More than 3,700 homes changed hands last month, with prices climbing and overbidding – where there are multiple offers and the sellers fetch at least five per cent more than asking – occurring in 11 per cent of transactions.

The share of overbid sales was similar to July 2024.

“Despite the volatility in the economy, Montreal’s real estate market experienced a very active month of July and stands out positively compared to certain Canadian markets—particularly Vancouver and Toronto—where sales and prices dropped in early spring due to disruptions caused by the first wave of U.S. tariff hikes,” said Hélène Bégin, QPAREB senior economist.

Prices are climbing amid stable inventory

The number of active listings grew by two per cent, with market conditions continuing to “favour sellers,” said the association.

Compared to July 2024, the median price for a single-family home in the Montreal area rose seven per cent to $625,000.

Condo prices were up three per cent year-over-year, while prices for multiplexes with up to five units grew eight per cent.

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Bill 16 in Quebec is primarily known for its significant overhaul to condominium law, impacting almost every aspect of divided co-ownership in the province. The goal is to improve condo management, increase transparency, and ensure adequate funding for building maintenance and repairs.

In a news release issued July 31, the association welcomed the final regulation completing Bill 16, which is set to take effect Aug. 14. But it cautioned that aspects of the law, particularly the timing of required documentation, could leave buyers without crucial information at the moment they make an offer.

Key information not required upfront

The regulation requires sellers to provide buyers with a certificate from the syndicate of co-owners. This document outlines financial details, major work, insurance, legal matters, and amendments to the co-ownership declaration.

However, QPAREB says that under current interpretations, the certificate may only be available after a buyer submits a promise to purchase.

“This constraint would deprive sellers of useful information for setting their selling price and buyers of essential information when making their offer,” the release states.

The association adds that real estate brokers must have full access to this information before their clients make legal or financial commitments.

“Real estate brokers must also have all the information they need to fulfill their duties of verification, disclosure, information, and advice to their clients,” said Nathalie Bégin, chair of QPAREB’s real estate brokerage practice committee.

Buyers and sellers at risk for added stress, says association

According to the current wording and interpretation, a buyer will have to submit a promise to purchase for a condominium without having all the information at hand or the sound advice of their broker, since the syndicate’s certificate will not be immediately available, says the association.

“For the seller, this means that disclosing the certificate to the buyer could, in many cases, force the reopening of negotiations even after the promise to purchase has been accepted,” reads the release.

“In addition, the sale price may prove to be too high if it does not take into account important factors contained in the certificate, such as work to be done, special assessments, etc. This situation will make the transaction even more stressful for many buyers and sellers.”

RIS form may be left in limbo

QPAREB is also urging the government to clarify how the RIS (Request for Information to the Syndicate) will fit into the revised legal framework. The RIS is widely used by brokers to gather key property details in advance of a sale.

“The RIS is a tool that is recognized, appreciated, and used by the vast majority of real estate brokers and their buyer clients to obtain relevant information prior to a transaction. Its future in the revised regulatory context remains uncertain, which could create confusion in the field,” said Bégin.

The association’s requests

The QPAREB is asking the government to decide on:

• The possibility for sellers to obtain the syndicate’s certificate before even putting their condominium on the market

• The harmonization between the RIS and the new certificate

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The Canada Mortgage and Housing Corporation (CMHC) estimates a need for 3.5 million additional homes by 2030 to restore affordability. Amid this challenge, co-housing co-operatives, supported by financing tools like community bonds and land trusts, offer a proven, community-driven solution that ensures affordability, fosters inclusivity, and empowers residents.

By examining successful models like Waterloo Co-operative Residence Incorporated (WCRI) in Ontario, the Upper Hammonds Plains Housing Co-operative in Nova Scotia, and Propolis Housing Cooperative in British Columbia, we can see how co-ops are thriving from coast to coast and are poised to reshape Canada’s housing landscape.

