{"id":7421,"date":"2026-07-18T16:57:18","date_gmt":"2026-07-18T16:57:18","guid":{"rendered":"https:\/\/enduranceimmobilier.com\/non-classe\/tardif-index-week-of-july-9-to-15-2026-the-montreal-residential-market\/"},"modified":"2026-07-24T10:29:25","modified_gmt":"2026-07-24T10:29:25","slug":"tardif-index-week-of-july-9-to-15-2026-the-montreal-residential-market","status":"publish","type":"post","link":"https:\/\/enduranceimmobilier.com\/en\/tardif-index\/tardif-index-week-of-july-9-to-15-2026-the-montreal-residential-market\/","title":{"rendered":"Tardif Index \u2014 week of July 9 to 15, 2026: the Montreal residential market"},"content":{"rendered":"\n

The Tardif Index \u2014 Week 28 \u00b7 2026<\/p>\n\n

Week of July 9 to 15, 2026: the Montreal residential market remains balanced at 52%, but the condo segment is sliding toward a buyer’s market<\/h2>\n\n

The Montreal residential market remains balanced: the sales-to-new-listings ratio reached 52% across the entire island. In total, 296 sales responded to 567 new listings. Furthermore, sales fell by 15.4% year-over-year. Finally, the Bank of Canada maintained its key interest rate at 2.25% on July 15, during the very week of this bulletin. <\/p>\n\n

Published on July 16, 2026 \u00b7 Period covered: July 9 to 15, 2026.<\/p>\n\n

In plain English<\/h2>\n\n

Imagine a market table where properties for sale are placed. This week, on the island of Montreal, just over one in two newly listed properties found a buyer. In other words, the table is filling up faster than it is emptying, and the buyer still has time to choose. Yet this average combines two opposing realities. On one hand, houses and small income properties are selling fast. On the other, condos are accumulating, as just over two are listed for every one sold. Overall, the market softened by one notch compared to the previous week. <\/p>\n\n

\"Video<\/a><\/figure>\n\n

On video: The Tardif Index \u2014 week of July 9 to 15, 2026.<\/p>\n\n

The Index Benchmark<\/h2>\n\n

First, a useful reminder. The Tardif Index is a monthly<\/em> indicator. In June 2026, it stood at 29\/100, representing a slight buyer’s zone. In other words, the buyer holds the negotiating leverage. This bulletin, however, does not calculate a weekly score. Instead, it tracks the flow<\/em> of the week\u2014meaning sales, listings, and expirations. Thus, the weekly reading aligns with this monthly benchmark: an island at 52% and a condo segment sliding toward the buyer. <\/p>\n\n

Furthermore, the Tardif Index is published under the methodological responsibility of David Tardif, real estate broker registered with the OACIQ (license E2815)<\/a>. To go further, see the methodology<\/a> and the monthly report<\/a>. <\/p>\n\n

Summary table \u2014 Island of Montreal, July 9 to 15, 2026<\/h2>\n\n
Category<\/th>7-day sales<\/th>vs 2025<\/th>New listings<\/th>SNLR<\/th>7-day expired<\/th>Most active sector<\/th><\/tr><\/thead>
Condominium<\/th>149<\/td>\u221216.3%<\/td>356<\/td>42 %<\/td>46<\/td>Ville-Marie (28)<\/td><\/tr>
Single-family<\/th>89<\/td>\u221217.6%<\/td>121<\/td>74 %<\/td>17<\/td>Pierrefonds (10)<\/td><\/tr>
Duplex<\/th>26<\/td>\u22127.1%<\/td>40<\/td>65 %<\/td>3<\/td>LaSalle (5)<\/td><\/tr>
Triplex<\/th>17<\/td>\u221219.0%<\/td>20<\/td>85 %<\/td>3<\/td>n\/a<\/td><\/tr>
4-plex<\/th>10<\/td>+150,0 %<\/td>10<\/td>100 %<\/td>0<\/td>n\/a<\/td><\/tr>
Multi-unit 5+<\/th>5<\/td>\u221254.5%<\/td>20<\/td>25 %<\/td>5<\/td>Hochelaga (2)<\/td><\/tr>
Total Island<\/th>296<\/td>\u221215.4%<\/td>567<\/td>52 %<\/td>74<\/td>\u2014<\/td><\/tr><\/tbody><\/table><\/figure>\n\n

