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: July 2025 update

On July 15, 2025, the Canadian Real Estate Association (CREA) released housing market data for June, showing steady growth in Quebec’s real estate market. Home sales reached 8,931 transactions, marking a 16% increase compared to June 2024. The average home price also rose by 8.1% year over year to $551,793.

New listings saw a 14% annual increase, with 12,313 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 4.2 months, down from 4.8 months a year earlier. 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, rose by 1.3 percentage points to 72.5%. CREA considers an SNLR between 45% and 65% to indicate a balanced market, while anything below 45% is a buyer’s market and anything above 65% signals a seller’s market. Since Quebec’s ratio is well above this threshold, it indicates the housing market in June remained firmly tilted in favour of sellers, with rising prices, increased sales, and strong competition among buyers.

Read more: National home sales continue to recover in June

Highlights from the June 4, 2025 Bank of Canada announcement

On June 4, 2025, the Bank of Canada held its benchmark overnight rate steady at 2.75% for a second straight meeting. This pause comes after seven rate cuts that began from June 2024 to March 2025, lowering the benchmark rate by 225 basis points from a high of 5%.

• This latest hold reflects the Bank’s cautious stance amid mixed economic signals. While inflation has moderated on the surface – April’s headline CPI excluding taxes came in at 2.3% and core inflation rose to 3%, exceeding the Bank’s expectations. 
• The prime rate stays at 4.95%, meaning no changes to borrowing costs for Canadians with variable-rate mortgages, HELOCs, or other prime-based financial products.
• Fixed mortgage rates continue to be shaped by bond market conditions. With the five-year government bond yield holding near 2.8%, lenders face limited room to offer discounts. The lowest five-year fixed insured mortgage rate remains at 3.84%.
• Savers will benefit from ongoing rate stability, with GICs and high-interest savings accounts maintaining attractive yields in the current environment.
• Looking ahead, the OECD forecasts another 50 basis points in rate cuts by the end of 2025, but the BoC will continue to monitor inflation, consumer confidence, trade disruptions, and global monetary policy before making further moves.

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