The power of co-housing co-operatives

Co-housing co-operatives are democratic entities, operated by non-profit or private equity organizations, where residents collectively own and manage their housing. Members purchase shares in the co-op, gaining voting rights and a say in governance, shielding housing from speculative market forces.

The Co-operative Housing Federation of Canada (CHF Canada) reports over 92,000 co-op housing units nationwide, many built during government-backed programs in the 1970s and 1980s. These co-ops offer monthly costs up to 40% lower than market rentals, providing security of tenure unmatched by private condos.

For real estate professionals, co-ops present a compelling alternative for clients seeking long-term housing stability and values-based ownership, particularly in major markets where affordability and retention are make-or-break concerns. The federal government’s $1.5-billion Co-operative Housing Development Program (CHDP), launched in 2022, aims to create thousands of new units by 2028, signaling a growing market for co-op-focused real estate services.

Co-ops are not a niche solution—they are a scalable, business-savvy answer to systemic housing challenges.

How Realtors can play a role

Real estate professionals have a pivotal role to play. Agents and brokers can drive systemic change by:

• Identifying underused parcels for co-op development,
• Partnering with land trust initiatives and regional co-housing associations like the Ontario Co-operative Housing Federation,
• Informing clients about shared equity models that align with long-term affordability goals.

By championing co-ops and community bonds, Realtors and investors can tap into a growing market of values-driven buyers while addressing Canada’s housing crisis.

As University of Toronto professor Margaret Kohn argues, “The goal of housing for all cannot be achieved through the market alone.”

Co-housing co-operatives, with their democratic ethos and innovative financing, are Canada’s path to a fairer, more affordable housing future.

Waterloo Co-operative Residence: Community thrives in Ontario

In Ontario, Waterloo Co-operative Residence Incorporated (WCRI) exemplifies the co-op model’s success in addressing student housing needs. Located near the University of Waterloo and Wilfrid Laurier University, WCRI provides over 1,200 beds at costs 30–40% lower than private rentals, according to CHF Canada. Members participate in governance, from budgeting to organizing events, fostering a sense of ownership and belonging.

WCRI’s success is part of Ontario’s robust co-op network, with over 45,000 units province-wide, including Toronto’s Co-operative Housing Federation of Toronto, which manages 125 co-ops serving over 100,000 residents. These co-ops deliver affordable housing in high-cost urban centres, proving their relevance in Canada’s most competitive markets. By alleviating pressure on the broader rental market, WCRI and similar co-ops demonstrate how targeted solutions can benefit both students and local communities.

Upper Hammonds Plains: Empowering communities with land trusts

On the East Coast, the Upper Hammonds Plains Housing Co-operative in Nova Scotia, partnered with the Upper Hammonds Plains Community Land Trust, is a powerful example of co-ops addressing historical inequities.

Led by Curtis Whiley, a sixth-generation African Nova Scotian, this co-op is developing 136 affordable row house units for Black Canadians, supported by the $1.5-billion Co-operative Housing Development Program (CHDP).

The land trust model ensures permanent affordability by retaining ownership of the land, leasing it to the co-op at nominal rates. This structure caps property value increases, preventing speculative flipping that drives up prices in Halifax, where home values have surged 20% since 2020. By removing land from the speculative market, the trust protects residents from gentrification, fostering resilience and cultural continuity in a community impacted by historical displacements like Africville’s destruction in the 1960s.

Coast-to-coast success: Co-ops nationwide

Co-ops are succeeding across Canada, adapting to diverse regional needs. In British Columbia, the Propolis Housing Cooperative in Kamloops is building a six-storey, net-zero, mixed-use development with 50 affordable units, showcasing sustainability and affordability. Supported by the Co-operative Housing Federation of BC, which oversees 15,784 units, Propolis is part of a vibrant network that includes co-ops in Vancouver’s False Creek neighbourhood, among Canada’s earliest co-op communities developed in the 1970s.

