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Mortgage rates Quebec

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Getting the best mortgage rates in Quebec

Jamie David

Getting a mortgage is a big financial commitment, but there are some sure-fire ways to get a better mortgage rate. The factors that contribute to a lower mortgage rate aren't a secret, so all you need to do is plan ahead.

Our mission at is to make it easy to compare rates from the strongest banks, lenders and funders in Canada. That makes it simple for you to choose better, at no cost or obligation to you.

Best mortgage rates in Quebec +

Quebec at a glance

  • Population: 8.6 million - 2nd most populous province in Canada, with nearly a quarter of the country’s population
  • Average House Price: $499,209 in Q1 of 2022, a 14.7% year-over-year increase
  • Average Household Income: $59,822
  • Percentage of Homeowners: 62%

Fun Facts About Quebec 

  • Quebec produces about 55 million litres of maple syrup annually, accounting for 90% of Canada’s maple syrup production.
  • Spanning over 1.5 million square kilometres, Quebec is Canada’s largest province and smaller only than Nunavut among Canada’s provinces and territories.

What's the best mortgage rate in Quebec?

The best mortgage for you is the one that best suits your needs, and offers a great rate. It's important to remember that the best mortgage 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 term, conditions and features of your mortgage suit your needs to save you the most money in the long run.

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.

2018 2019 2020 2021
5-year fixed 2.79% 2.29% 1.39% 1.39%
5-year variable 1.85% 2.36% 0.99% 0.85%

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 Welcome Tax. Land transfer taxes are based on a percentage of the purchase price.

Below are Quebec's marginal land transfer tax rates outside of Montreal.

Purchase Price Quebec land transfer tax rate
Up to $51,7000.50%
$51,700 - $258,6001.00%
$258,600 +1.50%

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.

Purchase Price Quebec land transfer tax rate
Up to $51,7000.50%
$51,700 - $258,6001.00%
$258,600 - $517,1001.50%
$517,100 - $1,034,2002.00%
$1,034,200 - $2,000,0002.50%
$2,000,000 +3.00%

The bracket thresholds for Quebec land transfer taxes are indexed annually, based on the Quebec consumer price index.


Quebec first-time homebuyers

Unlike some provinces, Quebec doesn't offer a rebate of the land transfer tax for first-time homebuyers. However, Quebec's first-time homebuyers are still eligible for first-time homebuyer 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! 



  1. Statistics Canada
  2. Fun World Facts
  3. CREA
  4. Statistics Canada

Jamie David, Director of Marketing and Head of Mortgages

Jamie David is the Director of Marketing and Head of Mortgages at A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education, and business strategy brought her to where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.

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