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Ready to compare mortgage rates in Quebec? LowestRates.ca allows you to find and compare the best rates from all the top mortgage brokers and banks in la belle province. Our service is free to use and there’s no obligation of any kind — just the lowest mortgage rates in Quebec on any given day, just like that.
Getting a better mortgage rate could have huge implications for your finances. Even a small difference in rates can add up over time, and a big difference can equal thousands or even hundreds of thousands of dollars.
In Quebec, the gap between the best mortgage rates and rates posted by the bank can be remarkably wide — our 5-year fixed rates in Quebec average under 2.5% while bank rates are over 4.5%. On a $400,000 mortgage, that difference in rates would result in more than $100,000 of savings over the life of your loan.
On average, LR.ca rates are more than 2 full percentage points lower than posted bank rates.On a $400,000 mortgage that’s an average savings of:
Month | Average LR.ca 5-year fixed rate | Average bank 5-year fixed rate |
---|---|---|
02/18 | 3.14% | 5.14% |
03/18 | 3.14% | 5.14% |
04/18 | 3.23% | 5.14% |
05/18 | 3.25% | 5.34% |
06/18 | 3.14% | 5.34% |
07/18 | 3.29% | 5.34% |
08/18 | 3.19% | 5.34% |
09/18 | 3.19% | 5.34% |
10/18 | 3.24% | 5.34% |
11/18 | 3.32% | 5.34% |
12/18 | 3.39% | 5.34% |
01/19 | 3.39% | 5.34% |
How do the best variable rates stack up against the best fixed rates? We compared LR.ca 5-year fixed rate mortgages and LR.ca 5-year variable rate mortgages in Quebec, tracking the average rates users have applied for on our site since 2014. It’s no surprise that our variable rates are almost half a percentage point lower, resulting in savings of over $100 per month for a borrower with a $400,000 mortgage.
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:
Month | Average LR.ca 5-year fixed rate | Average LR.ca 5-year variable rate |
---|---|---|
02/18 | 3.14% | 2.3% |
03/18 | 3.14% | 2.21% |
04/18 | 3.23% | 2.21% |
05/18 | 3.25% | 2.21% |
06/18 | 3.14% | 2.21% |
07/18 | 3.29% | 2.34% |
08/18 | 3.19% | 2.46% |
09/18 | 3.19% | 2.46% |
10/18 | 3.24% | 2.52% |
11/18 | 3.32% | 2.71% |
12/18 | 3.39% | 2.71% |
01/19 | 3.39% | 2.73% |
Focus On
Slow growth in Quebec’s manufacturing, construction, and utilities industries have forced experts to revise down their original forecasts for a much stronger Quebec economy in 2016. House prices in the province remain flat and will likely not see significant increases this year or next.
That’s good news for buyers — with the average resale price of a home below $300,000, housing in Quebec is more affordable than in many other parts of Canada.
Resale Home Prices in Quebec
Quebec | Canada | |
---|---|---|
2013 Q1 | $275,843 | $367,382 |
2013 Q2 | $268,700 | $372,775 |
2013 Q3 | $267,748 | $388,651 |
2013 Q4 | $260,000 | $381,900 |
2014 Q1 | $269,171 | $399,945 |
2014 Q2 | $270,714 | $402,605 |
2014 Q3 | $270,969 | $409,388 |
2014 Q4 | $275,021 | $416,410 |
2015 Q1 | $272,735 | $425,062 |
2015 Q2 | $274,202 | $438,866 |
2015 Q3 (F) | $274,200 | $445,000 |
2015 Q4 (F) | $274,500 | $438,200 |
2016 Q1 (F) | $276,000 | $440,800 |
2016 Q2 (F) | $278,000 | $441,800 |
Whether you’re looking for a two-storey home or a condominium, property prices in Quebec seem like a bargain, especially compared to the Ontario and BC markets.
Two-Storey Home and Condo Prices by Province
Province | Two Storey | Condo |
---|---|---|
British Columbia | $749,500 | $319,400 |
Alberta | $405,000 | $255,100 |
Saskatchewan | $384,500 | $246,100 |
Manitoba | $322,600 | $207,500 |
Ontario | $528,900 | $280,800 |
Québec | $323,700 | $201,400 |
Canadian Average | $466,100 | $254,800 |
Quebec borrowers surprised us, and between 2014 and early 2016, fixed rates were far more popular than variable rates. But a new trend is emerging: more than half of borrowers are choosing variable rates over fixed rates now.
5-Year Fixed Rates vs. 5-Year Variable Rates in Quebec: Who Takes What?✝
✝Based on Canadian borrowers who applied for a mortgage at LowestRates.ca since 2014.
As a majority francophone province, Quebec occupies a special place in the Canadian national fabric. It's also a strong contributor to the Canadian economy, with substantial natural resources and an expanding information technology sector. Meanwhile, tourists and residents might easily find themselves caught up in the province's old world charm and 'joie de vivre.' Long known for its charming, urbane cities, rugged mountains and lush farmland, Quebec is also imbued with a great sense of history and anyone who has been to Quebec City or Montreal will sense that these were some of the first outposts of the New World.
Greater Toronto Area home sales up 14.2% in November, prices see highest gains of the year while inventory declines.
Affordability and price continue to be the most important factor for many Canadians when it comes to buying a home.