In Quebec, the Fédération des coopératives d’habitation de Québec manages over 20,000 units, leveraging provincial support to expand affordability in Montreal and beyond. Manitoba’s Winnipeg Housing Co-operative serves Indigenous and low-income families, while Yukon’s Whitehorse Co-operative Housing Association supports remote northern communities. From urban centres to rural regions, co-ops are a flexible, proven model delivering affordability coast to coast, housing over 250,000 Canadians in diverse contexts.

Community bonds and land trusts: Financing the co-op revolution

Scaling co-ops requires innovative financing, and community bonds and land trusts are leading the way. Propolis has raised $1.1 million through community bonds, engaging 80 investors via Tapestry Community Capital’s platform, offering up to 3.5% interest with entry points as low as $500.

Tapestry has facilitated $110 million in bond investments, supporting projects like Toronto’s Kensington Market Community Land Trust, which uses land trusts to curb speculation by holding land in perpetuity, ensuring affordability in high-cost urban areas. In November 2024, Tapestry secured $3 million from CMHC to create a $30-million fund by 2025 for rural and Northern co-ops (CMHC, 2024). Land trusts complement bonds by locking land out of speculative markets, stabilizing housing costs and enabling co-ops to compete with private developers in regions like British Columbia and Ontario.

A call to action

Co-housing co-operatives, from WCRI to Upper Hammonds Plains and Propolis, are succeeding coast to coast, delivering affordable, stable, and community-driven housing. They shield residents from market volatility, foster resilience, and empower communities. Scaling this model demands bold policy action.

The federal CHDP’s $1.5 billion is a start, but provinces like Ontario and British Columbia must match Quebec’s investment in co-ops, and municipalities can allocate public land, as CHF Canada advocates for $50 million in federal transfers.

Ludovic Viger

Ludovic Viger is the Ottawa-based author of The Great Canadian Reset, a forthcoming book (September 1, 2025) examining bold fixes for Canada’s pressing challenges.

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Depending on location, Realtors are seeing two very different scenarios play out in 2025. In the Greater Toronto Area and Metro Vancouver, demand is low and prices are seeing a year-over-year decline. In contrast, places like Quebec, the Prairies and Atlantic Canada, are seeing prices moving upwards and an active kickoff to the spring market. 

Sluggish starts in Toronto and Vancouver

According to Royal LePage’s Q1 2025 House Price Survey and Market Forecast, Canada’s two most valuable real estate markets—Toronto and Vancouver—posted year-over-year price declines of 2.7 per cent and 0.7 per cent respectively in the first quarter (Q1) of the year. This reflects the broader trend of buyer hesitation in Ontario and British Columbia, regions weighed down by geopolitical tension, a looming federal election and consumer caution.

“The spring market has not sprung in Toronto,” said Shawn Zigelstein, broker at Royal LePage Your Community Realty. “It’s clear that consumer confidence is low, and that’s driving a major slowdown in the GTA housing market.”

Toronto’s aggregate home price fell to $1,146,100, while Vancouver’s settled at $1,230,100. Condos in both cities remain under particular pressure, with Toronto condos dropping 4.0 per cent and Vancouver condos slipping 1.7 per cent compared to 2024.

But, despite the pause in activity, neither city is seeing a collapse in prices. Instead, sellers are exercising patience, and buyers who are entering the market are doing so strategically, often negotiating from a position of strength in a more balanced environment.

Quebec and regional markets

While Toronto and Vancouver tread water, Quebec continues full steam ahead—particularly Quebec City, where home prices jumped an astonishing 17 per cent year over year, leading the nation for a fourth consecutive quarter. The Greater Montreal Area also posted strong gains, with a 7.9 per cent increase over the same period.

“Markets in Quebec, the Prairies and Atlantic Canada are demonstrating surprising resilience,” said Phil Soper, president and CEO of Royal LePage. “This uneven performance is a hallmark of a market in transition.”

