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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?
Jamie David, Director of Marketing & 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 +
Montreal at a glance
- Population: 1.7 million - 2nd largest city in Canada after Toronto
- Average Detached Home Price: $595,000 - a 20% year-over-year increase
- Average Household Income: $50,227
- Percentage of Homeowners: 37%
Fun Facts About Montreal
- The Jean-Talon Market is a farmer’s market in Montreal’s Little Italy district. It is the largest open-air market in North America.
- Montreal hosts many major entertainment festivals, including the Montreal Jazz Festival (the largest jazz festival in the world), Just for Laughs (the largest comedy festival in the world) and Les Francos de Montréal (the largest French music festival in the world).
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, credit unions and smaller lenders. 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 and 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 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% - 3%, depending on the purchase price. Learn more about Quebec's Land Transfer Tax here.
- Mortgage Default 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 up front. 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 pre-paid 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 centre 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 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 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
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