Best Mortgage Rates in Montréal
Compare current mortgage rates in Montréal and find the best rate in seconds.
We compare the most competitive brokers, lenders and banks in Montréal to bring you today's best mortgages rates, at no cost to you. Our comparison charts list current Montréal rates, and are updated every few minutes. To learn more about a particular rate, simply click "Inquire" - an agent will contact you within 1 business day. Don't worry, there are no obligations when you choose to inquire. Advertising DisclosureRates updated:
|1-yr||1.54% CanWise Mortgages A Ratehub Company Compare all rates|
|2-yr||1.54% CanWise Mortgages A Ratehub Company Compare all rates|
|3-yr||1.54% CanWise Mortgages A Ratehub Company Compare all rates|
|4-yr||1.54% CanWise Mortgages A Ratehub Company Compare all rates|
|5-yr||1.44% CanWise Mortgages A Ratehub Company Compare all rates|
|6-yr||3.77% CanWise Mortgages A Ratehub Company Compare all rates|
|7-yr||1.99% CanWise Mortgages A Ratehub Company Compare all rates|
|10-yr||2.44% CanWise Mortgages A Ratehub Company Compare all rates|
Prime - 1.00CanWise Mortgages A Ratehub Company Compare all rates
Best mortgage rates in Montréal (view all) +
A guide to getting a mortgage in Montreal
Content last updated: May 5, 2020
As Quebec’s largest city, Montreal has a bustling housing market, which results in a high demand for mortgages. If you’re looking to take out a mortgage in Montreal, one of the best things you can do is to compare the market, to make sure you’re not missing out on a great deal.
Getting 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, so are about as current as they can be.
Remember that the rate you personally qualify for will probably be different than the rates above. This is because there are lots of other factors that influence the rate you’re going to be offered, including your credit score, down payment, as well as the purpose and purchase price of the property.
To get a personalized set of quotes in just a few minutes, click here and answer a few simple questions.
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 up front. 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 purchase price. Learn more here.
PST on CMHC Insurance: 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.
These are just some of the closing costs you’ll pay when buying a home in Montreal. Learn more on our closing costs education centre page.
Montreal first-home buyer rebates
Unlike other provinces including BC and Ontario, Quebec does not have a first-time home buyers land transfer tax rebate. This is especially unfortunate for first-time home buyers in Montreal, which has relatively high land transfer tax rates.
There is, however, and additional first-time home buyers tax credit available in Quebec. Alongside the maximum $750 first-time home buyer 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 home buyers in Montreal are able to access the national first-home buyer programs. Be sure to check those out if you’re in this situation.
Montréal mortgage rates: Frequently Asked Questions
Here are a few answers to the most common questions we receive.
How much can I save by comparing Montréal mortgage rates?
Getting a mortgage in Montréal is probably the biggest financial commitment you’ll make in your life, so it’s important to get a great deal. Comparing mortgage rates from different providers is one of the best things you can do to get a lower rate.
So how much can you save with a lower rate? On a $500,000 mortgage with a 25-year amortization, paying 2.50% instead of 3.0% could save you around $126 a month. Overall, you’d pay $11,767 less in interest over a 5-year term. You can use our mortgage payment calculator to input your own figures, and work out how much you could save by comparing mortgage rates.
Why compare Montréal mortgage rates with Ratehub.ca?
Ratehub.ca makes it easy to compare Montréal mortgage rates, but pulling rates from the big banks, Montréal mortgage brokers, and smaller lenders like credit unions, all in one place. By seeing what’s available in Montréal, you’ll be able to make sure you get the best possible deal. We do this at no cost to you.
Are Montréal mortgage rates higher than other cities?
Montréal mortgage rates can sometimes differ from other Canadian cities, but not just because of the city itself. Mortgage rates are determined by lots of factors, including competition among lenders to offer the lowest rates. Some cities have more competition than others, which generally leads to slightly lower rates. However, the differences are generally small.
What’s the difference between variable and fixed rates?
Variable rates can change over the course of your mortgage term (which can range from 1 to 10 years). On the other hand, fixed rates remain constant throughout your mortgage term, even if the prime rate changes.
The advantage of variable rates is that if rates fall across the market, then your rate will also drop. The downsides are that rates can go up. This would also cause your rate to rise, which means paying more on your regular mortgage payment.
The advantage of fixed rates is that your regular mortgage payments will stay the same for your entire term. However, if prime rates were to drop, you’d be missing out on the savings that a lower rate would offer.
Is it worth getting a mortgage pre-approval?
When buying a new home in Montréal it’s generally worth getting a pre-approval. A pre-approval is an in-principal commitment from a lender to offer you a particular rate for a given mortgage. This gives you confidence that the homes you’re looking at are within your budget, and lets you move faster when you’re ready to make an offer.
You can start the pre-approval process by going directly to a lender, or you can apply with the help of a mortgage broker. Remember that you’re not obligated to get a mortgage with a particular lender, even if you’ve been pre-approved by them. Also remember that your pre-approval is not a final guarantee of a particular rate. That’s only confirmed when you make your final application.
Which bank has the best mortgage rates in Montréal?
No one bank has the best rates in Montréal, or offers the best mortgage in Montréal. Mortgage rates change regularly, and different lenders will often run promotions that make them temporarily more competitive. The best way to get a lower mortgage rate is to compare current rates from multiple mortgage providers and brokers.
Remember as well that the best mortgage for you is not necessarily the one with the lowest rate. Your mortgage will be a big part of your life for years to come, and getting one with the right features and terms is sometimes more important than the rate. Getting advice from a Montréal mortgage broker is a good way to better understand this, if you’re worried.
Should I use a mortgage broker in Montréal?
A mortgage broker can connect you with mortgage products from a range of lenders, both big and small. As well as being connected with multiple lenders, brokers often have access to rates and deals that aren’t available to the public. Generally, getting a mortgage through a broker will help you secure a lower mortgage rate than going directly to your current bank. Mortgage brokers are free for you to use, so there’s no risk in approaching one for a chat.