--- title: "Montreal vs Toronto: Class A office comparison" description: "Side-by-side Class A office comparison for Montreal and Toronto — rent, vacancy, talent, tax, lease norms, transit, and top submarkets." canonical: https://classa.info/compare/montreal-vs-toronto pageType: comparison lastUpdated: 2026-04-15T00:00:00.000Z license: "CC BY 4.0 with attribution to Class A Atlas (https://classa.info)." --- > Montreal ($28/sqft, 18.6% vacancy) and Toronto ($58/sqft, 17.6% vacancy) compete on different axes: Montreal on talent depth and Toronto on rent and tax. ## TL;DR - Class A rent: Montreal $28/sqft vs Toronto $58/sqft. - Vacancy: Montreal 18.6% vs Toronto 17.6%. - Talent index: Montreal 86 vs Toronto 80. - Corporate tax: Montreal 26.5% vs Toronto 26.5%. - Premium flex/seat/month: Montreal $580 vs Toronto $920. # Montreal vs Toronto: Class A office comparison **Montreal ($28/sqft, 18.6% vacancy) and Toronto ($58/sqft, 17.6% vacancy) compete on different axes: Montreal on talent depth and Toronto on rent and tax.** ## TL;DR - [Class A](/glossary/class-a) rent: Montreal $28/sqft vs Toronto $58/sqft. - Vacancy: Montreal 18.6% vs Toronto 17.6%. - Talent index: Montreal 86 vs Toronto 80. - Corporate tax: Montreal 26.5% vs Toronto 26.5%. - [Premium flex](/topics/lease-vs-flex)/seat/month: Montreal $580 vs Toronto $920. ## Market data side-by-side | Metric | Montreal | Toronto| | Region | Americas | Americas| | Country | Canada | Canada| | Class A rent (USD/sqft/yr) | $28 | $58| | Class A rent (local) | 38 CAD | 78 CAD| | Vacancy | 18.6% | 17.6%| | Trend | flat | flat| | Prime yield | 6.6% | 5.5%| | Premium flex / seat / month (USD) | $580 | $920| | Submarkets covered | 5 | 6| | Corporate tax | 26.5% | 26.5%| ## Lease norms | Metric | Montreal | Toronto| | Typical term | 10 yrs | 10 yrs| | Typical rent-free | 12 mos | 18 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 — tenant pays a base rent plus a proportional share of operating expenses, realty taxes, and utilities (TMI). Rent-free of 12-24 months on a 10-year term is current market. Bank guarantees common for non-investment-grade covenants.| | 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. | Combined federal + Ontario corporate tax 26.5%. Toronto Municipal Land Transfer Tax applies on purchase, not on lease.| ## Talent | Metric | Montreal | Toronto| | Talent index (0–100) | 86 | 80| | 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. | Deepest financial-services and tech talent pool in Canada. Average all-in compensation indexes 80.| ## Transit & commute **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. **Toronto:** TTC subway plus GO Transit commuter rail converge at Union Station. The PATH connects most Financial Core assets underground. ## Top submarkets — Montreal - [**Downtown CBD**](/cities/montreal/downtown-cbd) — [trophy tier](/topics/trophy-asset-selection) · C$52/sqft/yr · ≈ $38.5 PSF/yr USD - [**Griffintown & Old Port**](/cities/montreal/griffintown-old-port) — prime tier · C$44/sqft/yr · ≈ $32.6 PSF/yr USD - [**René-Lévesque West**](/cities/montreal/midtown-rene-levesque) — prime tier · C$42/sqft/yr · ≈ $31.1 PSF/yr USD ## Top submarkets — Toronto - [**Financial Core**](/cities/toronto/financial-core) — trophy tier · C$82/sqft/yr · ≈ $60.7 PSF/yr USD - [**South Core**](/cities/toronto/south-core) — trophy tier · C$56/sqft/yr · ≈ $41.4 PSF/yr USD - [**King East & Distillery**](/cities/toronto/king-east-distillery) — prime tier · C$55/sqft/yr · ≈ $40.7 PSF/yr USD ## Decision criteria ### Pick by cost Montreal is the cheaper Class A market on a USD basis. ### Pick by talent depth Montreal has the deeper talent index (86/100 vs 80/100). ### Pick by tax Tax data not available for comparison. ### Pick by lease optionality Montreal typical term is 10 years with 12 months free; Toronto runs 10 years with 18 months free. ### Pick by transit 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. Toronto: TTC subway plus GO Transit commuter rail converge at Union Station. The PATH connects most Financial Core assets underground. ## Run a 4-city comparison Score Montreal, Toronto and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD. [**Run a 4-city comparison →**](/tools/city-comparator) ## Frequently asked questions ****Is Class A office cheaper in Montreal or Toronto?**** : Montreal is cheaper on a USD basis: $28/sqft vs $58/sqft. ****Which has better talent depth, Montreal or Toronto?**** : Montreal indexes higher on talent depth (86 vs 80). ****Which has more sublease availability, Montreal or Toronto?**** : Montreal carries higher vacancy (18.6% vs 17.6%) and therefore typically more [sublease](/topics/sublease-strategy)">sublease overhang. ****What lease term should I expect in Montreal vs Toronto?**** : Montreal typical term is 10 years with 12 months rent-free; Toronto typical term is 10 years with 18 months rent-free. ****How does transit and commuter access compare?**** : 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. Toronto: TTC subway plus GO Transit commuter rail converge at Union Station. The PATH connects most Financial Core assets underground. ## Editorial provenance Reviewed by [**Miriam Hollander**](/about/authors/miriam-hollander) — Lead market analyst. Last updated 2026-04-15. See our [methodology](/about/methodology) and [editorial standards](/about/editorial-standards). ### Primary sources for this page - [CBRE Marketview reports](https://www.cbre.com/insights) — CBRE - [JLL Office Insight](https://www.jll.com/en/trends-and-insights) — JLL - [Cushman & Wakefield Marketbeat](https://www.cushmanwakefield.com/en/insights) — Cushman & Wakefield - [Savills World Research](https://www.savills.com/research_articles/) — Savills - [Colliers Global Office Outlook](https://www.colliers.com/en/research) — Colliers [Full sources index](/about/sources) · [Submit a correction](/about/corrections) --- Citation: Source: Class A Atlas (https://classa.info/compare/montreal-vs-toronto), updated 2026-04-15T00:00:00.000Z.