Lowest mortgage rates in Quebec
See today’s best mortgage rates from top banks, credit unions, and lenders across Quebec. Whether you’re buying in Montreal, Quebec City, or elsewhere in the province, comparing rates is the most effective way to save on your mortgage.
Current mortgage rates in Quebec
| Name | 2-Year Fixed | 3-Year Fixed | 4-Year Fixed | 5-Year Fixed | 5-Year Variable |
|---|---|---|---|---|---|
| BMO | 7.34 | 6.95 | 6.74 | 6.79 | 6.7 |
| CIBC | 6.99 | 6.99 | 6.74 | 6.84 | 6.7 |
| Nesto | 5.84 | 4.79 | 4.89 | 4.34 | 5.4 |
| Pine | 6.24 | 4.24 | 4.54 | 4.34 | 4.75 |
| RBC | 5.89 | 5.09 | 4.99 | 4.94 | 6.1 |
| Scotiabank | 7.19 | 6.74 | 6.54 | 6.59 | 7.15 |
| TD | 7.34 | 5.22 | 6.74 | 5.12 | 6.19 |
| True North | 4.99 | 4.84 | 4.84 | 4.49 | 5.5 |
This table was last updated on December 21, 2024 rates are from the data available on each institution’s website.
How to get the best mortgage rate in Quebec
To find the lowest mortgage rate in Quebec:
- Compare multiple lenders — use mortgage brokers who access rates from dozens of lenders. Quebec has strong broker competition through organizations like OACIQ
- Credit score matters — a score above 720 typically qualifies you for the best rates
- Insured mortgages get lower rates — putting less than 20% down means mortgage insurance, but insured mortgages often receive lower interest rates
- Negotiate — use competitive quotes as leverage
- Rate holds — lock in a rate for 90-120 days while you shop for a home
Fixed vs. variable mortgage rates in Quebec
| Feature | Fixed Rate | Variable Rate |
|---|---|---|
| Typical 5-year rate (2025) | 3.9% - 5.0% | 4.3% - 5.5% |
| Payment certainty | Yes | No — changes with prime rate |
| Penalty to break | Interest Rate Differential (IRD) | Typically 3 months’ interest |
| Best when | Rates are expected to rise | Rates are expected to fall |
The Bank of Canada cut its policy rate from 5.00% to 2.75% between June 2024 and early 2025. This has brought both fixed and variable rates down significantly from their 2023 peaks.
Quebec mortgage payment examples
Monthly payments on a $500,000 mortgage with 20% down ($400,000 mortgage, 25-year amortization):
| Interest Rate | Monthly Payment | Total Interest (25 years) |
|---|---|---|
| 3.5% | $1,997 | $199,100 |
| 4.0% | $2,104 | $231,020 |
| 4.5% | $2,210 | $263,050 |
| 5.0% | $2,323 | $296,820 |
| 5.5% | $2,438 | $331,340 |
A 1% difference in rate on a $400,000 mortgage means approximately $200/month or $60,000+ in total interest. Use the Quebec mortgage payment calculator for your specific scenario.
Quebec welcome tax (land transfer tax)
Quebec calls its land transfer tax the droits de mutation (commonly known as the “welcome tax”). It is one of the most significant closing costs for Quebec homebuyers:
| Property Value | Marginal Rate |
|---|---|
| First $58,900 | 0.5% |
| $58,901 to $294,600 | 1.0% |
| $294,601 to $500,000 | 1.5% |
| Over $500,000 | 3.0% |
Example: On a $500,000 home, the welcome tax is approximately $6,525.
Some municipalities (including Montreal) charge higher rates above certain thresholds. The welcome tax must be paid within 30 days of closing and cannot be added to the mortgage.
Use the Quebec land transfer tax calculator for your exact estimate.
Quebec mortgage affordability
Quebec offers some of the most affordable housing among Canada’s major provinces. Key factors:
- Montreal — median home price ~$590,700, well below Toronto (~$1.1M) and Vancouver (~$1.3M). See the Montreal housing market report
- Quebec City — even more affordable than Montreal
- Regions — rural Quebec has some of the lowest home prices in the country
Use the Quebec mortgage affordability calculator to see how much home you can afford based on your income and debts.
Down payment requirements
| Home Price | Minimum Down Payment |
|---|---|
| Up to $500,000 | 5% of purchase price |
| $500,001 - $999,999 | 5% on first $500K + 10% on remainder |
| $1,000,000+ | 20% of purchase price |
For the median Montreal home ($590,700), the minimum down payment is $34,070 (5% of $500K + 10% of $90,700).
If your down payment is less than 20%, mortgage insurance is required. First-time buyers can use:
- FHSA — save up to $8,000/year tax-free
- Home Buyers’ Plan — withdraw up to $60,000 from your RRSP
- Down payment calculator — plan your savings timeline
Quebec tax context for homeowners
Quebec’s tax system affects how much income is available for mortgage payments:
- Provincial income tax: Quebec has provincial tax brackets from 14% to 25.75%
- Federal abatement: Quebec residents receive a 16.5% reduction on federal tax
- QST: 9.975% Quebec sales tax + 5% GST on purchases — see the Quebec sales tax calculator
- Average income: See the average income in Quebec for context
Use the debt service ratio calculator to understand how lenders assess your carrying capacity.
Frequently asked questions
What are the best mortgage rates in Quebec right now?
As of 2025, competitive 5-year fixed rates range from 3.9% to 5.0%. Variable rates range from 4.3% to 5.5%. Rates change frequently — use the comparison above for current data.
What is the welcome tax in Quebec?
The welcome tax (droits de mutation) is Quebec’s land transfer tax, charged progressively from 0.5% to 3%. On a $500,000 home, it’s approximately $6,525.
Should I choose a fixed or variable mortgage in Quebec?
With the Bank of Canada cutting rates through 2024-2025, variable rates have become more competitive. Fixed rates provide certainty. Consider your risk tolerance and timeline.
How much house can I afford in Quebec?
Use the Quebec mortgage affordability calculator for personalized estimates based on your income, debts, and down payment.
Related guides
- Quebec mortgage payment calculator
- Quebec mortgage affordability calculator
- Quebec land transfer tax calculator
- Montreal housing market report
- Down payment calculator
- Mortgage insurance calculator
