What is a plex?
In Montreal, a plex is a small residential building with two to five stacked units: duplex (2), triplex (3), quadruplex (4) and quintuplex (5). Built in large numbers between 1900 and 1950, plexes shape neighbourhoods like Villeray, Rosemont, the Plateau-Mont-Royal and Verdun, with their brick façades and famous outdoor staircases.
The plex is the most accessible kind of income property: you can live in it, rent out the other units and build equity with help from the rents.
Why buy a plex in Montreal
- Income that eases the mortgage. Rents cover part of the monthly payment and taxes.
- A central location. Plexes are mostly found in metro-served neighbourhoods with strong rental demand.
- Flexibility. A unit can house a parent or a grown child, or serve as an office, subject to applicable rules.
- A tangible asset. Urban land often makes up a large share of a Montreal plex’s value.
Financing a plex
When the buyer lives in one unit of a building with four units or fewer, financing is generally residential. Part of the rents can then be counted when assessing how much you can borrow. The minimum down payment and mortgage insurance vary with the number of units, the price and your situation: get pre-approved before shopping and say that it is a plex.
A buyer who will not live in the building is considered an investor: the required down payment is usually higher and the analysis relies more on the building’s income.
Try the plex mortgage calculator
The numbers to analyze
Before making an offer, ask for the signed leases, the municipal and school tax bills, the energy bills paid by the owner and the insurance premiums. Then calculate:
- GRM: price ÷ annual gross revenue, to compare similar buildings.
- NOI: gross revenue minus vacancy and operating expenses.
- Cap rate: NOI ÷ price, the return without financing.
- Net housing cost: payment + taxes + expenses − rents collected. This is the figure that matters for an owner-occupant.
Tenants in place
Selling a building does not end the leases: the new owner is bound by the leases in force. You take over the tenants, their rents and their rights. Repossessing a unit to live in it is allowed, but strictly regulated by the Civil Code of Québec and the Tribunal administratif du logement: written notice within set deadlines, compensation and special protections for some senior tenants.
That is why a plex with a unit already vacant has particular value for an owner-occupant: you can move in without a repossession procedure.
Inspection and checks
- Pre-purchase inspection by a building inspector: roof, foundation, plumbing, electrical, heating, windows, stairs and balconies.
- Seller’s declarations about the building, completed by the seller on the OACIQ form.
- An up-to-date certificate of location, to check lot boundaries and compliance.
- Zoning and use: check any renovation project with the borough (extension, basement finishing, changing the number of units).
Costs to plan for
On top of the down payment, plan for transfer duties (the “welcome tax”), notary fees, the inspection, the appraisal required by the lender, tax adjustments and insurance. In Montreal, transfer duties are calculated by brackets: for a $1,349,000 plex, they come to about $23,550 based on 2026 rates.
Calculate the Montreal welcome tax
Steps to buy a plex
- Get pre-approved, specifying that the building has several units.
- Visit and analyze: leases, taxes, expenses, GRM and net cost.
- Make a promise to purchase drafted by your broker, with your conditions.
- Remove the conditions: inspection, financing, document review.
- Prepare the transaction with the notary, who checks the titles.
- Sign at the notary’s and get the keys.
A real example: the triplex for sale on rue Lajeunesse
At 7959-7963 rue Lajeunesse, in Villeray, a 1929 triplex is for sale at $1,349,000. The ground-floor 6½, with the basement, is vacant for the buyer, the two upstairs 4½ are rented, and potential gross revenue reaches $57,240 per year. Jarry metro is about a 3-minute walk away and the REV runs past the door.
See the triplex for saleBook a visit
This guide is for information only. For your situation, consult a real estate broker, a mortgage broker and a notary.