We often hear about the sky-high housing prices in Toronto and Vancouver. As Canada’s two largest cities, that’s no surprise—they attract people, businesses, and investment at a scale unmatched elsewhere in the country. But just east of these red-hot markets lies a very different story: Montreal, a major city with a much calmer, more stable real estate landscape.Toronto and Vancouver are still expensive, despite declines.&nbsp;According to Wowa, the average home price in the Greater Toronto Area (GTA) as of May 2025 was $1,012,800, marking a 4.5% decline from the same time last year. Notably, some of the GTA’s priciest neighborhoods—like Vaughan, Richmond Hill, Markham, and Oakville—aren’t even in central Toronto.In Greater Vancouver, the average home price is even higher at $1,266,441, with a 5.9% year-over-year drop, but a 4.6% increase from the previous month. Vancouver’s prices remain persistently high despite recent softening.Why? Limited land availability due to natural barriers (ocean and mountains), a high percentage of foreign investment, slower housing development due to zoning restrictions, and steady population growth—all contribute to a persistent supply-demand imbalance.In contrast, Montreal’s average home price sits at $645,867, roughly half of Vancouver’s. It’s a major city with a vibrant culture, strong amenities, and a large population of 1.79 million, yet housing here is far more affordable. Why?Several factors contribute to this:<ul style="list-style-type:disc;"><li style="text-align:justify;">Slower population growth, because Montreal doesn’t attract as many newcomers as Toronto or Vancouver, reducing pressure on housing supply.</li><li style="text-align:justify;">Real estate investors often prioritize Toronto and Vancouver, leaving more of Montreal’s inventory available for end-users and renters.</li><li style="text-align:justify;">Quebec’s rent regulations are more robust than Ontario’s, which helps maintain affordable rental prices and keeps speculation in check.</li><li style="text-align:justify;">Quebec’s strict French language requirements may discourage some English-speaking newcomers and large corporations from relocating, reducing demand.</li></ul>The city has pivoted away from being a corporate headquarters hub toward supporting small businesses, tech startups, and creative industries. The result? A thriving local economy without runaway housing costs.Montreal’s real estate model might not be perfect, but it offers lessons in balance. With reasonable home prices, stable rent, and a solid quality of life, it presents a compelling alternative to Canada's more volatile markets. As housing affordability continues to dominate national conversation, it may be time for other provinces to take a page from Quebec’s playbook.Could Montreal be the blueprint for Canada’s next real estate chapter?

Montreal’s Real Estate: Canada’s Least Volatile Major Market

Montreal remains Canada’s least volatile major housing market—with stable prices, lower demand, and high quality of life.

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