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Business Information
Often defined by its tourist appeal, stemming largely from its status as a historic quarter with a high volume of sightseeing and international clients year round, Old Montreal is nowadays a vibrant and inhabited business district, as well as a unique cultural and heritage hub. From just 560 residents in 1976, the area has undergone phenomenal transformation and economic expansion over the past 40 years. Today, it is home to more than 2,400 businesses across various sectors, generating a daily workforce of over 40,000 people. These workers blend seamlessly with the local residential population, which is presently estimated at 13,000.
Business Landscape of Old Montreal and Economic Development Potential
Bordered by major corporate and economic players like the Palais des Congrès, Downtown Montreal, the Port of Montreal, and the Old Port, the neighbourhood has, especially over the past two decades, become highly attractive for the business community.
Old Montreal's current entrepreneurial demographic distribution – representing a complete picture of the members of the SDC Vieux-Montréal – is broadly assessed as follows: 70% business offices and 30% commercial establishments.
The main sectors that make up the commercial composition of the historic district include:
Restaurants: gourmet dining, neighborhood eateries, independent cafés, a few chains and franchises
Hotels: primarily award-winning boutique hotels
Retail: specialized shops and concept stores
Entertainment and Nightlife: nightclubs, bars, microbreweries and speakeasies
Arts and Culture: museums, art centers and galleries
Service Businesses: currency exchange offices, banks, dentists, psychologists, clinics, optometrists, hair and beauty salons
Local Services: dry cleaners, convenience stores, pet stores, SAQ and grocery stores
Health and Wellness: fitness centers, yoga studios and spas
In terms of office-based businesses, the following sectors are notably represented: architecture and construction, insurance, communication and marketing, legal services, finance and accounting, transportation, public services, as well as technology and multimedia.
Several elements suggest a dynamic economic growth trajectory for the district in both the short and medium terms. The continued increase in the residential population through various new real estate projects, as well as the upcoming arrival of at least two new hotels, in addition to the future construction of federal buildings, are all tangible indicators of Old Montreal’s economic health. Add to these factors large-scale cultural projects in the eastern sector, neighbouring the Place Gare Viger, which was inaugurated in 2023 and offers the potential to accommodate approximately 4,000 people in its new urban campus.
Upcoming in Old Montreal: The Montreal Federal Justice Complex
Scheduled for 2027, this modern judicial complex will house four federal courts and the Courts Administration Service within its 8-story tower. Located between Côte de la Place d’Armes and Boulevard Saint-Laurent, it will connect Notre-Dame Street and Saint-Jacques Street through its two entrances. Combining contemporary design with heritage preservation, the building will be a model of accessibility, sustainability, and energy efficiency, achieving LEED Gold and WELL Silver certifications. Featuring flexible, state-of-the-art spaces, this $165M project will enhance access to justice while promoting inclusion and environmental resilience. This new real estate development will undoubtedly attract a new type of workforce, significantly revitalizing this area of Old Montreal.
Old Montreal’s Cultural Sector: A Key Economic Driver
Since its creation in 2021, the SDC Vieux-Montréal’s Cultural Programming Support Program has helped fund over 50 free outdoor events organized by the district’s cultural institutions. In addition to diversifying cultural offerings—especially outside peak tourist seasons—the program contributes to both retaining and attracting a local audience, generating real economic benefits for Old Montreal businesses.
Highlights include: in 2024 alone, more than 150,000 people took part in cultural activities and events supported by the program. This clearly shows how culture can be a meaningful driver of sustainable economic development, to the benefit of the entire district.
Spearheaded by the arrival of Sonder and Hyatt Centric Montreal in 2022, the transformation of Old Montreal’s hotel sector is actively underway. From 2024 to 2026, over $27 million in investments will support this ongoing momentum, positioning the district as a true hub for innovation in hospitality.
Several iconic hotels are undergoing modernization—including Hôtel Saint-Sulpice, AC Hotel Vieux-Montréal, Hôtel Gault, Westin Montréal, and Hôtel Nelligan—accompanied by the creation of more than 140 jobs and the addition of over 150 new rooms. Among the new developments: a second Petit Hôtel location on Notre-Dame Ouest, the arrival of SonoLux (Quebec’s first immersive art hotel), and a new, embargoed hotel slated for 2026 with over 100 rooms. This momentum directly supports the local economy, enhances the quality accommodation offering, and highlights the heritage architecture of the historic district.
