Best Variable Rate
True North Mortgage

True North Mortgage

Term 5 Year
Type Variable Closed
Rate 2.71%
Best Fixed Rate
True North Mortgage

True North Mortgage

Term 5 Year
Type Fixed Closed
Rate 3.39%
True North Mortgage

True North Mortgage

Term 1 Year
Type Fixed Closed
Rate 2.94%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Variable Closed
Rate 4.10%
True North Mortgage

True North Mortgage

Term 3 Year
Type Fixed Closed
Rate 3.29%
BMO Bank of Montreal

BMO Bank of Montreal

Term 6 Months
Type Fixed Closed
Rate 4.20%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Fixed Closed
Rate 3.69%
First National

First National

Term 5 Year
Type Fixed Closed
Rate 3.79%
Scotiabank

Scotiabank

Term 5 Year
Type Fixed Closed
Rate 5.44%

Montreal mortgage rates

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.

Mortgage Interest Savings in Montreal:
5-year variable vs. 5-year fixed from LR.ca
MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
Nov 2015 2.54% 1.95%
Dec 2015 2.51% 2.18%
Jan 2016 2.54% 2.10%
Feb 2016 2.62% 2.13%
Mar 2016 2.48% 2.33%
Apr 2016 2.48% 2.15%
May 2016 2.37% 2.15%
June 2016 2.34% 2.02%
July 2016 2.29% 1.99%
Aug 2016 2.29% 1.99%
Sept 2016 2.29% 1.99%
Oct 2016 2.25% 2.14%
Average LR.ca 5-year fixed rate Average LR.ca 5-year variable rate 1.5% 2.0% 2.5% 3.0%
  • Nov 2015
  • Dec 2015
  • Jan 2016
  • Feb 2016
  • Mar 2016
  • Apr 2016
  • May 2016
  • June 2016
  • July 2016
  • Aug 2016
  • Sept 2016
  • Oct 2016
Our variable rates are almost half a percent lower than our fixed rates.

On a $400,000 mortgage, that's an average savings of:

$102
Per month
$1,228
Per year
$30,712
Per lifetime
5-Year Fixed Rates vs. 5-Year Variable Rates in Montreal: Who Takes What?✝
50.43%
of Montreal borrowers apply for 5-year variable mortgages
49.57%
of Montreal borrowers apply for 5-year fixed mortgages

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

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.

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
Single-Detached
Condo
$0k $200k $400k $600k $800k $1,000k $1,200k $1,400k
Canada
Vancouver
Calgary
Edmonton
Toronto
Ottawa
Montreal

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
Source: CMHC
$300k $400k 2013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q42016 Q12016 Q22016 Q3 $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
Source: CMHC
$0k $200k $400k $600k 2011 2012 2013 2014 2015 2016 (F)

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.

More ways to find a great rate