In Quebec City, public sector stability and low exposure to industrial trade risks have kept consumer confidence alive and well. “As long as there are no concrete job losses, there is no collective stress that would slow down purchasing decisions,” noted Michele Fournier of Royal LePage Inter-Quebec.

Similar dynamics are playing out in regions like Winnipeg, Edmonton and Regina where comparatively affordable prices and low inventory are driving competition—even in the face of broader economic uncertainty.

Confidence divided along regional lines

Unsurprisingly, the national mood remains uncertain, with 49 per cent of Canadians expressing confidence in the economy, and 43 per cent not. Confidence varies widely across provinces: 65 per cent of Quebecers are optimistic, while just 34 per cent in Manitoba and Saskatchewan feel the same.

Among homebuyers, political and economic anxieties are having a tangible impact. Half of Canadians planning to buy in 2025 have postponed their purchases due to the trade dispute with the U.S. Concerns over the cost of living and market volatility are central to this hesitation.

“The typical spring market didn’t kick off as energetically as expected, and geopolitical uncertainty is playing a major role,” said Soper. “The new administration in Washington has rattled Canadians with aggressive rhetoric and punitive trade policy. While we were spared from the blanket 10 per cent tariff imposed on most countries in the world, targeted steel and aluminum duties – coupled with unsettling comments that called Canada’s sovereignty into question – have been enough to shake public sentiment. Even if these measures don’t directly impact housing, they contribute to a climate of caution that weighs heavily on large consumer decisions, at home and around the world.

Policy and political pressure in an election year

The federal election has added another layer of unpredictability. With housing affordability ranking as a top issue, all major political parties have rolled out proposals targeting supply and first-time buyers. Still, Soper cautions that long-term vision is essential.

“Any initiatives that make housing more accessible for young families and first-time buyers… are welcome,” he said. “But the decades-long shortfall of inventory our nation faces won’t be resolved overnight. It requires serious, long-term commitments.”

Forecasts and forward momentum

Despite a slower-than-expected start to 2025, Royal LePage is forecasting a 5 per cent increase in national aggregate home price by Q4 2025. This is a slight downward revision from previous projections, largely due to the muted activity in Ontario and B.C.

Encouragingly, Soper notes, economic fundamentals remain strong. Canada’s mortgage default rates are among the lowest globally, interest rates continue to fall and new inventory is coming online—albeit slowly.

“The housing market continues to provide people with a reliable foundation in uncertain times,” says Soper. “Real estate activity tends to rebound quickly when uncertainty lifts.”

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“Nancy is an outstanding leader whose extensive industry knowledge, commitment to excellence, and passion for supporting brokers make her an invaluable addition to our management team,” said Don Kottick, president and CEO of Sotheby’s International Realty Canada. “Her expertise and leadership will be instrumental in advancing our company’s client services and continued growth in Quebec’s most important real estate markets.”

Savard has held prominent positions at several leading agencies in Quebec, such as Re/Max and Via Capitale. Her contributions to the industry include serving on the board of directors of the Greater Montreal Real Estate Board—now known as the Quebec Professional Association of Real Estate Brokers—as well as actively participating in influential committees related to governance, professional practice in real estate brokerage and Centris.

Additionally, Savard has been a board member at the College de l’Immobilier du Quebec and, since 2020, has applied her expertise in ethics and compliance as vice president of the Syndic Decision Review Committee at the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ).

“All of us at Sotheby’s International Realty Quebec are looking forward to welcoming Nancy Savard as she joins me in empowering our industry-leading brokers and dedicated marketing and administrative teams to drive continued success for our clients,” said Georges Gaucher, agency executive officer at Sotheby’s International Realty Quebec. “I look forward to embarking on this next chapter of growth together.”

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Mario Toneguzzi

Mario Toneguzzi is a contributing writer for REM. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald, covering sports, crime, politics, health, faith, city and breaking news, and business. He now works on his own as a freelance writer for several national publications and consultant in communications and media relations/training. Mario was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list.

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