Compare 20+ mortgage rates from top banks and brokers with LowestRates.ca.
Visit our partner’s website to compare the best mortgage rates in Quebec.
Compare Mortgage RatesCompare Quebec mortgage rates from Canada’s top banks and brokers.
have compared rates and saved money over the last 24 hours
First, choose whether you're buying a new home, refinancing or renewing, and fill in a few details. It only takes 3 minutes, and it’s 100% confidential.
Next, we’ll show you quotes from 50+ Canadian banks and brokers. It’s free, with no commitment.
When you find the best quote, secure your Quebec mortgage rate by talking to a licensed broker or agent.
If you’re looking to buy a home or condo in la belle province, you’re in luck — your search for the best mortgage rates in Quebec is over. LowestRates.ca brings homebuyers the lowest current mortgage rates in Quebec from top providers across the country. Our no-obligation, free service compares the provincial housing market for you and automatically shows you the best mortgage rates in Quebec and Canada.
You may have a number of questions, such as: What are current mortgage rates in Quebec? What is the average mortgage rate in Quebec? What is the best mortgage rate in Quebec? Who has the best mortgage rates in Quebec? What is the average mortgage rate in Quebec?
Keep reading for more information about mortgages and the housing market in Quebec. When you’re ready, fill out the form above to compare mortgage rates in Quebec, to be matched with a provider in your area and secure the best mortgage rate they have to offer.
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 4.69% | 80% LTV 4.19% | 65% LTV 4.19% | Uninsured 5.59% | 5.49% | ||
Insured 4.04% | 80% LTV 3.89% | 65% LTV 3.89% | Uninsured 4.54% | 4.79% | ||
Insured 3.87% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.24% | 4.29% | ||
Insured 3.99% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.44% | 4.39% | ||
Insured 3.91% | 80% LTV 3.89% | 65% LTV 3.89% | Uninsured 3.91% | 4.09% | ||
Insured 4.39% | 80% LTV 4.24% | 65% LTV 4.24% | Uninsured 5.19% | 5% | ||
Insured 5.04% | 80% LTV 4.34% | 65% LTV 4.34% | Uninsured 5.29% | 6.09% | ||
Insured 4.15% | 80% LTV 4.3% | 65% LTV 4.3% | Uninsured 4.4% | 6.35% | ||
Insured 3.95% | 80% LTV 3.95% | 65% LTV 3.95% | Uninsured 4.05% | 4.25% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.25% | 80% LTV 5.25% | 65% LTV 5.25% | Uninsured 5.25% | N/A |
4.04%
3.89%
7.24%
LowestRates.ca users can submit an application for a number of different mortgage products. There are two main types of mortgages based on the amount of your down payment.
The first is a conventional mortgage loan, which means that homebuyers have put down at least 20% of the home’s purchase price as a down payment.
The second type is a high-ratio mortgage, which means that homebuyers have put down less than 20% of the purchase price as a down payment. With a high-ratio mortgage, the homebuyer will also have to purchase mortgage insurance from the Canada Mortgage and Housing Corporation (CMHC), or a private insurer such as Sagen (formerly Genworth Canada), or Canada Guaranty.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 07/24 | 5.07% | 4.93% |
| 08/24 | 5.20% | 5.03% |
| 09/24 | 5.17% | 4.97% |
| 10/24 | 4.85% | 4.59% |
| 11/24 | 4.76% | 4.48% |
| 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% |
Last Updated: July 1, 2025
When applying for a mortgage contract, you’ll need to decide whether you want a fixed or variable mortgage rate. This is another step where comparing the lowest mortgage rates in Quebec can be extremely helpful.
If you’re worried rates may rise, you’ll want to get a mortgage rate in Quebec that’s fixed. With a fixed rate, the mortgage rate stays the same for the entire mortgage term — 5-year fixed mortgage rates in Quebec (and Canada) are the most common.
