These are the best
mortgage rates for
RBC Royal Bank
Compare the best rates
Answer a few quick questions and see the lowest rates you can qualify for.
Apply for your mortgage instantly and easily using our secure online application.
Connect with our mortgage advisors
Questions or comments? Book a call and one of our mortgage advisors will walk you through all the details
How much can I save by comparing Montreal mortgage rates?
Why compare Montreal mortgage rates with Ratehub.ca?
Are Montreal mortgage rates higher than other cities?
What’s the difference between variable and fixed rates?
Is it worth getting a mortgage pre-approval?
Which bank has the best mortgage rates in Montreal?
Should I use a mortgage broker in Montreal?
Let us help you determine which rate best suits your individual needs by answering a few short questions about your home and financial history.help me find my rate
Jamie David, Business Director Mortgages
As Quebec’s largest city, Montreal has a bustling housing market, which results in high demand for mortgages. That's great for prospective homebuyers, as more competition between mortgage providers generally results in lower rates.
If you’re looking to take out a mortgage in Montreal, one of the best things you can do is to compare rates from multiple lenders, to take full advantage of this competition!
Best mortgage rates in Montreal +
Comparing the best mortgage rates in Montreal
The tables at the top of this page contain rates from Montreal's leading mortgage providers, including big banks, smaller lenders, and mortgage brokers. The rates are updated every few minutes.
Remember that the rate you qualify for may be different than the rates above. This is because there are lots of other factors that influence your final rate, including your credit score, down payment, as well as the purpose and purchase price of the property.
To get a better idea of the rates you're actually eligible for, you can quickly compare personalized quotes from multiple lenders with Ratehub.ca for free. To get started, use the tools at the top of this page.
Montreal closing costs
If you’re buying a home in Montreal, be sure to factor in the relevant closing costs. Some closing costs can be added to your mortgage and paid off over time, but others need to be paid in cash upfront. Be sure to remember this when you set your savings goals.
- Quebec Land Transfer Tax: The Quebec government will charge a land transfer tax on top of your property purchase price. Montreal is subject to a higher set of land transfer taxes than the rest of Quebec. The marginal land transfer tax rate for Montreal is 1.5% - 2.5% depending on the purchase price. Learn more here.
- CMHC Insurance (and PST): If you take out an insured mortgage, you’ll need to pay for mortgage default insurance, also called CMHC insurance. While the premiums can be added to your mortgage, the provincial sales tax (PST) on those premiums needs to be paid upfront. In Quebec, premiums are subject to a 9% tax.
- Legal Fees: Any property purchase will require some legal documents to be processed by a Quebec licensed real estate lawyer. Fees for this are generally in the hundreds or low thousands of dollars.
- Adjustment fees: You may need to reimburse the seller for any prepaid utilities, maintenance, or taxes on the home.
These are just some of the closing costs you’ll pay when buying a home in Montreal. Learn more on our closing costs education center page.
Montreal first-time homebuyer rebates
Unlike other provinces including BC and Ontario, Quebec does not have a first-time homebuyers land transfer tax rebate. This is especially unfortunate for first-time homebuyers in Montreal, which has relatively high land transfer tax rates.
There is, however, an additional first-time homebuyers tax credit available in Quebec. Alongside the maximum $750 first-time homebuyer federal tax credit, Quebec residents can claim an additional $750 maximum credit in the year they first purchase a home.
In addition to this, first-time homebuyers in Montreal are able to access the national first-time homebuyer programs. Be sure to check those out if you’re in this situation.
Jamie David is the Business Director of Mortgages at Ratehub.ca. 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 Ratehub.ca 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.read linkedin bio
We help you find better financial products for your specific needs. Whether you need a mortgage, credit card, savings account, or insurance coverage, we get you the information you need to choose better.
How does Ratehub.ca make money?
Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.
How are CanWise Financial and Ratehub.ca connected?
Both Ratehub.ca and CanWise Financial are owned and operated by Ratehub Inc. When comparing mortgage rates on Ratehub.ca, you’ll see rates from a number of lenders and mortgage brokers, including CanWise Financial. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us.
We’re happy to send users to CanWise because of their great rates, trusted advice, and experienced mortgage team. Read any of their 3,300 five-star Google and Facebook reviews and you’ll see what we mean.