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Check out today's best mortgage rates in Canada by type and term.
| Insured ? | 80% LTV ? The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | 65% LTV ? The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | Uninsured ? | Bank Rate ? | ||
|---|---|---|---|---|---|---|
Insured 4.64% | 80% LTV 4.19% | 65% LTV 4.19% | Uninsured 4.99% | 4.99% | ||
Insured 3.99% | 80% LTV 3.89% | 65% LTV 3.89% | Uninsured 4.44% | 4.53% | ||
Insured 3.69% | 80% LTV 3.79% | 65% LTV 3.79% | Uninsured 3.9% | 4.39% | ||
Insured 3.84% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.39% | 4.44% | ||
Insured 3.69% | 80% LTV 3.55% | 65% LTV 3.55% | Uninsured 3.69% | 4.19% | ||
Insured 4.19% | 80% LTV 4.24% | 65% LTV 4.24% | Uninsured 4.89% | 5% | ||
Insured 5.04% | 80% LTV 4.34% | 65% LTV 4.34% | Uninsured 5.24% | 6.09% | ||
Insured 3.9% | 80% LTV 3.95% | 65% LTV 3.9% | Uninsured 3.9% | 5.95% | ||
Insured 3.45% | 80% LTV 3.45% | 65% LTV 3.45% | Uninsured 3.5% | 4.24% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.45% | 80% LTV 5.45% | 65% LTV 5.45% | Uninsured 5.5% | N/A |
There are three main drivers behind mortgage rates in Montreal and Canada at large:
The Bank of Canada influences mortgage rates through its policy rate. The Bank’s objective is to keep inflation in the target range of 1% to 3% and preserve the value of the Canadian dollar. It achieves this by setting the target overnight rate, also known as the policy rate.
As of today, the policy rate is 2.25%. The central bank uses the target rate to influence how the banks set their own rates and acts as a barometer for the rate at which banks borrow and lend among themselves.
The higher the inflation, particularly if it’s above 3%, the higher the likelihood of a rate hike. Though inflation does not directly affect mortgage rates, the Bank tends to raise rates to cool down economic activity and force homebuyers to retreat from the market. It’s worth noting that government bond yields, which influence fixed rates, are affected by inflation as well, in addition to factors like oil prices, geopolitical tensions and broader economic conditions (which currently remain uncertain).
Banks, credit unions, monoline lenders and other financial institutions compete to attract borrowers across Montreal and beyond. During competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders — including local Quebec credit unions like Desjardins — can often result in a better mortgage rate.
There are a few different factors lenders look at when deciding whether or not to approve your mortgage application, and whether they can offer you the lowest mortgage interest rates in Montreal.
1. Down payment
When you buy a home, you’ll need to pay a percentage of the purchase price up front. How much money you can afford to pay upfront toward the cost of your home determines the size of your mortgage. It also factors significantly into determining your mortgage rate. The larger the down payment, the better — a larger down payment makes you less risky to lenders, and signals that you’ll be able to make your mortgage payments on time.
In Canada, federal mortgage rules require homebuyers to put down 5% to 20% of the home’s total sales price, depending on the price of the home. Here’s how it works:
If your down payment is less than 20% of the total price of the home, you’ll need to purchase mortgage insurance from the Canadian Mortgage and Housing Corporation (CMHC).
2. Debt service ratio
Besides your down payment, mortgage lenders also consider how much money you owe. They look at two different types of debt ratios:
3. Credit score
Credit scores in Canada range from 300 to 900. Your score directly affects whether you’ll be approved for a mortgage and the interest rates lenders will offer. To lenders, a higher credit score makes you appear trustworthy — it means you pay your bills on time, keep your balances low on loans and credit cards, and have a solid credit history with no bankruptcies or other red flags. The higher your credit score, the more likely it is that lenders across Canada can offer the best mortgage rates for Montreal.
4. Income
Lenders will look at how much money you earn from sources such as a salaried job, rental income or investments. They’ll also look at the type of employment (full-time, casual, temporary or seasonal) and the length of time you’ve been employed. Self-employed people will need to show lenders three years of tax returns, your personal and business credit score, business articles of incorporation, proof of ownership, business or GST licence and other supporting documents for your business such as an income statement, cash flow statement and balance sheet.
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How do these mortgage types differ? Conventional (low-ratio) mortgage requires a down payment of 20% or more, with no mandatory insurance, while a high-ratio mortgage requires a down payment of below 20%, plus mandatory insurance.
