Toronto is hardly a fair comparison. Its growth is outpacing that of nearly every other city in North America.
There's a lot of stuff going on in Montreal, especially if you compare it to the state of things 10 years ago and especially if you compare it to just about any American city right now. Condo towers, some office projects, and, in particular, a lot of significant public works projects: interchanges being torn down, new metro stations opened, bike lanes being built, public squares being revamped, two megahospitals, etc.