Most plex owners in Montréal sell once. They've owned the building 10, 20, sometimes 40 years, the mortgage is gone, the rents are below market, and the question is finally on the table: what is this thing actually worth, and what walks away in my pocket?
The answer is rarely the round number the neighbour quoted at the BBQ. Plexes are priced by the people who buy them — and in 2026 that's almost always an investor with a spreadsheet, not an end-user with emotion.
1. The pricing framework that actually works
Comparable sales tell you what the market has done. Cap rates and gross rent multipliers tell you what the next buyer will do. On a plex, the investor math sets the floor and the comps set the ceiling. Price above the comps, you sit. Price below the cap rate the market is paying, you've left $40,000–$120,000 on the table.
| Sector | 2026 cap range | Typical GRM |
|---|---|---|
| Plateau / Mile End / Rosemont | 3.8% – 4.6% | 17 – 21× |
| NDG / Villeray / St-Henri | 4.2% – 5.0% | 15 – 18× |
| Verdun / LaSalle / Ahuntsic | 4.6% – 5.4% | 13 – 16× |
| East end / Off-island | 5.2% – 6.0%+ | 11 – 14× |
Cap = Net Operating Income ÷ Price. NOI is gross rent minus realistic operating expenses (taxes, insurance, maintenance, vacancy, management) — not mortgage payments.
2. The tax bill nobody warns you about
The number on the offer is not the number you keep. Three line items routinely take 20–30% out of a plex sale:
- Capital gains tax. 50% of the gain is taxable at your marginal rate. At the top Québec bracket, that's roughly 26.65% of the total gain.
- CCA recapture. Every dollar of depreciation you claimed in prior years is added back as ordinary income on sale — taxed at 100%, not 50%. Sellers who deducted CCA for two decades can owe tens of thousands more than they expected.
- GST/QST on commercial portions. Rare on a small plex, but applies to certain mixed-use buildings and short-term-rental units.
The single most important conversation before listing is with your accountant, not your broker. The principal-residence exemption (if you live in one unit) and Section 45(2) elections can dramatically change the after-tax number — but only if you plan for them before closing.
3. What to do about tenants
In Québec, a sale does not break a lease. The buyer steps into your shoes. This is a feature, not a bug, when marketing to investors — stable cashflow, no vacancy, no leasing costs. It's a headache when marketing to end-user buyers who want to move in.
Two real options:
- Sell to an investor with tenants in place. Cleanest path. Disclose leases, ledgers, deposits, and the rent register up front. Buyer underwrites on actual numbers and closes faster.
- Serve a reprise de logement for an end-user buyer. Notice periods are 6 months for leases over a year. Tenants can refuse, you go to the TAL, and possession can slip by another 6–12 months. Build the timing into the offer or you'll lose the buyer mid-process.
The mistake to avoid: pricing the plex as vacant when it isn't, then renegotiating $30,000 off after the inspection because the rent roll doesn't support the number. Price it for the buyer pool you're actually marketing to.
4. The timing window that moves offers 5–10%
Plex demand in Montréal is seasonal, and it doesn't track single-family demand. Investor buyers underwrite their next purchase between January and April, because most leases renew July 1 and they want the building locked in before they have to re-paper rents. End-user plex buyers also want to close before July 1 so they can move in with the rest of the city.
The result: February–April listings consistently outperform September–November listings on the same plex. Same building, same price, same broker — different month, materially different offer activity. If you have flexibility, list into the spring window.
5. Pre-listing prep that actually pays back
- A clean rent roll. Lease copy + ledger + deposit register per unit, in one folder, before you list. This alone removes the most common reason offers get conditional.
- Recent expense statements. 2 years of taxes, insurance, hydro for common areas, maintenance receipts. Lets investor buyers underwrite at NOI instead of at GRM (which usually gets you more money).
- Inspection-ready basics. Roof age, foundation, electrical panel, plumbing, fire-safety compliance. Surface the answers before the buyer's inspector finds them.
- Vacant-unit refresh, only if vacant. Paint, clean kitchen + bath, professional photos. Renovating an occupied unit pre-sale almost never recoups; renovating a vacant one almost always does.
Bottom line
A Montréal plex isn't a house — it's a small business with a roof. Price it the way the next operator will value it, plan the tax exit before you list, deal with tenants honestly, and use the spring window. Do those four things and you'll outperform 80% of plex sellers without doing anything heroic.
Related reading
- Montréal welcome tax 2026 — what your buyer will pay, and why it affects your offer.
- Is Montréal real estate a good investment? — the cap-rate context your buyer is using to price your building.
- Selling with SASSOON. — how we structure plex listings end-to-end.
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Most Montréal plex owners sell once — and the number on the offer is rarely the number they keep. Cap rates, CCA recapture, tenant rights, and the timing window that moves offers 5–10%. Wrote the playbook I wish more sellers read before listing. Link in comments.
Selling a plex in Montréal in 2026? Four things move the after-tax number more than your asking price: cap rate, CCA recapture, tenant strategy, and which month you list. New guide on sassoon.cc/blog/selling-a-plex-in-montreal.
Quick read if you (or anyone you know) is thinking about selling a duplex/triplex in Montréal — covers the pricing math, the tax bill that surprises people, and the timing that quietly adds 5–10%. https://sassoon.cc/blog/selling-a-plex-in-montreal