Quebec Mortgage Calculator
Our mortgage calculator contains Quebec current mortgage rates, so you can determine your monthly payments. Our calculator also includes mortgage default insurance (CMHC insurance), land transfer tax and property taxes.
Quebec mortgage calculator
There are many different taxes and regulations that can impact your mortgage calculations. While many of these mortgage regulations are consistent in all provinces, there are some taxes and fees that are specific to the province of Quebec.
Canadian regulations, taxes, and fees
The Canadian Ministry of Finance has laid out mortgage guidelines to protect homebuyers, lenders, and the economy. These guidelines control the minimum down payment, maximum amortization period, and mortgage default insurance or CMHC insurance guidelines. RateHub’s Quebec mortgage calculator automatically includes the following regulations in its results:
- The minimum down payment in Canada is 5% for homes under $1,000,000 or 20% for homes of greater value.
- The maximum amortization is 25 years for down payments under 20% and 35 years for higher down payments.
- Mortgage default insurance or CMHC insurance must be purchased for down payments between 5% and less than 20%. Visit RateHub’s CMHC insurance page for more details.
Quebec’s regulations, taxes, and fees
In addition to the above federal regulations, Quebec also has its own taxes and mortgage rates. Quebec has unique land transfer taxes, fees, and mortgage rates compare to other provinces that home buyers must be aware of. Quebec also charges PST on CMHC insurance that homebuyers must pay along with their closing costs.
Mortgage rates in Quebec
Brokers and lenders often charge different mortgage rates in different parts of the country. At RateHub.ca, we have a list of the best mortgage rates in Quebec . The RateHub Quebec Mortgage Calculator also calculates your mortgage payments based on rates specific to Quebec
PST on mortgage default insurance or CMHC insurance in Quebec
Mortgage default insurance is added onto the total cost of your mortgage and is paid off along with your monthly payments over the lifetime of the mortgage. However, PST on mortgage default insurance must be paid in full along with your closing costs. The amount you need to pay for PST is automatically considered by RateHub’s Quebec mortgage calculator and can be found under the “Cash needed: How much extra cash will I need when my house closes” drop-down menue.
Fees and taxes in Quebec
The land transfer tax in Quebec (taxe de bienvenue) is a percentage of the home’s purchase price or the home’s value as evaluated by the municipality. Depending on the home’s value, the percentage ranges from 0.5 to 1.5 percent, or 0.5 to 2.0 percent in Montreal. For more information, see RateHub’s Quebec Land Transfer Tax page .