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: June 2026 update

On June 16, 2026, the Canadian Real Estate Association (CREA) released real estate data for May 2026, revealing an annual drop in Quebec’s housing market. Home sales totalled 9,300 transactions, a 5.7% decrease compared to May 2025. Despite the weaker activity, prices continued to rise, with the average home price increasing 4% year over year to $563,050.

Supply conditions improved over the same period. New listings rose 5% annually, with 15,407 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 4.5 months, up by 0.7 from a year earlier. This suggests that demand slowed more sharply than supply grew, allowing inventory to build.

The sales-to-new-listings ratio (SNLR) declined by 6.8 percentage points year over year to 60.4%. Because balanced market conditions typically fall between 45% and 65%, May’s reading signals a shift toward balanced territory.

What Canada's latest interest rate decision means for your mortgage

On July 15, 2026, the Bank of Canada left its overnight interest rate unchanged at 2.25%, continuing the period of stability that has been in place since late 2025. The decision was widely anticipated and reflects the Bank’s view that current interest rates remain appropriate as economic growth gradually improves and inflation moves closer to its 2% target. However, ongoing geopolitical risks and uncertainty surrounding U.S. trade policy continue to make the outlook less predictable.

• For Canadians with variable-rate mortgages, the rate hold means borrowing costs remain unchanged. Because variable mortgage rates are tied to lenders’ prime rates, and the prime rate remains at 4.45%, borrowers will not see any change to their mortgage rate, monthly payment, or the amount of interest they pay. 
• Fixed mortgage rates, however, are largely influenced by Government of Canada bond yields, which have moved higher in recent days amid renewed geopolitical uncertainty. Although the lowest insured five-year fixed mortgage rate is still available at 3.94%, most lenders are now offering rates above 4%, narrowing the window for borrowers hoping to secure a sub-4% fixed rate.
• The Bank noted that housing activity appears to be stabilizing, while CREA has lowered its sales forecast as economic uncertainty continues to weigh on buyer confidence. With home price declines easing and fixed mortgage rates under upward pressure, buying conditions may not improve substantially over the remainder of 2026.
• Beyond the mortgage market, the Bank’s decision leaves borrowing costs unchanged for other variable-rate products, including personal loans, lines of credit, auto loans and HELOCs. 

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