Compare the best mortgage rates in Montreal. Show off your savvy.

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Best Variable Rate
True North Mortgage

True North Mortgage

Term 5 Year
Type Variable Closed
Rate 2.70%
Best Fixed Rate
True North Mortgage

True North Mortgage

Term 5 Year
Type Fixed Closed
Rate 2.54%
True North Mortgage

True North Mortgage

Term 3 Year
Type Fixed Closed
Rate 2.74%
True North Mortgage

True North Mortgage

Term 2 Year
Type Fixed Closed
Rate 2.74%
True North Mortgage

True North Mortgage

Term 4 Year
Type Fixed Closed
Rate 2.79%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Fixed Closed
Rate 2.87%
First National

First National

Term 5 Year
Type Fixed Closed
Rate 2.89%
Scotiabank

Scotiabank

Term 5 Year
Type Fixed Closed
Rate 5.19%
BMO Bank of Montreal

BMO Bank of Montreal

Term 3 Year
Type Fixed Closed
Rate 2.92%

Compare mortgage rates in Montreal.

Montreal is Canada’s second most populated city, but it still has one of the most affordable urban housing markets in the country, and some of the lowest mortgage rates. At LowestRates.ca, we help you find the most competitive mortgage offers in the city — free of charge and with no obligation.

Variable or fixed: which is lower?

One of the most important decisions Montreal borrowers will make is whether to choose a variable rate or a fixed rate mortgage. We compared the 5-year variable and the 5-year fixed rates that have been available on our site (and taken by our users) since the start of 2014. Our findings? Variable rates track about 0.5% lower than fixed rates.

On average, variable rates are almost half a percentage point lower than fixed rates.On a $400,000 mortgage that’s an average savings of:

$102 Per Month
$1,228 Per Year
$30,712 In a Lifetime

5-year fixed mortgage rate in Montreal vs 5-year variable rate from LowestRates.ca

MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
Nov 20152.54%1.95%
Dec 20152.51%2.18%
Jan 20162.54%2.1%
Feb 20162.62%2.13%
Mar 20162.48%2.33%
Apr 20162.48%2.15%
May 20162.37%2.15%
June 20162.34%2.02%
July 20162.29%1.99%
Aug 20162.29%1.99%
Sept 20162.29%1.99%
Oct 20162.25%2.14%

Focus On

Montreal housing.

Housing activity in Montreal has remained relatively subdued in recent years. Prices for both homes and condos have seen only modest increases lately, and realtors characterize real estate in the city as ‘stuck in neutral’ between a buyer’s and a seller’s market.

But for now, Montreal stands out as a bargain, with the price of a single-detached home averaging just under $360,000 – one of the lowest average prices for any major Canadian city.

Single-Detached Home and Condo Prices by City

CitySingle-detachedCondo
Canada$523,900$358,900
Vancouver$1,380,300$493,100
Calgary$513,900$307,000
Edmonton$418,500$247,400
Toronto$768,500$371,800
Ottawa$402,000$300,600
Montreal$355,800$286,200

Average home prices in Montreal follow a pattern lately: prices slide in the first quarter and then pick up momentum for the rest of the year. Will it happen again in 2017? Only time will tell.

Average Home Prices in Montreal.

DateHome Prices
Q1 2013$319,350
Q2 2013$333,414
Q3 2013$337,579
Q4 2013$336,539
Q1 2014$324,669
Q2 2014$339,468
Q3 2014$345,368
Q4 2014$354,115
Q1 2015$336,636
Q2 2015$349,652
Q3 2015$358,415
Q4 2015$345,336
Q1 2016$336,282
Q2 2016$348,069
Q3 2016$357,617

The new home market in Montreal is still the least expensive of Canada’s major cities. Currently averaging about $450,000, Montreal’s new homes seem like a bargain compared to those in Toronto, Vancouver, or even Calgary.

New Home Prices in Montreal, Single-Detached

YearPrice
2011$362,243
2012$407,065
2013$411,623
2014$423,421
2015$440,500
2016 (F)$456,000

Your Montreal mortgage questions, answered.

Variable or fixed: which is more popular?

Variable rates are slightly more popular than fixed rates in Montreal, a trend we’ve seen in other Canadian cities as well.

5-Year Fixed Rates vs. 5-Year Variable Rates in Montreal: Who Takes What?✝

of Montreal borrowers apply for 5-year variable mortgages
50.43%
of Montreal borrowers apply for 5-year fixed mortgages
49.57%

✝Based on borrowers in Montreal who applied for a mortgage at LowestRates.ca since 2014.

About Montreal

Visitors and residents agree: it's hard not to love Montreal. This elegant island metropolis is known around the world for its European ambiance, rich cultural heritage and big city charms. Legitimately bilingual, Montrealers can be heard conversing in both French and English and the city serves as a crossroads for people from around the globe, with particularly strong Arab, African, and South Asian communities.

Montreal is also the site of four separate universities, giving it the highest concentration of post-secondary students of any major city in North America, and imbuing its streets with a youthful, vibrant feel. The city is home to one of the Original Six teams of the NHL, the Canadiens, and recently added a Major League soccer team, the Impact, to its roster of pro sports franchises.

Visitors and residents alike can find art and music festivals in the city year-round, with the Montreal Jazz Festival being perhaps the most famous annual event.

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