Skip to main content
Ratehub logo
Ratehub logo
We have renamed our brokerage. CanWise Financial is now Ratehub.ca mortgage brokerage. For more details, click here.

Let's help you find the best mortgage rate in Montreal

We’ll find the best rates for you in less than 2 minutes.

Montreal mortgage rates

Rates updated:

  • No Results
These are the best
  • all
  • 1-year
  • 2-year
  • 3-year
  • 4-year
  • 5-year
  • 6-year
  • 7-year
  • 8-year
  • 9-year
  • 10-year
  • 25-year
  • fixed
  • variable
mortgage rates for
  • buying a home
  • renewing
  • refinancing
  • home equity line of credit
RateTermTypeProvider
Featured3.09%
1 yearFixed

Canadian Lender

Featured3.39%
2 yearFixed

Canadian Lender

Featured3.49%
5 yearFixed

Canadian Lender

Featured3.69%
3 yearFixed

Canadian Lender

Step by step

How it works

  • Compare the best rates

    Answer a few quick questions and see the lowest rates you can qualify for.

  • Apply online

    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

MORTGAGE CALCULATORS

Not sure where to start? Check out our tools to get started

FAQS

Montreal mortgage rates: Common questions

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

education centre

Want to learn more? Check out our comprehensive education centre

Getting the Best Mortgage Rates in Montreal

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.

Sources:

  1. Canada Population
  2. CTV News
  3. Statistics Canada
  4. Fun World Facts

Author bio

Jamie David

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

About Ratehub.ca

Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.

When it comes to mortgages, Ratehub.ca is more than just the place to research and compare the best rates. Get your mortgage at Ratehub.ca and have the best of both worlds – online rates and award-winning customer service.

Ratehub.ca has been named Canada's Mortgage Brokerage of the Year for four years straight (2018-2021). With over 12 years of mortgage experience, and $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada, from online search to close.

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?

We own and operate a mortgage brokerage, Ratehub.ca (formerly known as CanWise Financial), and are compensated for mortgages funded through our brokerage. Ratehub Inc. o/a Ratehub.ca & CanWise is a licensed mortgage brokerage and CMHC-approved lender. When comparing mortgage rates on Ratehub.ca, you’ll see rates from a number of lenders, including CanWise. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us. Both Ratehub.ca and CanWise are owned and operated by Ratehub Inc.

We’re proud of our Ratehub.ca mortgage brokerage, which offers our users great rates, trusted advice and an award-winning team of mortgage experts. Read any of our 6,700 five-star Google and Facebook reviews and you’ll see what we mean.

read more about us

Lender Mortgage Rates