Montreal fourplex and multiplex cap rates
Fourplex and multiplex · Montreal, QC · cap rates 2.2% - 3.1% · vacancy 2.1%
Montreal remains a compelling income-market candidate, with better yields offset by Quebec-specific lease and regulatory diligence.
Sources: CMHC Rental Market Survey (October 2024) · Statistics Canada CMA population · Realtor.ca — 129 active listings · Bank of Canada posted rates. Figures are computed estimates — verify before acting.
- Average rent
- $1,168
- CMHC purpose-built · October 2024
- Cap rate range
- 2.2% - 3.1%
- Live listings · 25–75th %ile
- Price per door
- $231k - $354k
- Live listings · 25–75th %ile
- CMA population
- 4,597,837
- +0.5% YoY · StatCan 2025
- Vacancy rate
- 2.1%
- CMHC RMS · October 2024
- Rent rules
- High
- High regulation risk
Market screen
AssetAvenue analysis
Montreal cap rates screen 4.8% - 6.2%, $190k - $340k per door, with average rent near $1,850 a door. The desk underwrites vacancy at 2% - 3.5% and operating expenses at 34% - 44% of gross rent.
Scores
Location score
90/100Composite of demand, vacancy risk, regulation, affordability pressure, and zoning.
First-time investor score
70/100Debt coverage and cash-on-cash at the market's benchmark leverage, plus landlord-regulation and market risk.
Developer score
44/100Zoning, affordability pressure, and investor demand.
What to verify on a deal here
- Rent: in-place leases against the $1,550 - $2,250 benchmark.
- Financing: a lender term sheet at the contract rate, re-tested at the qualifying rate.
- Operating: expenses against the 34% - 44% ratio, with local insurance and tax quotes.
- Closing: provincial transfer tax, legal, lender, and diligence costs.
Market data
Bedroom rents from CMHC RMS (October 2024). Neighbourhood scores and rents are editorial estimates.
Rent by bedroom type
CMHC purpose-built avg · October 2024
Neighbourhood scores
Editorial market score by area
Neighbourhood rents
Editorial estimate · average rent per unit
Neighbourhood intelligence
The desk's read of each area. Rents are editorial estimates, not survey data.
Plateau
$2,050 avg rent · high demand
Best fit: Plex hold
Established low-rise form
Verdun
$1,825 avg rent · high demand
Best fit: Value-add
Selective density
Hochelaga
$1,700 avg rent · medium demand
Best fit: Entry plex
Block-by-block review
Provincial investor rules
- Province
- Quebec
- Rent regulation
- High
Transfer costs: Quebec transfer duties, often called welcome tax
Zoning and open data: Borough or municipal zoning schedules, use classes, heritage overlays, and permit history.
Investor watchouts
- Lease and rent-increase framework
- Older plex systems
- Bilingual documentation and notary workflow
Underwriting benchmarks
- Rent range
- $1,051 – $1,489
- CMHC RMS · October 2024
- Cap rate range
- 2.2% - 3.1%
- Live listings · 25–75th %ile
- Price per door
- $231k - $354k
- Live listings · 25–75th %ile
- Vacancy assumption
- 2.1%
- CMHC October 2024
- Expense ratio
- 34% - 44%
- Rent rules
- High
- CMHC 1BR rent
- $1,051
- October 2024
- CMHC 2BR rent
- $1,176
- October 2024
Financing sensitivity: Older plex capex can overwhelm attractive headline yield. Data sourcing: hover any icon above for methodology. Rent and vacancy from CMHC RMS. Cap rate and price-per-door bands come from the multi-unit listings, with a stated door count, among 129 live Realtor.ca listings. Remaining benchmarks are editorial estimates. Always confirm with property-level diligence.
Opportunities in Montreal
129 active listings on Realtor.ca · 6 screened in AssetAvenue
Montreal underwriting questions
- What cap rate should I expect on a Montreal fourplex?
- Current screen: 2.2% - 3.1%. The middle half of this market's active multi-unit Realtor.ca listings that state their unit count. A fourplex is conventional financing — MLI Select starts at five units. Confirm NOI from the rent roll; street and condition move the print.
- How tight is vacancy in Montreal?
- CMHC purpose-built vacancy is 2.1% as of October 2024. Small multifamily can run tighter or looser than the metro survey.
- What strategies fit Montreal?
- Plex investing, Stabilized multifamily, CMHC/MLI Select, Value-add. Rent rules: High.
- Does AssetAvenue cover Canadian income property in Montreal?
- Yes. This desk underwrites Montreal, QC income property at the qualifying rate, with CMHC and Bank of Canada context where we have it.