If you’re not concerned about rates rising, you should consider getting a variable mortgage rate for your Quebec home. Variable mortgage rates in Quebec (and Canada) will often change if the Bank of Canada raises or lowers the overnight rate.
While variable rates have traditionally beat out fixed rates when it comes to consumer savings, fixed and variable rates have been closer than ever over the past year.
Below, you’ll find out what factors will determine whether or not you can get the best fixed or variable mortgage rates in Quebec.
| Month | Fixed | Variable |
|---|---|---|
| 07/24 | 4.93% | 6.12% |
| 08/24 | 4.99% | 6.14% |
| 09/24 | 5.01% | 6.19% |
| 10/24 | 4.75% | 5.76% |
| 11/24 | 4.66% | 5.40% |
| 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% |
Last Updated: July 1, 2025
Read More
According to the Canada Mortgage and Housing Corporation (CMHC’s) report the average scheduled monthly payments for new mortgage loans in Quebec was $1,222 in Q2 2023, compared to $1,150 just a year ago in Q2 2022. In Q1 2023 the average monthly payment was higher at $1,274, compared to a year ago in Q1 2022 at $1,093. This is indicative of the increase in mortgage rates due to the Bank of Canada’s policy interest rate hike in the last one and a half years. The Bank of Canada increased the overnight rate 8 times in 2022 which has significantly impacted mortgage payments for home owners.
In the province of Quebec, the average value of new mortgage loans, according to CMHC, in Q2 2023 was $194,035 compared to $228,524 in Q2 2022. In Quebec city, the average value of new mortgage loans was recorded at $166,135 in Q2 2023 compared to $189,245 in Q2 2022.
In Montreal, we saw a decline in the average value of new mortgage loans at $259,845 in Q2 2023 compared to $297,412 in Q2 2022.
In the second quarter of 2023, the province of Quebec saw a 8% decline in sales of single-family homes at 15,405 compared with last year, while condominium category sales were down 16% at 6,060 compared with 2022. While active listings were higher for both categories, the median selling price declined by 4% for single-family homes and 3% for condominium properties. Overall residential sales were also down 13% at 23,550.
Residential sales in Montreal reached 2,753 in August 2023. There were 101 more transactions compared to the same period last year, up by 4 per cent. This level of transactional activity is comparable to the historical average for this period of the year.
Single-family home sales in August 2023 was slightly lower at 3,899 compared with August 2022 when 3,915 single-family homes were sold. However, the median price for single family homes increased in August 2023 to $415,000 by 4% compared to August 2022 when the median selling price was $399,000.
In the condominium category, the sales in August 2023 increased by 3% to 1,482 from 1,442 in August 2022. The median price for condos in Quebec also increased by 3% year on year to $365,500 from $356,000.
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 taxes are another closing cost that usually have to be paid. In Quebec, they’re known as property transfer duties or a welcome tax. The tax rate is applied on a sliding scale:
Municipalities may charge a rate of more than 1.5% for a portion exceeding $500,000. For homes in Montreal, the tax rate is as follows:
As of 2021, the amount charged on a $460,000 single-family home in Montreal would be $5,316. The thresholds (or brackets) for the property transfer duties typically increase annually because they’re linked to the Consumer Price Index.
The right way to find the best mortgage rates in Quebec is by comparing rates. At LowestRates.ca we help you connect with 50+ lenders who can provide you the best possible rate for you based on your financial situation.
Your mortgage rate also depends on the location of your home, your income, loans, and other conditions. You could also speak to a mortgage broker to understand your situation and how much mortgage you can take and what type of mortgage rate is best for you. The Bank of Canada’s policy interest rate changes also impact your mortgage rate, so keep an eye out for any changes to that.
Mortgage term: While a mortgage term and an amortization period are often confused, they actually refer to two different things. Your mortgage term describes the amount of time you commit to your mortgage lender and the contract’s terms and conditions. At the end of the term, you’ll be able to renew your mortgage contract for the remaining principal at a new rate. A mortgage term can range anywhere from six months to 10 years, but the most popular term among Canadians is five years.
