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 2025 update

On May 15, 2025, the Canadian Real Estate Association (CREA) released housing market data for April, revealing significant growth in Quebec’s real estate activity. Home sales reached 10,185 transactions, marking a 10% increase compared to April 2024. The average home price also rose by 8.5% to $544,895.

New listings saw an 11.2% year-over-year increase, with 14,643 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 3.6 months, down 0.4 months from last year. This suggests that while more properties are available, buyer demand remains strong enough to absorb supply quickly.

The sales-to-new-listings ratio (SNLR), a key market indicator, edged down 0.8 percentage points to 69.6%. While this represents a slight cooling, it still indicates a seller’s market, as the ratio remains well above CREA’s 65% threshold. In short, Quebec’s housing market in April remained firmly tilted in favour of sellers, with rising prices, increased sales, and strong competition among buyers.

Read more: April Canadian home sales flat as buyers stick to the sidelines

Highlights from the April 16, 2025 Bank of Canada announcement

On April 16, 2025, the Bank of Canada (BoC) decided to maintain its overnight lending rate at 2.75%, putting a halt to what would have been the eighth consecutive rate cut. Since June 2024, the BoC has reduced its benchmark rate by a total of 225 basis points from a peak of 5%.

• The Bank’s decision to hold rates was influenced by inflationary pressures and continued uncertainty surrounding tariffs. While inflation in March slowed to 2.3%, it remained above the BoC’s 2% target, prompting the Bank to pause rate cuts and keep its focus on controlling inflation and supporting economic stability.
• Variable-rate mortgage holders and borrowers with other variable-rate products, such as personal loans and HELOCs, will see no changes to their rates. The prime rate at most Canadian lenders stays at 4.95%, which means the lowest available variable mortgage rate remains at 3.95%.
• For fixed mortgage rates, which are influenced by government bond yields rather than the BoC’s benchmark rate, bond yields have stabilized around 2.6%, largely due to ongoing tariff uncertainty. This has prompted lenders to offer more competitive rates, with the lowest available five-year insured fixed mortgage rate now at 3.79% (3.74% in Quebec).
• With global trade tensions and inflationary pressures continuing to create uncertainty, future rate decisions will depend on how these factors evolve. The Bank will continue to assess economic conditions to adjust its policy accordingly in the months to come.

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