Montreal Housing Market Cools as September 2026 Inventory Rises

Market summary

Montreal's housing market cooled in September 2026 as inventory climbed and sales declined. The sales-to-new-listings ratio dropped to 41%, signaling increased buyer leverage across the city.

Central finding

Montreal's September 2026 market shifted toward buyer leverage as active listings rose 15.7% year-over-year while sales fell 12.4%, pushing the sales-to-new-listings ratio to 41%. Sources: [Montreal Housing Market Report: September 2026 | Interactive Map | WOWA.ca]

How the numbers connect

The sales-to-new-listings ratio is approximately 41%. Calculation: 3,082 sales / 7,494 new listings = 0.411 Definitions: Sales volume and new listings for Montreal, QC, September 2026. Limit: Confirms the ratio but does not establish price direction or future inventory levels. Sources: [Montreal Housing Market Report: September 2026 | Interactive Map | WOWA.ca]

September 2026 Market Shifts Toward Buyer Leverage

Montreal recorded 3,082 residential sales in September 2026, a 12.4% decrease from the same month in 2025. Active listings reached 21,793, up 15.7% year-over-year, indicating a significant increase in available housing stock across the city. This divergence between falling sales and rising inventory marks a clear transition from the tighter conditions seen earlier in the year.

The sales-to-new-listings ratio fell to 41% in September 2026, down from 49% in August. New listings totaled 7,494, representing a 5.0% annual increase. Under standard market thresholds, this ratio places Montreal in buyer's market territory, giving purchasers greater negotiating power and selection compared to the previous month. Sources: [Montreal Housing Market Report: September 2026 | Interactive Map | WOWA.ca]

Price Stability Amidst Rising Inventory

Despite the cooling in transaction volume, median prices remained relatively stable in September 2026. Single-family homes held a median price of $635,000, a 0.4% year-over-year increase. Condominiums saw their median price unchanged at $430,000, marking the only segment without an annual price gain during this period.

The composite benchmark price stood at $583,900 in August 2026, reflecting a 2.2% year-over-year increase. QPAREB noted that inventory sits 18% above its 10-year average, which the association views as taking pressure off prices. This elevated supply level suggests that while prices have not yet declined sharply, the upward momentum has stalled. Sources: [Montreal Housing Market Report: September 2026 | Interactive Map | WOWA.ca] [Press , Market Reports & Analysis | Search Listings Online] [Montreal Housing Market: Home Prices and Sales | September 2026]

The strongest counter-case

QPAREB notes inventory remains 18% above its 10-year average, suggesting the current supply level may still be insufficient to reverse prior price gains immediately. Sources: [Montreal Housing Market: Home Prices and Sales | September 2026]

Next 3 months, October 2026 to December 2026

Prices: flat. flat Why: Current inventory growth outpacing sales decline. Buyers: wait. Inventory is rising, providing more options and negotiating power. Sellers: wait. High inventory reduces urgency; waiting for lower competition may improve sale terms. Watch: Monthly sales-to-new-listings ratio remaining below 45%. Confidence: moderate. Sources: [Montreal Housing Market Report: September 2026 | Interactive Map | WOWA.ca]

Next 6 months, January 2027 to March 2027

Prices: falling. falling Why: Sustained inventory accumulation over multiple quarters. Buyers: wait. Continued supply growth supports further price stabilization or modest declines. Sellers: either way. Pricing must align with market reality; competitive pricing is essential for timely sales. Watch: Months of inventory exceeding 6.5 months. Confidence: low. Sources: [Montreal Housing Market Report: September 2026 | Interactive Map | WOWA.ca]

Next 12 months, April 2027 to June 2027

Prices: falling. falling Why: Long-term rebalancing from peak inventory levels. Buyers: wait. Structural oversupply suggests continued softening in price appreciation. Sellers: wait. Market conditions favor buyers; sellers should expect longer listing times and price concessions. Watch: Year-over-year sales volume declining by more than 15%. Confidence: low. Sources: [Montreal Housing Market Report: September 2026 | Interactive Map | WOWA.ca]

Assumptions: Active listings continue to grow at a pace exceeding sales volume through Q4 2026; Mortgage rates remain stable near the 3.41% five-year variable rate observed on October 10, 2026. What would reverse this: If new listings slow significantly while sales volume rebounds, the sales-to-new-listings ratio could rise back above 50%, restoring seller leverage. Sources: [Montreal Housing Market Report: September 2026 | Interactive Map | WOWA.ca]