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%

Highlights from the April 29, 2026, Bank of Canada announcement

In April 2026, the Bank of Canada held its overnight interest rate at 2.25% for the fourth consecutive time, extending its current pause as it continues to assess a mixed economic picture. 

• The decision reflects a cautious stance, with policymakers weighing rising inflation risks, largely driven by higher oil prices and geopolitical tensions, against signs of slowing economic growth and ongoing global uncertainty.
• With the benchmark rate unchanged, lenders’ prime rates remain at 4.45%, keeping variable borrowing costs steady. For homeowners with variable-rate mortgages, this means no change to monthly payments or interest costs for now. For those in the market, variable rates continue to offer competitive pricing, with the lowest five-year option at 3.35%.
• Fixed mortgage rates, however, are trending upward. While they aren’t directly tied to the Bank’s policy rate, they are influenced by movements in the bond market. In recent weeks, rising Government of Canada bond yields have pushed lenders to increase fixed mortgage rates by approximately 25 to 40 basis points.
• For now, the extended rate hold offers a period of stability for borrowers, but the outlook remains uncertain. If inflation continues to rise, rate hikes could be back on the table. If economic conditions weaken further, rate cuts may be reconsidered. 

Quebec housing market: March 2026 update

On April 16, 2026, the Canadian Real Estate Association (CREA) released real estate data for March 2026, showing a slight uptick in Quebec’s housing market. Home sales totalled 10,007 transactions, a 3.5% increase compared to March 2025. Given the stronger activity, prices continued to rise, with the average home price increasing 5.1% year over year to $557,464.

Supply conditions improved over the same period. New listings rose 13.4% annually, with 16,303 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 3.9 months, up from 0.2 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 5.8 percentage points year over year to 61.4%. Because balanced market conditions typically fall between 45% and 65%, March’s reading signals a shift toward balanced territory.

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