Find the best mortgage rate in Quebec
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Best Quebec mortgage rates - Fixed mortgage rates
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Best Quebec mortgage rates - Variable mortgage rates
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Quebec mortgage rates: FAQ
How much can I save by comparing mortgage rates in Quebec?
Why compare Quebec mortgage rates on Ratehub.ca?
What’s the difference between fixed and variable mortgage rates?
Which is better: fixed or variable mortgage rates?
Should I worry about pre-payment options when selecting a rate?
What is a mortgage rate hold?
Should I use a mortgage broker in Quebec?
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Getting the best mortgage rates in Quebec

Jamie David, Sr. Director of Marketing and Mortgages
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%
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Quebec housing market: May 2023 update
Home sales in Quebec continue to come in below last year’s hot activity; according to the latest data released by the Canadian Real Estate Association on May 15, 2023 for the month of April, a total of 7,458 homes sold, down -22.4% year over year. The average Quebec home price came to $477,117, a decline of -4.8%.
The number of homes brought to market also contracted by -7.7%, with a total of 10,485 new listings. Overall, the number of months of inventory sits at 4.5, up 1.8 from the previous year. However, the decline in new inventory has kept Quebec in a tight sellers’ market, with a sales to new listings ratio of 63.4%. As per CREA, a ratio between 40 - 60% indicates balanced conditions, with above and below that threshold signalling sellers’ and buyers’ markets, respectively.
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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. Those declines are expected to ease somewhat in 2023, according to an updated forecast released by CREA in April; transactions are to total 85,930 by the end of the year, marking a 1.3% year-over-year decrease. That’s expected to rise considerably into the following year, however, with sales to hit 91,895 deals, up 6.9%.
Prices, however, will remain below their pandemic peaks for some time; the average Quebec home value will come in -5.4% below 2022 levels at the end of 2023 at $457,314, before moderating by -1.8% by the end of 2024, at $448,876.
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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.Â
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!
- 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 Program
Sources:
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 more