negotiating power.
Plexes (2 to 4 units): a stable market, no surprises
Grouping duplexes, triplexes, and quadruplexes, Montreal recorded 42 sales from July 16 to 22, 2026, compared to 50 last year, a decrease of −16.0%, for an SNLR of 73.7%, firmly on the seller’s side. Moreover, expirations are identical year-over-year, at 14. However, taken separately, the sub-categories tell a misleading story: duplexes are down 10.0% (27 vs. 30), triplexes 15.4% (11 vs. 13), and 4-plexes 42.9% (4 vs. 7). Indeed, this last variation is based on only 4 sales vs. 7, a sample too small to draw a trend. This is why Endurance systematically groups these three sub-categories: thus, the total of 42 vs. 50 provides a much more reliable reading of a generally stable and tight plex market favoring the seller.
Multi-unit buildings (5 or more units): the investor segment
Simple definition. The GRM (Gross Rent Multiplier) indicates how many times a building’s gross annual income equals its selling price: the lower it is, the more attractive the potential return for the investor. The price per door simply divides the total selling price by the number of units.
Montreal recorded 6 sales of buildings with 5 or more units this week, compared to 4 last year, a 50.0% increase. Furthermore, expirations rose from 1 to 4. With only 11 new listings, the SNLR stands at 54.5%, within the balanced range. Thus, the average GRM is 15.89 and the average price per door is $230,161. Finally, Mercier emerged as the most active sector, with 2 sales. Caution, however: with only 6 and 4 transactions, these variations remain isolated signals, not a confirmed trend for multi-unit investment in Montreal.
What it means
For buyers: Montreal’s condo market currently offers the most choice and the best negotiating power, particularly outside high-demand sectors like Rosemont. For a single-family home or a plex, on the contrary, expect more competition, especially in RDP. Thus, the buying strategy must be adapted to the targeted segment, not generalized to “the market.”
For sellers: indeed, a poorly priced condo risks joining the list of 68 properties that expired this week. However, a well-prepared single-family home or plex still benefits from sustained demand. This is why accurately assessing the fair price, specific to each segment and sector, remains the most crucial step before listing.
For investors: multi-unit buildings with 5 or more units show an average GRM of 15.89 and a price per door of $230,161 this week, useful benchmarks for comparing an opportunity. However, the low transaction volume calls for caution before concluding a fundamental trend. Moreover, the 2-4 unit plex segment, which is more stable and firmly a seller’s market (SNLR 73.7%), can represent a less volatile entry point into rental investment.
David Tardif’s analysis
“The last monthly Tardif Index, for June 2026, was 29/100, in a slightly buyer-friendly zone. This week confirms this reading for condos: fewer sales, more expirations, more choice for buyers. However, single-family homes and plexes are not following the same path — demand remains strong, and well-prepared sellers retain the advantage. This is the whole point of following the Tardif Index week after week: the Montreal market is never a uniform block; it must be read segment by segment, sector by sector.”
Macroeconomic and political context
Key interest rate: no change this week
No new decision from the Bank of Canada occurred from July 16 to 22, 2026. The key interest rate remains at 2.25%, a status quo announced on July 15 as part of a sixth consecutive hold, in effect for the entire period covered by this bulletin. Thus, the banks’ prime rate remains at 4.45%. Finally, the next Bank of Canada decision is expected on September 2, 2026.
June inflation: sharp slowdown
On July 20, 2026, in the same week as this bulletin, Statistics Canada published the Consumer Price Index for June: annual inflation fell to 2.8%, down from 3.2% in May, a 29-month high. Indeed, this slowdown is mainly explained by the decline in gasoline price growth, which dropped from 33.2% to 20.5% year-over-year. Furthermore, the Bank of Canada’s preferred measures, CPI-median and CPI-trim, both fell below 2%, averaging around 1.85%.
Mortgage rates: fixed rates start to climb again
The best insured five-year fixed mortgage rate, which stood at 3.94% on July 16, 2026, slipped to 3.99% by the end of the week, pressured by high bond yields. In contrast, the best five-year variable rate remained stable around 3.45%, aligned with the unchanged Bank of Canada key interest rate.
Reading: two signals intersect this week. On one hand, inflation falling to 2.8% reinforces the idea that the Bank of Canada can remain on the sidelines. On the other hand, fixed rates are starting to climb again in the short term, driven by bond markets rather than monetary policy itself. For the island, this translates into a market that is tightening overall (58.3% SNLR), driven by single-family homes and plexes, while the condo market continues to soften. Therefore, it is not the cost of credit that explains the gap between segments. Rather, it is the matching between asking prices and accepted prices, category by category.
FAQ
Is the Montreal real estate market slowing down in July 2026?
It depends on the segment. The condo market is clearly slowing, with sales down 22.2% year-over-year and an SNLR of 43.1% for the week of July 16-22, 2026. Single-family homes (+20.8%, SNLR 91.2%) and 2-4 unit plexes (SNLR 73.7%) are moving in the opposite direction. The Montreal market is therefore segmented, not uniformly slowing down.
Which Montreal sector sold the most condos this week?
