During the following summer, the Jubilee Rink burned down, forcing the Canadiens to build Mount Royal Arena as a replacement. The team also lost their star player Malone, who had been on loan from the dormant Bulldogs as Quebec rejoined the league in 1919–20. Kennedy died in 1921; he had never recovered from the 1919 flu. His widow sold the team to Leo Dandurand, former player Joseph Cattarinich and Louis A. Letourneau.
Regarded as one of the NHL's first superstars, Howie Morenz made his debut in 1923–24 alongside Aurel Joliat. The club placed second in the league to Ottawa, but defeated the Senators in the playoffs to win the league championship and reach the Stanley Cup final. Montreal hosted the 1924 Stanley Cup Finals against the Calgary Tigers of the Western Canada Hockey League (WCHL). The Canadiens won the best-of-three series in two games, and captured their second Stanley Cup. Morenz was the offensive star of the series, scoring a hat trick in game one and a goal in game two.