Montreal ($28/sqft, 18.6% vacancy) and Vancouver ($39/sqft, 11.2% vacancy) compete on different axes: Montreal on talent depth and Vancouver on rent and tax.
Montreal ($28/sqft, 18.6% vacancy) and Vancouver ($39/sqft, 11.2% vacancy) compete on different axes: Montreal on talent depth and Vancouver on rent and tax.
| Metric | Montreal | Vancouver |
|---|---|---|
| Region | Americas | Americas |
| Country | Canada | Canada |
| Class A rent (USD/sqft/yr) | $28 | $39 |
| Class A rent (local) | 38 CAD | 52 CAD |
| Vacancy | 18.6% | 11.2% |
| Trend | flat | flat |
| Prime yield | 6.6% | 5.2% |
| Premium flex / seat / month (USD) | $580 | $720 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 26.5% | 27% |
| Metric | Montreal | Vancouver |
|---|---|---|
| Typical term | 10 yrs | 10 yrs |
| Typical rent-free | 12 mos | 10 mos |
| Lease norms | Net leases (tenant pays opex separately). 10-year terms standard. Free rent of 10-14 months and TI of C$60-$100/sqft typical on a 10-year Class A deal. | Net leases dominate (tenant pays opex, taxes, insurance separately). 10-year terms standard. Free rent of 8-12 months and TI of C$60-$110/sqft typical on a 10-year Class A deal. |
| Tax note | 15% federal plus 11.5% Quebec corporate income tax for a combined rate of 26.5%. Quebec offers material tax credits for film/TV, multimedia, and AI/R&D activities. | 15% federal plus 12% British Columbia general corporate income tax for a combined rate of 27%. Vancouver Empty Homes Tax does not apply to commercial; provincial Property Transfer Tax applies on acquisitions. |
| Metric | Montreal | Vancouver |
|---|---|---|
| Talent index (0–100) | 86 | 84 |
| Talent note | Deepest French-English bilingual professional talent in North America. Structural AI research cluster (Yoshua Bengio at MILA, Element AI alumni). Strong aerospace, video games, and creative industries talent. | Deep tech, film and visual effects, mining, and real estate services talent. Strong feed from UBC, SFU, and the BCIT system. Cost-of-living premium versus Toronto and US Pacific Northwest is a meaningful tenant consideration. |
Montreal: STM Métro (four lines), exo commuter rail, and REM automated light rail (opening progressively 2024-25). Downtown is highly walkable and Métro-served. The Underground City connects 33 km of pedestrian passages.
Vancouver: TransLink SkyTrain (Expo, Millennium, Canada Lines) plus SeaBus to North Vancouver and West Coast Express commuter rail. Downtown is highly walkable and SkyTrain-served.
Montreal is the cheaper Class A market on a USD basis.
Montreal has the deeper talent index (86/100 vs 84/100).
Montreal has the lower headline corporate tax (26.5% vs 27%). Local incentives can change the effective rate materially.
Montreal typical term is 10 years with 12 months free; Vancouver runs 10 years with 10 months free.
Montreal: STM Métro (four lines), exo commuter rail, and REM automated light rail (opening progressively 2024-25). Downtown is highly walkable and Métro-served. The Underground City connects 33 km of pedestrian passages. Vancouver: TransLink SkyTrain (Expo, Millennium, Canada Lines) plus SeaBus to North Vancouver and West Coast Express commuter rail. Downtown is highly walkable and SkyTrain-served.
Score Montreal, Vancouver and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD.
Reviewed by Miriam Hollander — Lead market analyst. Last updated 2026-04-15. See our methodology and editorial standards.