Plex · Returns · October 12, 2026
The honest answer takes three calculations, and it depends on who lives in the third unit.
At the 2026 median price and the median rent on signed leases, an income property in Montreal is not cash-flow positive when financed at 80%: the duplex ($840,000) loses about $1,540 a month, the triplex ($932,000) about $340 a month, and the quadruplex ($1,085,000) clears about $490 a month, before tax and before principal repayment. Cap rates run from 3.0% (duplex) to 5.7% (quadruplex), below or around the mortgage rate. It becomes profitable in three ways: a unit occupied by the owner, which replaces a $1,750 rent; below-market leases; a price below the median. Labelled assumptions, reproducible calculation.
A profitability calculation is only worth its assumptions, so here they all are. Price: Montreal's medians from January to September 2026 (Centris, Matrix): duplex $840,000, triplex $932,000, quadruplex $1,085,000. Rent: $1,750 per unit per month, the median rent on signed leases in Villeray and Lachine, between Montréal-Nord ($1,500) and the Plateau ($2,190). Operating expenses: 2% of the price per year (municipal and school taxes, insurance, routine maintenance), a rule of thumb to be checked building by building. Financing: 80% of the price, 4.24% over 25 years, the same rate as our plex return in Montreal page. No vacancy, no bad debt, no major work: the calculation is therefore optimistic.
| At the 2026 median price, financed at 80% | Duplex | Triplex | Quadruplex |
|---|---|---|---|
| Price | $840,000 | $932,000 | $1,085,000 |
| Gross rents per year ($1,750 per unit) | $42,000 | $63,000 | $84,000 |
| Operating expenses (2% of price) | $16,800 | $18,640 | $21,700 |
| Net operating income | $25,200 | $44,360 | $62,300 |
| Cap rate | 3.0% | 4.8% | 5.7% |
| Gross rent multiplier | 20.0 | 14.8 | 12.9 |
| Debt service (80% loan, 4.24%, 25 years) | $43,641 | $48,420 | $56,369 |
| Cash flow per year, before tax | −$18,441 | −$4,060 | +$5,931 |
| Cash flow per month | −$1,537 | −$338 | +$494 |
The answer to the title question, for an investor who does not live there: no for the duplex, barely for the triplex, yes by a hair for the quadruplex. The duplex's cap rate (3.0%) is lower than the mortgage rate: every borrowed dollar costs more than it earns. The quadruplex is the only one whose net income covers the debt, and its margin ($494 a month) disappears with one unit vacant for two months or a roof to redo.
Cash flow is not the return. In the first year, the principal repaid inside the payments is about $19,000 on the triplex and $22,000 on the quadruplex: money that leaves your account but stays on your balance sheet. And the appreciation: the Montreal plex gained 83% in ten years, 6.2% a year compounded; at that pace, the $932,000 triplex would gain about $58,000 in the first year. Past performance does not guarantee the future, and 2023 showed that a plex can fall (−4%) when rates rise. But that is where a plex's return is made in 2026: principal and appreciation, not the monthly cheque.
| You live in one unit, the others are rented | Duplex (5% down) | Triplex (10% down) | Quadruplex (10% down) |
|---|---|---|---|
| Rents received per year | $21,000 | $42,000 | $63,000 |
| Debt service (insured loan, 4.24%, 25 years, CMHC premium not counted) | $51,823 | $54,473 | $63,415 |
| Net cost of your unit per month (debt + expenses − rents) | $3,969 | $2,593 | $1,843 |
| For comparison: median rent of one unit | $1,750 | $1,750 | $1,750 |
| For comparison: payment on the median house ($755,000, 20% down) | $3,269 | $3,269 | $3,269 |
Read this way, the occupied triplex costs its owner $2,593 a month to live in, less than the island's median house ($3,269) and with two tenants repaying the principal; the occupied quadruplex, $1,843, barely more than a rent. That is why the plex remains the purchase of Montreal families who want to stay on the island: it does not make money, it saves it. The mortgage insurance premium (CMHC or equivalent) is added to the loan and raises these payments by a few hundred dollars a month: to be priced with your mortgage broker.
In cash flow, at the median price and financed at 80%, no for a duplex (−$1,537 a month) and barely for a triplex (−$338); yes by a hair for a quadruplex (+$494). In total return, with principal repayment and a historical appreciation of 6.2% a year, yes, provided you have the cash flow to hold. As housing, for an owner-occupant, it is the cheapest way to stay on the island.
Between 3.0% (duplex) and 5.7% (quadruplex) at the median price and the median rent on signed leases, with 2% expenses; a specific building is calculated on its actual leases and actual taxes.
The quadruplex is the only one of the three that pays for itself at the median price, because the door costs $271,250 versus $310,667 for the triplex; it requires $153,000 more and 10% down if you live there, 20% otherwise.
Source: Centris (Matrix) median prices for Montreal, January to September 2026; median rents on leases signed through a broker, twelve months to September 17, 2026; expense (2%), rate (4.24%) and amortization (25 years) assumptions set by the team for illustration; compiled by the Loaa & Manseur team on October 12, 2026. This calculation is not financial advice; have it redone on the target building with its documents.
The Loaa & Manseur team, led by Lotfi Manseur and Loaa Al Daow, is the number 1 team at RE/MAX Platine in 2024 and 2025, 6th RE/MAX team in Quebec, 15th in Canada and in the global top 50 of large residential teams according to the official RE/MAX ranking, computed on actual transactions. Its Google profile counts more than 220 reviews with a 4.9 rating. Its offices are at 55 avenue de l'Équinoxe in Brossard, one bridge from the island, and every broker's licence can be checked in the OACIQ public register. Three things to verify yourself before calling us, and to demand of any other broker.
Also available in French: version française de ce guide.
Published September 7, 2026 by the Loaa & Manseur team, the number 1 team at RE/MAX Platine in 2024 and 2025, 6th RE/MAX team in Quebec, 15th in Canada and in the global top 50 according to the official RE/MAX ranking. Tell us about your project.
Équipe no 1 de RE/MAX Platine en 2024 et en 2025, 6e au Québec, 15e au Canada et dans le top 50 mondial au classement officiel RE/MAX. Réponse en moins de 24 heures, sept jours sur sept.