Amortization period: The amortization period is the amount of time it will take you to pay off your entire mortgage. In Canada, the maximum amortization period is 35 years. But, if your down payment was less than 20% and you were required to purchase mortgage insurance from the Canadian Mortgage Housing Corporation, then your maximum amortization period is 25 years.
When reviewing mortgage interest rates, Quebec buyers may notice there’s a difference between open mortgage rates in Quebec and closed mortgage rates.
Closed mortgage: A closed mortgage means the buyer agrees to adhere to fixed payments on a set schedule. If you look at closed mortgage rates in Quebec, you’ll probably see that rates are typically lower than open rates. That’s because this type of mortgage has restrictions. For instance, you might be allowed to only prepay a certain amount annually and make one prepayment a year. There are also penalties that must be paid if you decide to break your mortgage.
Open mortgage: An open mortgage gives the homebuyer some wiggle room to make increased or additional payments to pay off the mortgage early. If you look at open mortgage rates in Quebec, you’ll notice the rates are higher than closed ones. However, there aren’t as many restrictions. Typically, you can make prepayments of any size, you can make more than one prepayment a year, and you can pay off the mortgage without having to pay a penalty.
Compared with Ontario, the cost of living in Quebec is significantly lower. It is cheaper to living in Quebec vs. Ontario and many other global cities. The cost of living would also depend upon the area you have decided to live at and also your expense.
The cost of living in Quebec will depend upon where in the province you live. In Montreal, for instance, the average cost of a single-family home is less than $500,000. In Toronto, the average price recently surpassed $1 million. And in Quebec City, the average price of a home is less than one-third as much as it is in Toronto. Compared to Toronto, Montreal and the rest of Quebec are much affordable places to live. The cost of living will be even cheaper if you find the best mortgage interest rates today in Quebec.
Both Montreal and Quebec City are also inexpensive for renters when compared to other major cities in Canada. The CMHC says the average monthly rent was $891 in Montreal and $854 in Quebec City in 2020. That’s much lower than what renters pay monthly in Toronto ($1,523), Vancouver ($1,508), Ottawa ($1,358), Calgary ($1,195), and Edmonton ($1,153).
Commuting in Quebec City and Montreal is a breeze compared to other cities. Statistics Canada notes that 2.3% of those living in Quebec’s capital spend an hour or more driving to work. In Montreal, it’s 7.2%. While that’s slightly better than Vancouver (7.7%), it’s much better than Toronto (11.1%).
Insurance rates in Quebec are the lowest in the country. Drivers pay an average of $717 a year compared to $1,316 in Alberta, $1,528 in Ontario, and $1,832 in British Columbia.
In addition to securing a cheap mortgage rate, there are other factors it might be worth it to discuss to maximize your savings in the long run.
Prepayment privileges: Before signing on the dotted line, prepayment privileges are something you should discuss with your lender. Not all banks and brokers offer the same prepayment terms, however, so it’s important to raise the issue.
Penalties: If you need to break your mortgage, you may be required to pay thousands of dollars in penalties. While you may wind up with a better rate if you go with a different lender, it’s important to look at the fine print to ensure that it won’t cost you in the long run.
Portability: One way to avoid these penalties is to negotiate a portable mortgage. This means that if you move, you can transfer your mortgage to a new home and combine it with an additional mortgage loan.
LowestRates.ca works with 50+ banks and brokers to bring you competitive mortgage rates from lenders in Canada, and we’re always adding new ones. We work with our partners to obtain their best deals and offers, and then we let them compete for your business. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates. 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 in 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.
HomesThis article has been updated from a previous version. Switching mortgage lenders at renewal can be one of...
HomebuyingThis article has been updated from a previous version. Buying your first condo is an exciting milestone an...