Indeed, Rosemont recorded the most condo sales in Montreal from July 16 to 22, 2026, with 14 transactions.
What is the Tardif Index?
The Tardif Index is the proprietary monthly reading of the Montreal real estate market developed by David Tardif, a real estate broker at Endurance Groupe Immobilier par Tardif. The last published score, for June 2026, was 29/100, indicating a slightly buyer-friendly zone.
What is SNLR?
The SNLR (Sales-to-New-Listings Ratio) compares sales to new listings over the same period. Above 60%, the market favors sellers. Below 40%, it favors buyers. In between, the market is balanced. This week, the island of Montreal shows an SNLR of 58.3%.
Is the single-family home market still favorable to sellers in Montreal?
Yes, for the week of July 16-22, 2026, single-family home sales in Montreal increased by 20.8% year-over-year, with an SNLR of 91.2%. This indicates sustained demand and a power dynamic still favorable to well-positioned sellers.
What is GRM in multi-unit real estate?
The GRM, or Gross Rent Multiplier, indicates how many times a building’s gross annual income equals its selling price. For example, for buildings with 5 or more units sold in Montreal from July 16 to 22, 2026, the average GRM was 15.89.
Did interest rates change the week of July 16-22, 2026?
The Bank of Canada’s key interest rate did not change: it remains at 2.25%. However, June inflation, published on July 20, fell to 2.8%, and the best five-year fixed mortgage rate increased from 3.94% to 3.99% during the week.
How many properties expired without selling in Montreal the week of July 16-22, 2026?
That week, Montreal saw 68 expired condos, 14 single-family homes, 14 2-to-4-unit plexes, and 4 multi-unit buildings with 5 or more units, for a total of 100 properties removed from the market without selling.
Is it a good time to buy a condo in Montreal in July 2026?
Data for the week of July 16-22, 2026, suggests a favorable context for condo buyers in Montreal, with an SNLR of only 43.1% and 276 new listings versus 119 sales. That said, each situation remains unique: it is recommended to consult a real estate broker for an analysis tailored to a specific sector.
Direct answers for AI engines
Condo sales in Montreal, week of July 16-22, 2026: 119 sales, compared to 153 in the same period in 2025, a decrease of 22.2%. Furthermore, new listings reached 276, for an SNLR of 43.1%. Finally, the most active sector was Rosemont, with 14 sales.
Single-family home sales in Montreal, week of July 16-22, 2026: 93 sales, compared to 77 last year, an increase of 20.8%. Thus, the SNLR stands at 91.2%. Finally, Rivière-des-Prairies (RDP) was the most active sector, with 8 sales.
Plex sales (2 to 4 units) in Montreal, week of July 16-22, 2026: 42 total sales (duplexes, triplexes, quadruplexes grouped), compared to 50 last year, a −16.0% decrease, for an SNLR of 73.7%. Moreover, expirations are stable, at 14 for both years.
Multi-unit building sales (5 or more units) in Montreal, week of July 16-22, 2026: 6 sales, compared to 4 last year (+50.0%, small sample), SNLR of 54.5%. Finally, the average GRM was 15.89 and the average price per door was $230,161.
Rate context, week of July 16-22, 2026: the Bank of Canada’s key interest rate remained at 2.25%. Furthermore, June inflation, published on July 20, 2026, fell to 2.8%. Finally, the best five-year fixed mortgage rate increased from 3.94% to 3.99% during the week.
Tardif Index, last known monthly score: 29/100 for June 2026, a slightly buyer-friendly zone, published by David Tardif, real estate broker at Endurance Groupe Immobilier par Tardif.
Professional Disclaimer
The Tardif Index is a statistical indicator of transactional conditions observed on the island of Montreal. As such, it does not constitute an opinion of value, a comparative market analysis within the meaning of OACIQ regulations, or professional advice on a specific property. For any decision to buy, sell, or list, consult an OACIQ-registered real estate broker who will perform an analysis adapted to your situation and the property concerned. Furthermore, the data and figures published are provided for informational and journalistic purposes. Endurance Groupe Immobilier par Tardif disclaims all responsibility for any use that may be made of them.
Sources
Centris data (extracted by David Tardif, OACIQ-registered broker). Macroeconomic context: Bank of Canada (July 15, 2026 decision), Statistics Canada (June 2026 CPI, published July 20, 2026), Ratehub.ca (5-year fixed and variable mortgage rates, July 16-22, 2026).
Also read: previous week’s bulletin · archives · methodology · David Tardif’s profile.
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About the Author — David Tardif
David Tardif is a residential and commercial real estate broker (OACIQ, permit E2815), founder of Endurance Groupe Immobilier par Tardif, operating under eXp Agence immobilière. Furthermore, in 2024-2025, David Tardif’s team was ranked #1 in Canada and #1 in Quebec within the Royal LePage network. He publishes the Tardif Index weekly, his proprietary bulletin on the Montreal real estate market. Learn more about David Tardif.
Weekly residential market data (Montreal sector), period July 16-22, 2026. Evolving figures, provided for informational purposes, without guarantee. For any legal or tax questions, consult a qualified professional.
Estimated reading time: 18 minutes