The Montreal Terminal Railroad was a joint property of the PV&T and the LT&L, operating terminal and suburban freight trackage in the Montreal, PQ area. For most of its life, it laboured in obscurity, but after the second world war it gained fame because it continued to operate steam up into the 1960s. After the LT&L merged with the PV&T, it was absorbed into the Parsons Vale and steam operations were discontinued except for three locomotives retained for fan-trips and special passenger services.
| No. | Class | Type | Owner | Assigned | Disposition |
|---|---|---|---|---|---|
| 165, 166 | 160 | 4-6-0 | PV&T | 1900 | retired 1920 |
| 1-4 | B-B steeplecab | MTRR | 1913 | sold 1930 |
|
| 201, 202, 205, 212 | A | B-B boxcab | PV&T | 1930 | 201, 202 retired 1949, 205, 212 wrecked 1944 |
| 1-6 | 344 | 2-8-2 | MTRR | 1938 | to PV&T 354-359, retired in 1962 |
| 7-16 | 344 | 2-8-2 | MTRR | 1938 | retired 1961 |
| 200 | 344 | 2-8-2 | LT&L | 1938 | to PV&T 344, in service. |
| 201, 207 | 344 | 2-8-2 | LT&L | 1938 | retired 1954 |
| 202-206, 208-211 | 344 | 2-8-2 | LT&L | 1938 | to PV&T 345-353, retired 1962 |
| 17 | 192 | 2-10-0 | MTRR | 1940 | from PV&T 196 1946, retired 1955, scrapped 1958 |
| 18 | 192 | 2-10-0 | MTRR | 1940 | from PV&T 199 1946, retired 1958 |
| 19 | 192 | 2-10-0 | MTRR | 1940 | from PV&T 200 1946, retired 1962 |
| 300-303 | 361 | 2-8-0 | LT&L | 1941 | retired 1960 |
| 304 | 361 | 2-8-0 | LT&L | 1941 | retired 1959 |
| 305 | 361 | 2-8-0 | LT&L | 1941 | to LT&L 2 1956 |
| 306 | 361 | 2-8-0 | LT&L | 1941 | retired 1955 |
| 237, 238 | B1 | B-B+B-B boxcab | PV&T | 1944 | in service |
| 240, 241 | B1 | B-B+B-B boxcab | PV&T | 1949 | in service |
| 20 | GA | 2-8-2+2-8-2 | MTRR | 1958 | stored 1962 |
| 333-335 | DL6 | RSD-5 | PV&T | 1961 | these units are ex LT&L 400-402 |
| 406-425 | DL7 | C420 | PV&T | 1962 | in service |