Buying · Newcomers · Montreal 2026
Renting costs less per month, buying costs less over three years: both sentences are true, and your horizon decides. Here are Montreal's real rents, the full cost of a $450,000 condo, and the simple rule.
For a newcomer in Montreal, renting the first year remains the rule and buying in the second the exception that gets calculated. According to CMHC, the average rent for a two-bedroom apartment in the Montreal area was $1,346 in October 2025, up 7.2% in a year, but the asking rent for a unit that frees up runs around $1,930 (third quarter of 2025), and the vacancy rate rose to 2.9% (2.1% the year before, 8% in new buildings), giving tenants a bit more choice. Buying a $450,000 condo with 5% down costs about $2,175 a month in mortgage at 4.24% over 30 years (insured loan $444,600), plus $350 to $500 in condo fees, $250 to $350 in taxes and $40 in insurance: about $2,965 a month, of which about $1,571 is interest in the first year. The equivalent rent is therefore cheaper each month, but buying builds about $7,249 of equity a year and follows the market. The rule: buy if you are staying at least three years in the area (purchase and resale costs, about 8% of the price, amortize over that period), if your job is stable after probation, and if the down payment and 1.5% of closing costs are in Canada; otherwise rent, build your credit and your FHSA, and buy in year two or three.
| Indicator (CMHC, Montreal area) | Value | Note |
|---|---|---|
| Average rent, 2 bedrooms, existing stock | $1,346 a month (October 2025) | +7.2% in a year; leases in place, often old |
| Asking rent, 2 bedrooms | ≈ $1,930 a month (Q3 2025) | What a new tenant pays; flat over a year |
| Vacancy rate | 2.9% (2.1% in 2024) | 8% in buildings 3 years old or newer |
| Rental units under construction | ≈ 26,000 | The market is expected to keep loosening in 2026 |
| Item | Per month | Note |
|---|---|---|
| Mortgage (5% down, insured loan $444,600, 4.24%, 30 years) | $2,175 | Of which ≈ $1,571 interest in year one |
| Condo fees | $350 to $500 | Depends on the building and the contingency fund |
| Municipal and school taxes | $250 to $350 | ≈ 0.8% to 0.9% of value per year |
| Home insurance | ≈ $40 | Condo, contents and liability |
| Monthly total | ≈ $2,965 | Versus ≈ $1,930 renting; the gap is equity and ownership costs |
| Down payment and closing costs | $22,500 + ≈ $12,000 (notary, welcome tax net of the credit, 9% tax on the premium, inspection) | Gross income required ≈ $98,000 |
Illustrative calculation with the mortgage calculator; median condo prices by borough on our "buying a condo" pages.
Over three years, the tenant at $1,930 a month spends about $69,480. The owner spends about $106,740 plus about $36,000 in purchase and resale costs (notary, welcome tax, commission at resale), close to $142,740, but recovers about $21,747 of repaid principal and the change in the condo's value: at 0% appreciation, renting wins; at 3% a year (about $42,000 on $450,000), buying catches up with the tenant around year three; at five years, buying wins in most scenarios. Hence the three-year rule, and the preference for a house or a plex over a new condo when the horizon is short, because new builds resell less well in the first years (see rent or buy in Quebec).
Open and fund an FHSA ($8,000 deductible), build a credit score with a card paid monthly, finish probation, repatriate the down payment, choose the area by living it (real commute, school, groceries), and meet a mortgage broker by month six to learn the attainable price. A 12-month lease ending July 1 can be negotiated with the landlord to leave earlier (assignment or sublet, allowed in Quebec) if the purchase comes first.
Rent the first year in most cases, buy as soon as you are sure to stay three years, the job is stable and the down payment is in Canada.
On average $1,346 for two bedrooms in the existing stock according to CMHC (October 2025), but around $1,930 for an advertised unit; vacancy is at 2.9%.
About $98,000 in gross income with 5% down, at the 6.24% stress test.
Yes, as a permanent resident or on a work permit valid 183 days, with Canadian income and a documented down payment; the question is whether it is the right time, not whether it is allowed.
To run your own numbers: the commission calculator, our fees and the mortgage calculator. French versions are linked below.
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 221 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.