Source: Centris data (extraction by David Tardif, broker registered with the OACIQ). The mention “n\/a” indicates data not available for the period, never completed. <\/p>\n\n

Buyers or sellers: who is leading the market?<\/h2>\n\n

In plain English:<\/strong> on the island as a whole, just over one property is sold for every two listed. The balance of power therefore remains balanced. However, it leans slightly toward the buyer compared to the previous week. Yet this average hides two markets. On one side, the buyer of a house or a small building is subject to the seller’s rule. On the other, the condo buyer has time to compare and negotiate. <\/p>\n\n

The fact:<\/strong> there were 296 sales for 567 new listings. The sales-to-new-listings ratio (SNLR) therefore reached 52% for the entire island. <\/p>\n\n

Expert reading:<\/strong> at 52%, the island is within the balanced range (40\u201360%). This is a notch softer than the 56% from the previous week. Above all, the dispersion between categories remains the dominant factor. Thus, 4-plexes (100%), triplexes (85%), single-family homes (74%), and duplexes (65%) are in a seller’s market. Conversely, condos (42%) are sliding toward the buyer’s threshold, and multi-unit 5+ (25%) has shifted frankly to the buyer’s side. Yet condos alone account for half of the week’s sales (149 out of 296). In fact, it is this segment that pulls the island’s average toward the bottom of the range. Methodological caveat:<\/em> the SNLR is normally a monthly indicator; over a single week, it is a snapshot, not a trend. <\/p>\n\n

Reading by category<\/h2>\n\n

Condominium<\/h3>\n\n

149 sales \u00b7 356 new listings \u00b7 42% SNLR \u00b7 46 expired \u00b7 sales \u221216.3% year-over-year \u00b7 most active sector: Ville-Marie (28 sales).<\/p>\n\n

In plain English:<\/strong> many condos are arriving on the table. However, just over four are sold for every ten new listings. Thus, the condo buyer clearly holds the upper hand this week. <\/p>\n\n

The fact:<\/strong> for every 100 new condos listed, approximately 42 are sold within the same seven-day window.<\/p>\n\n

Expert reading:<\/strong> at 42%, the condo segment stands just above the lower bound of balance (40%). It therefore leans toward the buyer’s side. It is also the segment with the most supply on the island, with 356 new listings alone. This represents nearly two-thirds of the week’s listing flow. The ratio of expirations to sales reached 31%. However, notably, expirations fell by 16% year-over-year (46 vs. 55). Supply is therefore accumulating primarily through an influx of new listings, not through a backlog of unsold properties. Finally, the 16.3% year-over-year decline in sales (149 vs. 178) is the most marked in absolute volume. To be confirmed over several weeks before seeing it as a trend. <\/p>\n\n

Single-family<\/h3>\n\n

89 sales \u00b7 121 new listings \u00b7 74% SNLR \u00b7 17 expired \u00b7 sales \u221217.6% year-over-year \u00b7 most active sector: Pierrefonds (10 sales).<\/p>\n\n

In plain English:<\/strong> houses are selling at a good pace. Indeed, nearly three out of four newcomers find a buyer within the week. It is therefore the seller who holds the upper hand. <\/p>\n\n

The fact:<\/strong> there were 89 houses sold for 121 new listings, representing an SNLR of 74%.<\/p>\n\n

Expert reading:<\/strong> at 74%, single-family homes are clearly in a seller’s market (range > 60%). The 17.6% year-over-year decline in sales (89 vs. 108) is surprising at first glance. However, it is due more to a tightened volume of listings than to a cooling of demand. Indeed, the absorption rate remains high. Furthermore, expirations are stable year-over-year (17 vs. 17). At this price and in these sectors, what is listed sells. This week, the island’s suburbs are leading, with Pierrefonds at the top. <\/p>\n\n

Duplex<\/h3>\n\n

26 sales \u00b7 40 new listings \u00b7 65% SNLR \u00b7 3 expired \u00b7 sales \u22127.1% year-over-year \u00b7 most active sector: LaSalle (5 sales).<\/p>\n\n

In plain English:<\/strong> two out of three duplexes brought to market sell within the week. The seller therefore maintains the advantage. However, transaction volume remains thin. <\/p>\n\n

The fact:<\/strong> there were 26 sales for 40 new listings, representing an SNLR of 65%.<\/p>\n\n