Which mortgage type offers cheaper rates? As of September 2026, the average conventional 5-year fixed rate is 4.39%. That’s 31 bps above the average high-ratio 5-year fixed rate, which stands at 4.08%.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 12/24 | 4.79% | 4.56% |
| 01/25 | 4.80% | 4.60% |
| 02/25 | 4.80% | 4.57% |
| 03/25 | 4.68% | 4.45% |
| 04/25 | 4.67% | 4.46% |
| 05/25 | 4.75% | 4.62% |
| 06/25 | 4.73% | 4.63% |
| 07/25 | 4.60% | 4.40% |
| 08/25 | 4.61% | 4.44% |
| 09/25 | 4.53% | 4.44% |
| 10/25 | 4.49% | 4.36% |
| 11/25 | 4.38% | 4.33% |
Last Updated: September 1, 2026
How do these mortgage rates differ? A fixed rate mortgage is a rate fixed over a period of time. Interest rates and the mortgage payments remain the same (and consistent) over that mortgage term. A variable rate mortgage is different. While the mortgage payment remains constant, the interest rate payments fluctuate with the prime interest rate.
Which rate is cheaper? As of September 2026, the 5-year fixed rate is 4.26%. That’s 45 bps above the 5-year variable rate, which stands at 3.81%.
| Month | Fixed | Variable |
|---|---|---|
| 12/24 | 4.77% | 5.30% |
| 01/25 | 4.82% | 5.14% |
| 02/25 | 4.70% | 4.90% |
| 03/25 | 4.60% | 4.75% |
| 04/25 | 4.60% | 4.74% |
| 05/25 | 4.74% | 4.88% |
| 06/25 | 4.73% | 4.85% |
| 07/25 | 4.57% | 4.86% |
| 08/25 | 4.54% | 4.85% |
| 09/25 | 4.62% | 4.69% |
| 10/25 | 4.64% | 4.55% |
| 11/25 | 4.65% | 4.44% |
Last Updated: September 1, 2026
New mortgage loan values have been trending upward throughout 2025, reaching the average of $323,365 in Montreal and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in Montreal from 2022 to 2025:
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Canada | $368,936 | $371,063 | $363,654 | $325,612 | $320,298 | $314,540 | $338,522 | $327,899 | $323,537 | $332,825 | $349,364 | $343,271 | $356,831 | $350,281 | $360,986 | $360,597 |
| Montréal | $289,899 | $299,545 | $308,716 | $271,806 | $265,446 | $259,628 | $278,183 | $270,175 | $265,049 | $280,237 | $302,327 | $293,273 | $303,693 | $313,656 | $331,558 | $323,365 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $2,817 in Montreal by the end of Q4 2025.
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $1,348 | $1,445 | $1,609 | $1,605 | $1,647 | $1,594 | $1,714 | $1,763 | $1,742 | $1,767 | $1,854 | $1,748 | $1,781 | $1,787 | $1,867 | $1,833 |
New homebuyers are sometimes surprised to find out there are other costs when buying a property. These are called closing costs and they’re typically an additional 3% or 4% of the purchase price.
Some of the most common closing costs include:
Land transfer tax calculations for a $500,000 property in Motreal without a rebate are:
Mortgage term: A mortgage term is the length of time you’re committed to a particular lender and mortgage rate. The most popular mortgage term in Canada is five years, though terms can range from six months to 10 years. If you still have money to pay off at the end of your term, you can renew your mortgage at a new rate.
Amortization period: The amortization period is the length of time it will take you to fully pay off your loan’s principal, plus the interest. In other words, amortization is the total lifespan of your mortgage. In Canada, the maximum amortization period is 35 years. If your down payment is less than 20% of the total price of the home and you’re required to purchase CMHC mortgage insurance, your maximum amortization period is 25 years.
The most common type of mortgage in Canada is one with a five-year term with a 25-year amortization period. Once the amortization period ends and you’ve paid off your mortgage (and interest costs) in full, you officially own your home outright.
In addition to choosing rates and terms, Montreal buyers will also need to decide between two types of mortgage payment structures: open or closed.
Securing a low mortgage rate for your Montreal house is one great way to save money on your mortgage. However, it’s one of many things you can do to increase the overall affordability of your mortgage. Some of these features might include prepayment privileges and portability.
LowestRates.ca works with top banks and brokers to bring you cheap Montreal mortgage rates from lenders across Canada. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates for Montreal. There’s no obligation, but you can choose to speak with our broker partner to secure your best rate and see if you're eligible for more savings.
Yes, it’s safe — you no longer need to visit a bank branch or mortgage broker’s office in person to apply for a mortgage. It’s becoming increasingly common for Canadians to apply for mortgages online. LowestRates.ca only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders not only in Montreal, but across the country.
We have a strong selection of lenders on LowestRates.ca including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research (it’s totally free, and you’re under no obligation).
The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most.
Jane Switzer
About the Author
Jane Switzer is a writer, editor and native Torontonian. She got her start working in daily journalism, and is now a Content Manager for LowestRates.ca.
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