- The income method (GRM × gross income) is the standard for valuing a plex — not residential comparables.
- On the North Shore in 2026, the GRM ranges between 12.5× and 13.5× and cap rates between 4.4% and 4.8% depending on the area.
- Two plex at the same price can have very different returns based on their actual income and expenses.
- The APCIQ median (April 2026) is $763,500 on the North Shore, $820,000 in Laval, and $640,000 in the Laurentians.
- ImmoMulti is a direct buyer — not a broker. Offer within 48 h, zero commission.
How is a plex valued?
Unlike a house, a plex is not sold on its physical features or curb appeal. It is sold on its income. Investors and chartered appraisers primarily use two metrics:
1. The Gross Rent Multiplier (GRM)
This is the quick method: Price ≈ Annual gross income × GRM. For example, a triplex generating $60,000 in gross income with a GRM of 13× is worth approximately $780,000. The GRM varies by city, unit quality, building condition, and market conditions. On the North Shore in 2026, it generally falls between 12.5× and 13.5×.
2. The capitalization rate (cap rate)
More precise, the cap rate accounts for operating expenses: Cap rate = Net Operating Income (NOI) ÷ Sale price. NOI is gross income minus operating expenses (property taxes, insurance, maintenance, management, normalized vacancy) — approximately 40% of gross income. A cap rate of 4.6% on the North Shore means the market is paying approximately 21.7× the annual NOI.
Example: a quadruplex in Blainville generates $78,000 in gross income. With a GRM of 13× → estimated at $1,015,000. Estimated NOI (60% × $78,000) is $46,800. Cap rate = $46,800 ÷ $1,015,000 ≈ 4.6%. That is exactly the reasoning behind each profile in the game above.
To learn more about these metrics, see our cap rate guide and our plex profitability calculator.
Why two plex at the same price are not equal
An investor who buys a duplex at $600,000 in Saint-Eustache (profile 1 in the game) and another at $600,000 elsewhere do not get the same return. Here is why:
- Actual income varies: a long-term tenant of 10 years may pay 40% below market rent (Québec lease protections). Listed income is not always potential income.
- Operating expenses differ: property taxes, insurance, deferred maintenance, management fees — a poorly maintained building consumes well more than 40% of gross income.
- The area influences the cap rate: a plex in Laval trades at a slightly different cap rate than one in Saint-Jérôme, because rental demand, rent growth, and buyer profiles vary.
- Value-add potential: a building with below-market rents offers income-increase potential — which justifies a higher price for a savvy buyer.
That is why a price-per-act comparison alone is never enough: you need to calculate actual profitability with your own numbers. Want to sell quickly? Read our guide on selling an income property fast.
What is the price of a plex on the North Shore in 2026?
According to APCIQ data via the Centris system (April 2026), here are the medians for 2- to 5-unit properties:
| Region | Median (2–5 unit plex) | Typical GRM 2026 | Typical cap rate 2026 |
|---|---|---|---|
| North Shore of Montréal | $763,500 | 12.5× – 13× | 4.6% – 4.8% |
| Laval | $820,000 | 13× | 4.6% |
| Laurentians | $640,000 | 12.5× | 4.8% |
These medians hide wide variation by city, building condition, and number of units. A quadruplex in Blainville generally exceeds one million dollars (profile 3 in the game), while a duplex in Deux-Montagnes may trade around $550,000 (profile 8). To explore prices by area, see our North Shore plex price map.
In Laval, the market is tighter: the median exceeds $820,000 and cap rates are among the lowest in the region. Our page on selling an income property in Laval explains the particularities of this market.
How to find the exact value of MY plex
Market medians and game profiles give a ballpark — but the real value of your plex depends on your own numbers: your leases in hand, your actual income, your current operating expenses, and the physical condition of the building.
ImmoMulti is a direct buyer of plex and income properties on the North Shore — not a broker. We analyze your property using the income method (GRM, cap rate, NOI) and provide you with a firm, confidential, no-obligation purchase offer within 48 hours.
- No brokerage commission
- No public showings or listing
- As-is purchase — no prior renovations required
- Fast transaction, at your pace
Are you a plex or income property owner on the North Shore who wants to know its true value? Fill out the form at the bottom of the game or contact us directly.
Methodological note: The 10 game profiles are representative scenarios built from APCIQ medians (April 2026) transmitted by the Centris system and the income method. They do not correspond to any specific listed or sold property. The GRM and cap rates indicated reflect market conditions observed on the North Shore in spring 2026. Source: APCIQ via the Centris system.
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