Expert reading:<\/strong> at 65%, the duplex is in a seller’s market (range > 60%). It is also the most resilient category of the week in terms of volume. Indeed, the decline in sales is only 7.1% year-over-year (26 vs. 28), the lowest of the six segments. Expirations, meanwhile, went from 2 to 3. These are small numbers, to be read as a snapshot. Finally, LaSalle concentrated the most duplex sales, which aligns with the appeal of the West and Southwest for owner-occupants. <\/p>\n\n

Triplex<\/h3>\n\n

17 sales \u00b7 20 new listings \u00b7 85% SNLR \u00b7 3 expired \u00b7 sales \u221219.0% year-over-year \u00b7 most active sector: n\/a<\/p>\n\n

In plain English:<\/strong> almost everything listed as a triplex sells within the week. New supply is therefore thin, and it goes quickly. <\/p>\n\n

The fact:<\/strong> there were 17 sales for 20 new listings, representing an SNLR of 85%.<\/p>\n\n

Expert reading:<\/strong> at 85%, the triplex is clearly in a seller’s market (range > 60%). This ratio, however, applies to a low volume, which amplifies it. Sales fell by 19% year-over-year (17 vs. 21). Nevertheless, the rapid turnover of listings reflects sustained demand for this type of income property. Furthermore, three listings expired, compared to four a year earlier. Finally, the most active sector was not reported this week; this data is marked “n\/a,” never estimated. <\/p>\n\n

4-plex<\/h3>\n\n

10 sales \u00b7 10 new listings \u00b7 100% SNLR \u00b7 0 expired \u00b7 sales +150.0% year-over-year \u00b7 most active sector: n\/a<\/p>\n\n

In plain English:<\/strong> as many quadruplexes were sold as were listed. Furthermore, none reached their expiry without a buyer. This is a very small segment, to be read with caution. <\/p>\n\n

The fact:<\/strong> there were 10 sales for 10 new listings, representing an SNLR of 100%.<\/p>\n\n

Expert reading:<\/strong> at 100%, the 4-plex appears to be the tightest segment on the island on the seller’s side (range > 60%). This figure, however, applies to very small numbers, which mechanically amplifies it. Thus, the 150% year-over-year increase in sales (10 vs. 4) primarily reflects the sensitivity of small volumes, not a fundamental trend. Furthermore, no listings expired this week, compared to two a year earlier. Finally, the most active sector was not reported; the data is marked “n\/a.” <\/p>\n\n

Multi-unit 5+<\/h3>\n\n

5 sales \u00b7 20 new listings \u00b7 25% SNLR \u00b7 5 expired \u00b7 sales \u221254.5% year-over-year \u00b7 most active sector: Hochelaga (2 sales) \u00b7 average GRM 17.68 \u00b7 average price per door $239,832.<\/p>\n\n

In plain English:<\/strong> many apartment buildings are coming onto the market. Yet, few are selling: only one for every four newly listed. This week, it is therefore clearly the building buyer who is leading. <\/p>\n\n

The fact:<\/strong> there were 5 sales for 20 new listings, representing an SNLR of 25%; the average gross income multiplier (GRM) stands at 17.68.<\/p>\n\n

Expert reading:<\/strong> at 25%, multi-unit 5+ is the only segment clearly in a buyer’s market (range < 40%). This is the opposite of the previous week, where it leaned toward the seller. Furthermore, expirations reinforce the signal: as many buildings expired as sold (5 for 5). They also increased by 25% year-over-year (5 vs. 4). Moreover, an average GRM of 17.68 and an average price per door of $239,832 reflect valuations a notch higher than the previous week. Combined with low turnover, these figures suggest a gap between sellers’ expectations and what buyers are willing to pay. Finally, the 54.5% year-over-year decline in sales applies to very small numbers (5 vs. 11); it should therefore be read as a snapshot. <\/p>\n\n

Macroeconomic and political context<\/h2>\n\n

Key interest rate: a sixth hold<\/h3>\n\n

On July 15, 2026, the Bank of Canada maintained its key interest rate at 2.25%. This was the final day of the period covered by this bulletin. This marks a sixth consecutive hold. The official bank rate remains at 2.50%, the deposit rate at 2.20%, and the bank prime rate around 4.45%. In its press release, accompanied by a Monetary Policy Report, the Governing Council describes an economy whose growth “stalled” in the first half of the year. Indeed, the economy adjusted to new tariffs and high uncertainty. However, it shows “clear signs” of recovery in the second quarter, with growth estimated at approximately 2.5%. Furthermore, the Bank projects GDP growth of 0.7% for 2026, then 1.8% in 2027 and 2028. Finally, the labor market remains “soft,” with an unemployment rate of 6.5% in June. <\/p>\n\n

