Find the best mortgage rate in Quebec

Getting a mortgage is a big financial commitment, but there are some sure-fire ways to get a better mortgage rate. Use our rate tables to compare the best mortgage rates in Quebec from the Big 5 Banks, credit unions and smaller lenders, all in one place at no cost or obligation to you. 

Quebec at a glance

• Population: 8.6 million - 2nd most populous province in Canada
• Average Household Income: $59,822
• Percentage of Homeowners: 62%

Quebec housing market: May 2026 update

On May 14, 2026, the Canadian Real Estate Association (CREA) released real estate data for April 2026, showing a drop in Quebec’s housing market. Home sales totalled 9,526 transactions, a 6% decrease compared to April 2025. Despite the weaker activity, prices continued to rise, with the average home price increasing 5.2% year over year to $564,885.

Supply conditions improved over the same period. New listings rose 10.6% annually, with 15,836 properties coming onto the market. As a result, months of inventory — a measure of how long it would take to sell all active listings at the current pace — climbed to 4.2 months, up from 3.6 a year earlier. This suggests that demand slowed more sharply than supply grew, allowing inventory to build.

The sales-to-new-listings ratio (SNLR) declined by 10.6 percentage points year over year to 60.2%. Because balanced market conditions typically fall between 45% and 65%, April’s reading signals a shift toward balanced territory.

Highlights from the June 10, 2026, Bank of Canada announcement

The Bank of Canada kept its overnight interest rate unchanged at 2.25% on June 10, 2026, extending a series of rate holds that began late last year. While Canada's economy has slowed more than anticipated, inflation remains above the Bank’s target, prompting policymakers to maintain their current stance rather than introduce additional rate cuts.

• Homeowners with variable-rate mortgages will see no changes to their interest rates or monthly payments, as lenders’ prime rates remain unchanged at 4.45%. Those shopping for a mortgage continue to benefit from competitive variable-rate pricing, with the lowest available five-year variable mortgage rate sitting at 3.35%. 
• Fixed mortgage rates, however, remain subject to Government of Canada bond yields rather than the Bank’s overnight rate. While today's rate hold had little impact on bond markets because it was already anticipated, ongoing geopolitical tensions and higher energy prices continue to support elevated bond yields, reducing the likelihood of meaningful declines in fixed mortgage rates in the near term.
• The Bank's latest decision also reinforces a growing view that interest rates may have reached their lowest point for this cycle. As expectations for further rate cuts fade, Canadians may need to adjust to a prolonged period of relatively stable borrowing costs.
• Beyond the housing market, today's announcement means borrowing costs on personal loans, vehicle financing, lines of credit, and other variable-rate financial products will remain unchanged. Financial experts recommend using this period to reassess budgets, strengthen savings, and review existing financial products. 

What's the best mortgage rate in Quebec?

With nearly a quarter of Canada's population, Quebec is home to an extremely vibrant and competitive mortgage market. All of the Big 5 Banks are here, with the Bank of Montréal (BMO) and the Royal Bank of Canada (RBC) both maintaining head offices in the province. Quebec is also the home of Canada's sixth largest bank, National Bank of Canada, and the Laurentian Bank of Canada. Credit unions are extremely popular in Quebec, which is home to the Desjardins Group, the largest federation of credit unions in North America. Numerous mortgage brokerages also vie for your business. 

With this plethora of options, it's crucial to bear in mind that the ideal mortgage for you is not always the mortgage with the lowest rate. While a low rate is important and can save you thousands of dollars, you also need to make sure that the terms, conditions and features of your mortgage suit your needs.

What factors affect the mortgage rate I get?

Comparing mortgage products is an important part of getting the best possible mortgage rate, but you’ll still need to personally qualify for your final offer. There are several factors that will affect the rate you’re able to qualify for. Here are some of the major ones:

• Down payment: In Canada, property purchases require a minimum down payment between 5% and 20%, depending on the purchase price. However, if your down payment is less than 20%, you’ll have to pay for mortgage default insurance (also known as CMHC insurance). This will cost you more, but, as it makes your mortgage less risky from your lender’s perspective, it generally results in a lower mortgage rate. Note that even with a lower mortgage rate, it's still worth avoiding the cost of mortgage default insurance, so you should always aim to have a down payment of at least 20%.
• Amortization period: Mortgages with amortization periods of more than 25 years generally have higher interest rates. This is because this type of mortgage can't be insured with mortgage default insurance. Despite this, mortgages with longer amortization periods can be more financially manageable, because they mean a lower monthly payment for the homeowner.
• Property purpose: You’ll generally be offered a higher rate on a mortgage for a property that you don’t plan to personally live in.
• Mortgage type: A refinanced mortgage, or a mortgage with features like a home equity line of credit (HELOC), will typically come with a higher rate than a mortgage for a renewal or new purchase.
• Credit score: A low credit score may mean you cannot get approved by an ‘A lender’, like a big bank or credit union. If you’re forced to take a mortgage from a ‘B lender’, you’ll be charged a higher rate. The majority of homeowners in Canada have a strong credit score, so most mortgages are done with ‘A’ lenders.
  

Historical trends in Quebec mortgage rates

Quebec mortgage rates rise and fall, as do rates across Canada. Here’s a quick snapshot of the lowest mortgage rates of the year in Canada over the past few years, to give you an idea of where we are today.

Source: Ratehub Historical Rate Chart

Quebec land transfer tax

Like most other provinces in Canada, Quebec charges a land transfer tax on all property purchases. In Quebec, it's also called the taxe de bienvenue. Land transfer taxes are based on a percentage of the purchase price.

Below are Quebec's marginal land transfer tax rates outside of Montreal.

Montreal land transfer tax

Quebec allows for municipalities to set additional land transfer tax rates for higher property price brackets. This is only used in Montreal, where additional marginal tax rates are in place, as shown in the table below.

The bracket thresholds for Quebec land transfer taxes are indexed annually, based on the Quebec consumer price index.

Quebec first-time home buyers

Unlike some provinces, Quebec doesn't offer a rebate of the land transfer tax for first-time home buyers. However, Quebec's first-time home buyers are still eligible for first-time home buyer programs at the federal level. These can still result in thousands of dollars of savings, so it's well worth checking them out.

For more information, check out these helpful pages! 

• Best Mortgage Rates in Canada
• Best Mortgage Rates in Montreal
• 5-Year Fixed Mortgage Rates
• 5-Year Variable Mortgage Rates
• Variable or Fixed Mortgage Rates
• Amortization Calculator
• Mortgage Term vs. Amortization
• Land Transfer Tax
• New to Canada Mortgages
• First-Time Home Buyer Programs

Sources:

1. Statistics Canada
2. APCIQ
3. CREA
4. Statistics Canada