A closer look at
Montreal’s condo market

Veteran real estate agent Joseph Marovitch provides some analysis

By Irwin Rapoport

September 11, 2025

The Island of Montreal and the Greater Montreal Area (GMA) have witnessed an explosion of condominium towers and smaller building construction, which shows no sign of slowing down. On the island, the building boom has led to the conversion of parking lots, former gas stations and businesses, and green fields into residential properties. Many duplexes and triplexes have also been converted into condos.

This condo hurricane has led to shopping centre sites being redeveloped into a combination of commercial and residential. A notable example is the site of the former Wilderton Shopping Centre in Côte-des-Neiges. With the expansion of the Metro’s Blue Line, some East End shopping malls with large parking lots are planning a revamp with a combination of residential, commercial, and office space. The owners of the Place Vertu are in the planning stage for a redevelopment to erect buildings on its large parking lot. The Saint Laurent borough has many vacant and semi-vacant office and light industrial sites that can easily be demolished and replaced with residential developments, as are several West Island municipalities.

In NDG, just about every parking lot, vacant site, and many of its gas stations have been transformed into condo and apartment buildings and commercial structures. The gas stations at the top of Cote Saint Luc Road and the western end of The Boulevard are now history.

The Island of Montreal and the Greater Montreal Area (GMA) have witnessed an explosion of condominium towers and smaller building construction, which shows no sign of slowing down.

In the West Island, where the amount of available green fields for development has been shrinking due to non-stop development over the past 40 years, several vacant and semi-vacant commercial and light-industrial properties have been converted into residential spaces, while others are at various stages of being repurposed. Condo construction is most noticeable on St. Jean, Sources, and St. Charles boulevards. You see it taking place in Lachine, Verdun, LaSalle, and other neighbourhoods.

With the price of single-family homes increasing rapidly, many find that purchasing condo units is a more affordable alternative. There are numerous reasons for buying a condo unit, ranging from young singles and couples to seniors downsizing by selling their homes to move into smaller residences. We also have parents purchasing condo units for their children studying at Montreal’s universities and citizens of other countries purchasing them as investments in Montreal, as well as in Toronto and Vancouver. This has led to a concern that some units are vacant and that foreign purchasers are acquiring units at the expense of the local population.

Every few months, the subject of condo construction, the condition of older condo buildings and the impacts on the people who own units in them, increases in condo fees, and a myriad of lawsuits receive media attention. In some cases, developers of the condo buildings go bankrupt and are unable to deliver, leaving purchasers high and dry.

With this in mind, to get a handle on the current condo market in the GMA, I reached out to Westmount Magazine‘s own Joseph Marovitch, who writes the column Real Estate Talk. In the Q&A below, Marovitch, an 18-year veteran residential/commercial real estate broker at Remax Action Inc., shares his insights and offers advice for those considering purchasing a unit:

WM: Approximately how many condo units do we have in Montreal?

Marovitch: There are currently over 50,000 plus condos of all sizes on the market.

WM: How would you describe the differences between the luxury condo market and the more modest condo markets?

Marovitch: Luxury condos are more expensive, but the process for purchasing them is the same. It is usually easier to sell high-end condos than mid- to low-range units, as the financing tends to be more available.

‘Luxury condos are more expensive, but the process for purchasing them is the same. It is usually easier to sell high-end condos than mid- to low-range units, as the financing tends to be more available.’

WM: Are certain neighbourhoods running out of space to construct new condo complexes and towers?

Marovitch: The island of Montreal is running out of space, and we are heading towards a reseller market. Opportunity for developers and buyers who want to pay less is off-island.

WM: To what extent are former office buildings being converted into condo towers, especially in downtown Montreal, and is this doable for the most part?

Marovitch: Office buildings are not being converted to condos. This is a complex process, where significant zoning changes are required, and the process is expensive and complicated.

WM: Based on current studies, what are the significant segments of condo unit purchasers?

Marovitch: Major segments are those who find single-family homes too expensive. More and more buyers are either purchasing condos in Montreal or heading to suburbs on and off-island that are less expensive and have lower carrying costs and upkeep.

WM: Is there a demand for units where couples can raise a family?

Marovitch: There is a demand in the suburbs in the mid- to low-level end range.

WM: Is the current supply of units balanced? Is there an increased demand, or are we experiencing a situation where we have too many units?

Marovitch: Almost all cities around the world eventually have populations moving into smaller, less expensive units. There may be many new construction vacant units, but eventually they will all sell.

WM: What considerations and questions should potential condo unit purchasers ask themselves?

Marovitch: Does the developer use quality materials? Does the developer deliver on time? Other than that, the conditions that must be in the offer will determine if the property is a good investment:

Examination of documents
Inspection
Minutes of the meetings for the past two to three years, indicating condo fees, upcoming expenses, and assessments, etc.

‘Almost all cities around the world eventually have populations moving into smaller, less expensive units. There may be many new construction vacant units, but eventually they will all sell.’

WM: Is purchasing one or several condos as rental properties an investment strategy?

Marovitch: Purchasing single units as investment income can be viable, but it is far better to purchase multi-residence property with six or more units. These make revenue growth quicker and are far easier to maintain and manage. Banks are generally more favourable to multi-residential income properties that present an income stream and collateral asset than to single units in terms of rates and loan ratios.

WM: To what extent are monthly condo fees increasing, and are they becoming too expensive?

Marovitch: A condo fee is the fund used to cover basic utilities and services that a single house would have, such as insurance, building maintenance, unforeseen expenses, etc. The amount of condo fees is also determined by the amenities being provided. If there is a pool, gym, doorman, 24-hour security, or other services, the condo fees will be higher.

Buyers must determine what they want and what their budget is. Basic condo fees with few or no amenities typically increase in line with the Consumer Price Index (CPI) or inflation. It is not that condo fees are too high – it is a matter of inflation and interest rates. The economy determines condo fee increases, and geopolitical factors determine inflation and interest rates.

Feature image: Pixabay