Inflation and mortgage rates<\/h3>\n\n

On the price side, annual inflation stood at 3.2% in Canada in May 2026, compared to 2.8% in April. This is its fastest pace since December 2023, primarily driven by gasoline. Excluding gasoline, however, the Bank notes inflation of 2.2%. It therefore projects a “gradual” return toward the 2% target in early 2027. Regarding financing, the best five-year fixed mortgage rate has fallen back below the 4% mark, around 3.94% (insured offer, the lowest as of July 14). Furthermore, most major lenders are between 4.19% and 4.89%. Finally, the next rate decision is expected on September 2, 2026. <\/p>\n\n

Reading:<\/strong> two forces are crossing. On one hand, rates stable for six decisions and a best fixed rate back below 4% are marginally easing borrowing costs. They therefore remove the urgency to act. On the other hand, inflation still above the target and a soft economy do not open the door to a near-term cut. For the island, the cost of borrowing varies little from week to week. This aligns with sales down 15.4% year-over-year and abundant new supply, especially in condos. Notably, the Bank’s decision falls right in the week of the bulletin, without changing financing conditions. In other words, it is not credit that is moving; it is the matching between asking prices and accepted prices that is being sought. <\/p>\n\n

What I’m taking away this week<\/h2>\n\n

A slower sales pace<\/h3>\n\n

The week of July 9 to 15 maintains a balanced market across the island, with a 52% SNLR. This is, however, a notch softer than the previous week (56%). Above all, the sales engine is running significantly slower than a year ago, at \u221215.4% across all categories. This decline is also deeper than the \u22129.9% from the week of June 18 to 24. Furthermore, the decline is widespread. Indeed, it affects condos (\u221216.3%), single-family homes (\u221217.6%), triplexes (\u221219%), and multi-unit 5+ (\u221254.5%, on small numbers). In contrast, 4-plexes are up, also on low volumes. <\/p>\n\n

Condos set the tone<\/h3>\n\n

The highlight of the week is the position of the condo segment. At 42%, it is sliding below the midpoint of balance and approaching the buyer’s threshold. This shift is due to an influx of new listings (356 alone), not a backlog of unsold properties. In fact, its expirations even fell by 16% year-over-year. Yet condos account for half of the island’s sales. As a result, it is this segment that sets the tone for the average. Thus, this weekly reading aligns with the monthly score for June 2026, at 29\/100, in a slight buyer’s zone: supply is there, and demand is choosing. In short, the “Island of Montreal” remains a convenient average, but each category maintains its own dynamic. This is precisely what this index seeks to make clear. To understand the approach, see who we are<\/a>. <\/p>\n\n

Expirations down, a signal to be nuanced<\/h3>\n\n

The second signal is more reassuring. In total, 74 listings expired this week on the island, compared to 84 a year earlier, a decrease of 11.9%. Unlike late June, when expirations were rising, they are falling here year-over-year in most segments. The imbalance on the buyer’s side therefore stems primarily from a sustained flow of listings, not an accumulation of unsold properties. The nuance matters: a market with plenty of supply is not a market that is stalling. Multi-unit 5+ is an exception, however, with as many expirations as sales (5 for 5). This is a price gap to watch in this segment. <\/p>\n\n

Stable rates in the background<\/h3>\n\n

Finally, the macro context deserves an eye, especially since the Bank’s decision came on July 15. Six consecutive holds at 2.25% and a best fixed rate back below 4% (at 3.94%) outline stable financing conditions. They are even slightly more favorable. Thus, they impose no urgency on either buyers or sellers. As long as inflation remains driven by energy, it changes nothing in households’ mortgage calculations. On the other hand, it reduces the probability of a short-term rate cut. My cautious reflex therefore remains the same: a weekly snapshot sheds light on the flow, but it does not replace the monthly reading. In fact, the Index score remains monthly, and it is what serves as the authority for the underlying trend. <\/p>\n\n

FAQ<\/h2>\n\n

Did the Montreal real estate market slow down during the week of July 9 to 15, 2026?<\/h3>\n\n

