In July 2026, the residential property market on Montreal Island shifted toward buyers, with the Tardif Index dropping to a score of 24.5. While overall sales volmue declined by 16.2% compared to the previous year, certain high-demand neighborhoods and property types continued to command prices above their listing amounts.
The 24.5 Tardif Index Score and the Shift to Buyers
The residential landscape on Montreal Island has entered what is described as "light buyer's market territory," according to the Tardif Index.. This monthly indicator,published by Endurance Groupe Immobilier par Tardif under the direction of broker David Tardif, distills market health into a 0-to-100 score. The July 2026 score of 24.5 reflects a significant cooling in activity, with firm sales dropping to 1,022 units compared to 1,220 during the same month in 2025.
This decline is further evidenced by a high failure rate for listings; as reported by Endurance Groupe Immobilier par Tardif, one in three listings expired without a sale, totaling 512 expired properties. While the sales-to-new-listings ratio remains relatively balanced, the combination of falling volume and rising expiries has pushed the Montreal Island market firmly into the buyer's advantage.
Why 30.8% of Sold Properties Required Price Cuts
The current market on Montreal Island is characterized by a widening gap between initial seller expectations and final closing prices. The median original list price for properties in July 2026 was $724,500, but the medain final asking price dropped to $700,000, with the median sold price landing at $695,000. This indicates that the typical sale closed at 96.4% of the original list price.
This downward pressure is a hallmark of a market where supply is renewing faster than demand can absorb it. To attract buyers, 30.8% of the properties that successfully sold in July had to reduce their asking price at least once, with a median reduction of 5.3%. This trend suggests that sellers who overprice their homes in the current Montreal Island climate face a high risk of their listings expiring unsold.
The Plex Premium and Rosemont-La Petite-Patrie's 30.1% Overbid Rate
Despite the general cooling, specific pockets of Montreal Island remain fiercely competitive.. The borough of Rosemont-La Petite-Patrie stands out as a major outlier, where 30.1% of sales exceeded the listed price. Similarly, the boroughs of Le Sud-Ouest and Ville-Marie were the most active, each recording 77 sales, with Ville-Marie condominiums accounting for 72 of those transactions.
Interestingly, the most aggressive bidding is not occurring among single-family homes or condos, but among multi-unit properties. According to the report, 22.8% of 2-to-4-unit plexes sold in July beat their asking price, averaging a closing price of 103.8%. This suggests that investors and buyers seeking rental income are still willing to compete aggressively for plexes on Montreal Island, even as the broader residential market slows.
The Mystery of the 116.8% Outlier Sale
A stark dichotomy exists within the July 2026 data: while 78% of sales closed below the asking price, a small fraction of properties triggered intense bidding wars. One specific property on Montreal Island sold for 116.8% of its listed price, highlighting a fragmented market where "fairly priced" assets still spark competition while others languish.
However, several questions remain unanswered. The source does not specify the characteristics of the property that sold at 116.8% of its asking price, nor does it explain why plexes are significantly outperforming single-family homes in terms of overbidding. Furthermore, it remains uncllear if this shift to a buyer's market is a temporary seasonal dip or a long-term correction driven by broader economic factors affecting Montreal Island residents.
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