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 December 10, 2025 Bank of Canada announcement

On December 10, 2025, the Bank of Canada held its overnight rate at 2.25%, keeping policy unchanged after two consecutive cuts in the fall. This is the lowest level since early 2022 and marks a shift from aggressive easing toward a period of rate stability.

• Stronger-than-expected economic data supported today’s decision. Canada added 54,000 jobs in November, lowering unemployment to 6.5%, while third-quarter GDP surged 2.6%, erasing earlier recession concerns. Inflation has also aligned with target, with October CPI at 2.2% and core measures showing broad cooling.
• With the prime rate staying at 4.45%, variable-rate borrowers will see no change to their payments. The lowest five-year variable rate remains around 3.45%, giving new buyers continued access to the most favourable variable pricing since 2022.
• Fixed mortgage rates, however, have climbed. Bond yields rose sharply following the strong GDP and labour reports, prompting lenders to increase fixed rates by roughly 20 basis points. The best five-year fixed rate now sits near 3.89% and could rise further if yields remain elevated.
• For savers and investors, today’s hold means returns on prime-linked products such as high-interest savings accounts and GICs will remain steady, rather than declining as they did through the Bank’s earlier rate-cut cycle.
• Looking ahead, the Bank signaled a cautious stance. While markets expect little movement in 2026, risks remain tied to tariffs, USMCA renegotiations, and global trade volatility. 

Read more: Bank of Canada holds target interest rate at 2.25% in December 2025 announcement

Quebec housing market: November 2025 update

On November 17, 2025, the Canadian Real Estate Association (CREA) released housing market data for October, showing significant growth in Quebec’s real estate market. Home sales reached 8,577 transactions, marking a 7.8% increase compared to October 2024. The average home price also rose by 8.6% year over year to $567,589.

New listings saw an 8.2 % annual increase, with 13,369 homes entering the market. Despite this influx, the months of inventory — which indicates how long it would take to sell all active listings at the current pace — dropped to 4.4 months, down from 4.7 a year earlier. This indicates that buyer demand is still strong enough to absorb new supply faster than it’s arriving.

The sales-to-new-listings ratio (SNLR) edged down by 0.2 percentage points to 64.2%. CREA considers 45–65% balanced, so the market remains near the upper end of that range. While SNLR eased slightly, falling inventory shows the market is tightening overall. If new supply slows in the coming months, conditions could lean toward sellers.

Read more: Canadian home sales rise for the sixth time in October

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