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Mortgage rates Quebec

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Frequently asked mortgage questions

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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. 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. 

Best mortgage rates in Quebec +

Quebec at a glance

  • Population: 8.6 million - 2nd most populous province in Canada
  • Average Household Income: $59,822
  • Percentage of Homeowners: 62%


Current state of the Quebec housing market

  • Home sales in December 2022 were 4,614 units, down 36% from December 2021.
  • The average price for resale residential homes in December 2022 was $458,792, a 0.9% year-over-year decrease.
  • New listings in December 2022 were 4,935 units, a decrease of 6.3% from December 2021.
  • The sales to new listings ratio (SNLR), meaning the number of home sales compared to new listings, was 68.8%. 
  • Months of inventory stood at 3.6 months in December 2022.
  • The dollar value of all home sales in Quebec in December 2022 was just over $2 billion, representing a year-over-year decline of 37%.


Quebec home sales and price forecast

Quebec's housing market witnessed a significant correction in 2022, with sales falling precipitously over the latter half of the year. Despite the December 2022 figures showing a 36% year-over-year decline in home sales and an average price decline of 0.9%, supply remains tight, with new listings in December having fallen 6.3% year-over-year. Quebec's sales to new listings ratio (SNLR) stood well above the 60% mark in December, indicating that it remains a seller's market. 

Home sales in Quebec in 2022 stood at 87,185, more than a 20% decrease year-over-year. According to the Canadian Real Estate Association (CREA), that figure is expected to remain fairly constant in 2023 before a projected increase of 6.9% year-over-year in 2024. While the average Quebec home price in 2022 actually rose 10.3% compared to 2021 to $483,573, that trend is expected to reverse in 2023. Quebec home prices are forecasted to decline by 6.5% in 2023 to $451,902 and a further 2.5% in 2024 to $440,663.


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 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. APCIQ
  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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