Montreal Plex at $875K in May 2026: A New High — Scarcity Still Pays

While condos slow down and single-family homes stabilize, the plex keeps running: an $875,000 median price in the Montreal CMA in May 2026, up 6% year over year — the strongest growth of the three main segments. Before racing to showings, take a detour through the plex cash flow calculation: at this price level, profitability is no longer assumed, it is computed.

The strongest segment in the May numbers

The May 2026 APCIQ data for plexes (2 to 5 units) in the CMA: 486 sales (−5%), 2,427 active listings (+9%), a median price of $875,000 (+6%) and 39 days on market — down 8 days. By comparison, condos show +19% in listings and 47 days on market. The plex is the only segment where selling times are shortening sharply while prices accelerate: the textbook definition of a seller's market.

The geography of $875,000

The regional median hides significant gaps: $908,750 on the Island of Montreal (+4%), $931,250 in Laval (+2%), $827,000 on the South Shore (+7%) and $780,000 on the North Shore (+5%). Worth noting: the South Shore combines the strongest price growth and the shortest selling time (28 days) — the suburban plex south of the river has become the most contested asset in the CMA. Investors find rents in catch-up mode and buildings often newer than Montreal's stock.

Why the scarcity never breaks

The plex is a disappearing product: zoning and construction costs make new production marginal, and the existing stock barely turns over. Plex owners have often held their building for years, with favourable financing and rental income tracking inflation: few reasons to sell. The result is 486 transactions a month for an entire metropolitan region — an insiders' market where every quality listing instantly draws serious buyers.

$875,000: what it actually returns

Let's be candid: at $875,000 with 20% down and financing at current conditions, a triplex at average market rents often produces neutral or slightly negative cash flow in year one. The real return is built on three floors: principal paydown funded by tenants, appreciation — another +6% this year — and gradual rent optimization as units turn over. Owner-occupants reason differently: their tenants subsidize their housing cost in a market where the equivalent single-family home demands the same budget with no income attached.

Sellers: a rare window

Peak prices, short selling times, sustained demand and limited supply: for a plex owner considering a sale, May 2026 checks every box. The one costly mistake would be a disconnected asking price — even in a hot segment, plex buyers compare returns to the dollar. A valuation grounded in your sector's recent comparable sales remains the starting point.