Yes, compared to last year. Indeed, the island of Montreal recorded 296 sales from July 9 to 15, 2026, compared to 350 during the same period in 2025. This represents a 15.4% decline. However, the sales-to-new-listings ratio remains in the balanced zone at 52%, but in its lower half. For the underlying trend, see the monthly report<\/a>. <\/p>\n\n

What is the SNLR and why 52% this week?<\/h3>\n\n

The SNLR (sales-to-new-listings ratio) compares sales to new listings over the same period. At 52% this week on the island, we are therefore within the balanced range (40 to 60%). This is a notch toward the buyer’s side compared to the 56% from the previous week. For the thresholds, see the methodology<\/a>: above 60%, seller’s market; below 40%, buyer’s market. <\/p>\n\n

Which category most favors sellers during the week of July 9 to 15, 2026?<\/h3>\n\n

It is the 4-plex, with an SNLR of 100% (10 sales for 10 new listings). Next come triplexes (85%), single-family homes (74%), and duplexes (65%). Conversely, condos (42%) are sliding toward the buyer, and multi-unit 5+ (25%) is clearly in a buyer’s market. These gaps, however, apply to small volumes in the plex segments and should be read as snapshots. <\/p>\n\n

Is the condo market a buyer’s market in Montreal in July 2026?<\/h3>\n\n

It is approaching it. At a 42% SNLR for the week of July 9 to 15, the condo segment stands just above the buyer’s threshold (40%). There were 149 sales for 356 new listings, representing nearly two-thirds of the island’s listing flow. Notably, its expired listings fell by 16% year-over-year. In other words, supply is accumulating through an influx of new listings, not through a backlog of unsold properties. This is a weekly snapshot, to be confirmed over several weeks. <\/p>\n\n

Did interest rates change during the week of July 9 to 15, 2026?<\/h3>\n\n

No. Indeed, the Bank of Canada maintained its key interest rate at 2.25% on July 15, 2026, a sixth consecutive hold. The official bank rate remains at 2.50% and the prime rate around 4.45%. Furthermore, the best five-year fixed mortgage rate has fallen back below 4%, around 3.94%. Finally, the next decision is expected on September 2, 2026. <\/p>\n\n

Why are income properties selling slower than houses in Montreal this week?<\/h3>\n\n

Because dynamics differ by size. First, small income properties are moving fast: duplexes (65%), triplexes (85%), and quadruplexes (100%). Next, multi-unit 5+ shows an SNLR of 25%, with as many expirations as sales (5 for 5). In other words, a gap exists between asking prices and what buyers are accepting. This segment is also more sensitive to rates and yield (average GRM of 17.68). Finally, this all applies to low volumes, to be confirmed. <\/p>\n\n

Can one rely on a weekly figure to buy or sell in Montreal?<\/h3>\n\n

A weekly bulletin sheds light on the market’s pace, but it does not constitute an analysis of your property. Indeed, the SNLR is normally a monthly indicator; over a week, it is a snapshot. Consequently, for any decision to buy, sell, or list, consult a real estate broker registered with the OACIQ. They will perform an analysis tailored to your situation and the property in question. <\/p>\n\n

Professional Disclaimer<\/h2>\n\n

The Tardif Index is a statistical indicator of transactional conditions observed on the island of Montreal. 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 a real estate broker registered with the OACIQ who will perform an analysis tailored to your situation and the property in question. The data and figures published are provided for informational and journalistic purposes. Endurance Real Estate Group by Tardif declines all responsibility for any use that may be made of them. <\/p>\n\n

Sources<\/h2>\n\n

Centris data (extraction by David Tardif, broker registered with the OACIQ). Cross-validation with the Centris HPI property price index (QPAREB). Tardif Index Methodology v2.1. Macroeconomic context: Bank of Canada (decision and Monetary Policy Report of July 15, 2026), Statistics Canada (May 2026 CPI), Ratehub.ca (5-year fixed mortgage rates, July 14, 2026). <\/p>\n\n

David Tardif, real estate broker (OACIQ license E2815) \u2014 Endurance Real Estate Group by Tardif.<\/p>\n\n

Read also: previous week’s bulletin<\/a> \u00b7 archives<\/a> \u00b7 methodology<\/a> \u00b7 David Tardif’s profile<\/a> \u00b7 newsletter<\/a>.<\/p>\n\n

Suggested citation: “The Tardif Index \u2014 Week 28, 2026”, Endurance Real Estate Group by Tardif. Reuse permitted under CC BY 4.0 license. <\/p>\n\n\n\n\n\n\n\n\n\n\n\n