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Find the best mortgage rate in Quebec

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Current Quebec mortgage rates

The rate table shows 5-year fixed mortgage rates in Quebec. To compare other rate types and terms, click on the filters icon beside the down payment percentage.

As of:


Big 6 Bank


Trust Company


RBC Royal Bank






Bank of Montreal


Quebec mortgage rates: FAQ

What is the best mortgage rate in Quebec right now?

What type of mortgage should I choose in 2024?

When will mortgage rates go down?

Should I use a mortgage broker in Quebec?

WATCH: April 10, 2024 Bank of Canada announcement

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Getting the best mortgage rates 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. 

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%

Quebec housing market: April 2024 update

On April 12, 2024, the Canadian Real Estate Association (CREA) published the March numbers for the national housing market, including sales, price and new inventory trends. The latest figures reveal that housing market activity in Quebec is continuing to rebound on both an annual and monthly basis. A total of 8,994 homes were sold in Quebec in the month of March, up by 11.4% year over year, and well ahead of the previous month’s impressive total of 7,715. Continuing a trend seen over the last several months, a substantial number of new listings came to market; the 13,442 properties newly listed in March represent a sizable annual increase of 13%, and more than the 12,918 homes listed in February.

Despite the influx of new supply, the marked increase in buying activity has pushed up the average home price in Quebec, which stood at $511,023 in March. This marks an annual increase of 7.2%, and is also above February’s average price of $502,141. Buying conditions in Quebec have tightened on a monthly basis, with the province’s sales-to-new-listings ratio (SNLR) coming in at 66.9% in March, down on an annual basis by -0.9%, but above February’s figure of 62.7%. The Quebec housing market can now be considered to be in sellers’ market territory. CREA defines a ratio between 40 - 60% to reflect a balanced housing market, with above and below that threshold indicating sellers’ and buyers’ market conditions, respectively.

Read more: Canadian CPI comes in at 2.9% in March

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! 


  1. Statistics Canada
  2. APCIQ
  3. CREA
  4. Statistics Canada

Jamie David, Director of Marketing and Head of Mortgages

Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio

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