The Underlying is the median price of single-family homes in the Montreal Census Metropolitan Area, based on Centris residential real estate broker data and reported by the Quebec Professional Association of Real Estate Brokers, also known as QPAREB or APCIQ. The market will not use average sale price, median price for condominiums, median price for plexes, all-property residential price, City of Montreal-only price, annual average price, or any other housing price measure.

Monthly releases covering periods before this market’s Issuance will not count toward resolution, even if they report an average residential sale price below C$625,000. The market will resolve based on the first published QPAREB/APCIQ figure for the relevant monthly release. Later revisions, corrections, or restatements will not affect resolution.