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: February 2026 update

On March 17, 2026, the Canadian Real Estate Association (CREA) released housing market data for February 2026, showing a slight slowdown in Quebec’s real estate market. Home sales totalled 8,268 transactions, a 1.9% decrease compared to February 2025. Despite weaker activity, prices continued to rise, with the average home price increasing 6.5% year over year to $556,332.

Supply conditions improved over the same period. New listings rose 15% annually, with 14,459 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 4.4 months, up from 0.4 a year earlier. This suggests that demand slowed more sharply than supply, allowing inventory to build.

The sales-to-new-listings ratio (SNLR) declined by 9.8 percentage points year over year to 57.2%. Because balanced market conditions typically fall between 45% and 65%, January’s reading signals a shift toward balanced territory.

Highlights from the March 18, 2026, Bank of Canada announcement

On March 18, 2026, the Bank of Canada held its overnight interest rate at 2.25%, leaving the benchmark unchanged for a third straight announcement. The decision reflects a cautious approach as the central bank assesses how rising geopolitical tensions, particularly in the Middle East, could affect inflation and economic growth in Canada. 

• For borrowers, the rate hold means no immediate change to variable borrowing costs. Lenders’ prime rates will remain unchanged, so homeowners with variable-rate mortgages will continue to see stable payments and borrowing costs. Variable mortgage pricing also remains relatively low by recent standards, with the best available rates at 3.35%, the lowest level since summer 2022. 
• Fixed mortgage rates are moving higher, however, as the five-year bond yields rise above 3%. That has already led lenders to increase pricing, with the best insured five-year fixed mortgage rate rising to 3.94%, up from 3.79% in February.
• Looking ahead, the outlook is more uncertain. The Bank has indicated it is too early to respond to the latest inflation risks, but it is clearly watching how higher energy prices could affect the economy. If inflation starts to pick up again while growth and employment remain weak, the possibility of rate hikes later in 2026 is now back in play.

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