- The cap rate = NOI ÷ value × 100. It is the key return indicator for any plex or income property.
- On the North Shore, a typical cap rate is between 4.5% and 5.5% for plexes with 2 to 5 units (APCIQ data, April 2026 — approximation).
- A GRM of 12 to 14 is the normal range on the North Shore. Outside this range, the value may be over- or underestimated.
- If your plex outperforms and you are a seller, ImmoMulti buys directly — no commission, no delays.
How do you evaluate the performance of your plex?
Evaluating a plex or income property is not done the same way as evaluating a house. Investor-buyers think in terms of revenues, not residential comparables. Three indicators are universally used in Québec to measure the performance of an income property:
- NOI — Net Operating Income: this is the annual gross revenues (rents) minus current operating expenses (municipal and school taxes, insurance, maintenance, management fees). Debt service (mortgage) is excluded. It is the cash flow generated by the property before financing.
- Cap Rate — Capitalization Rate: the cap rate is the ratio between the NOI and the market value of the property, expressed as a percentage (Cap Rate = NOI ÷ value × 100). This is the English equivalent of the Québec term "TGA" (taux global d'actualisation). A higher cap rate means a better return — for the same value.
- GRM — Gross Revenue Multiplier: the GRM is the ratio between the property's value and its annual gross revenues (GRM = value ÷ gross revenues). On the North Shore, a GRM of 12 to 14 is considered typical. A lower GRM is generally more favourable for the buyer.
These three indicators allow you to compare properties of different sizes and sectors on an objective basis. To go further, consult our detailed cap rate calculator and our page on plex profitability.
💡 Practical rule: in 2026 on the North Shore, a plex whose cap rate exceeds the sector median generates more income for every dollar of value. But a very high cap rate may also indicate underestimated expenses or below-market rents — analyze in context.
What is a good cap rate on the North Shore in 2026?
APCIQ data published via the Centris system in April 2026 provides solid benchmarks for plexes with 2 to 5 units:
| Sector | Median Price (2–5-unit plex) | Benchmark Cap Rate | Annual Change |
|---|---|---|---|
| Laval | $820,000 | ~4.5% | N/A |
| North Shore of Montréal | $763,500 | ~4.6% | +9% / yr |
| Laurentides (Saint-Jérôme and area) | $640,000 | ~4.8% | +14% / yr |
| Montréal CMA | $865,000 | N/A | N/A |
| Province of Québec | $720,000 | N/A | N/A |
The typical cap rate range on the North Shore is 4.5% to 5.5% depending on the sector, type of plex and condition of the units. A cap rate below 4.5% indicates either a very well-located property whose value has risen sharply, or abnormally low expenses. A cap rate above 5.5% suggests better current returns but warrants examining the condition of the property and the quality of the leases.
Compare your result to the plex price map for the North Shore to better situate your sector.
How do you know if your plex outperforms the market?
The tool above compares your cap rate to the benchmark of the sector you selected. The result is interpreted as follows:
- Outperformer (cap rate ≥ median + 0.3%): your plex generates a return above the average for your sector. Every dollar invested is working harder for you.
- In line with the market (cap rate close to median, ± 0.3%): your property is in line with the market — neither outperforming nor underperforming.
- Needs optimization (cap rate < median − 0.3%): your return is below the sector median. Several avenues: below-market rents, high expenses, overestimated value, or repositioning potential.
These thresholds are approximations based on APCIQ-Centris medians. They do not replace a certified appraisal. To better understand the factors that influence your cap rate, read our guide on real estate cap rates and our analysis on plex profitability.
Appreciation: how much has your plex gained in value?
If you provided your purchase price, the tool calculates your gross appreciation: the difference between the current value and the price paid, expressed in dollars and as a percentage gain. This is not the tax capital gain — for that, you would need to subtract acquisition costs, capitalized improvements, and account for depreciation recapture. Consult our guide on selling a plex to understand the tax implications.
On the North Shore, plexes recorded a gain of +9% per year in 2025–2026, and the Laurentides grew by +14% per year according to APCIQ. If you have held your plex for several years, the appreciation may represent a considerable sum.
📌 Example: a triplex purchased for $400,000 in 2019 on the North Shore was worth approximately $650,000 to $700,000 in 2026, representing gross appreciation of $250,000 to $300,000. After taxes on the capital gain and depreciation recapture, the net amount varies based on your personal situation.
Should you sell when your plex outperforms?
This is a question many owners ask themselves — and the answer is not universal. A plex that outperforms is an asset generating an excellent current return: touching it requires a good reason.
However, several situations make selling particularly opportune:
- You want to liquidate capital to reinvest elsewhere (another sector, another asset class).
- Prices are historically high in your sector (+9% on the North Shore in 2026) and you want to lock in your gain.
- Property management is weighing on you or your retirement horizon is approaching.
- Your property will soon require major renovations that will reduce future returns.
If you are considering selling, ImmoMulti is a direct buyer on the North Shore: no commission to pay, no public showings, a firm offer within 48 hours and a confidential transaction. Before making any decision, read our analysis sell your plex now or wait. If you prefer to go through an intermediary, our tool find a specialized broker will point you to the right professional.
Sell Your Plex Without Commission on the North Shore
ImmoMulti is a direct buyer — not a broker. Offer within 48 h, zero fees, confidential transaction. Reserved for plexes and income properties on the North Shore, Laval and the Laurentides.
Get a Free Offer →Methodological Note and Sources
The cap rate benchmarks and price medians used in this tool come from the Association professionnelle des courtiers immobiliers du Québec (APCIQ) via the Centris system, April 2026 data, for the 2-to-5-unit plex category.
These data are medians and approximations at the scale of broad geographic sectors. They do not account for:
- The specific type of plex (duplex, triplex, quadruplex) or its condition.
- The quality and term of leases in place.
- Market rents versus historical rents.
- Specific financing conditions or micro-market particularities.
The report card produced by this tool is for informational purposes only and does not replace an appraisal by a certified appraiser (C.App.) or professional analysis. For a selling decision, consult a professional or get a direct offer from ImmoMulti.