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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 Quebec and Canada at large:
The Bank of Canada influences mortgage rates through its policy rate. The Bank's primary objective is to keep inflation within the target range of 1% to 3% and maintain the value of the Canadian dollar. It does this by setting the target overnight rate, also known as the policy rate.
The policy rate currently sits at 2.25%. The central bank uses this rate to guide how commercial banks set their own rates, and it serves as a benchmark for the rate at which banks borrow and lend among themselves.
The higher inflation climbs — particularly above 3% — the greater the likelihood of a rate hike. While inflation does not directly affect mortgage rates, the Bank of Canada tends to raise rates in order to cool economic activity and reduce demand in the housing market. It's also worth noting that government bond yields, which influence fixed rates, are sensitive to inflation, as well as other factors such as oil prices, geopolitical tensions, and broader economic conditions, which currently remain uncertain.
Banks, credit unions, monoline lenders, and other financial institutions compete for borrowers, and in competitive market conditions, lenders will often offer more attractive rates. Shopping around and comparing multiple lenders can go a long way toward securing a better mortgage rate.
Mortgage rates, as mentioned, are set by the lending institutions, which in turn are influenced by the Bank of Canada's overnight target rate. However, other factors can affect your Quebec mortgage rate.
1. Down payment
The size of your down payment is the primary contributor to the size of your mortgage loan. This will directly contribute to your mortgage rate because, usually, the larger the loan, the higher the rate. The size of your down payment is a signal to lenders about how capable you are of paying off your mortgage. When it comes to down payments, the more you can put down, the better. The federal government sets the rules around the down payment requirements:
Unfortunately, there’s no such thing as a 0% down mortgage in Quebec (or any part of Canada, for that matter). There’s a loophole that allows consumers to borrow their down payment using a loan, but it’s considered a bad idea because it’s riskier and more expensive — you’ll have a huge mortgage balance (and no equity), you’ll pay higher CMHC insurance premiums, and you’ll pay more in interest charges.
2. Debt service ratios
Quebec lenders look at a number of other factors when calculating your mortgage rates. These are known as debt ratios and can be grouped into two categories:
3. Credit score
If you want a low mortgage rate in Quebec, you’re going to need a high credit score. In Canada, credit scores range between 300 and 900. Having a low score means you’re considered to be a high-risk borrower and less likely to pay your bills on time. On the other hand, you’re more likely to be considered a low-risk borrower when you have a high score. To get a mortgage in Quebec (and Canada), most lenders will want a score of at least 600.
If you have bad credit, a mortgage in Quebec isn’t impossible to get. Instead, it will just be harder to qualify. To get cheap mortgage rates, Quebec residents should have an excellent score.
4. Employment and income
Your financial institution or a mortgage broker in Quebec will also look at your employment status and income. Some of the information they require includes your annual salary, the length of time you’ve been working for your current employer, and if you’re a contract, part-time, or full-time employee. Self-employed individuals will usually need to provide a mortgage agent in Quebec additional documents, such as tax returns, bank statements, and proof that any taxes owing have been paid.
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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 August 2026, the average conventional 5-year fixed rate is 4.38%. That’s 5 bps above the average high-ratio 5-year fixed rate, which stands at 4.33%.
| 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: August 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 August 2026, the 5-year fixed rate is 4.65%. That’s 21 bps above the 5-year variable rate, which stands at 4.44%.
| 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: August 1, 2026
New mortgage loan values have been trending upward throughout 2025, reaching the average of $245,388 in Quebec and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in Quebec 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 |
| Quebec | $224,873 | $228,576 | $237,519 | $206,201 | $202,014 | $193,800 | $211,995 | $202,079 | $198,810 | $213,730 | $231,269 | $221,516 | $233,181 | $239,953 | $254,499 | $245,388 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $1,431 in Quebec 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $1,096 | $1,151 | $1,266 | $1,239 | $1,274 | $1,221 | $1,331 | $1,338 | $1,340 | $1,377 | $1,447 | $1,355 | $1,405 | $1,410 | $1,474 | $1,431 |
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 Quebec without a rebate are:
The right way to find the best mortgage rates 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 length of time it will take for you to pay off your mortgage in full, both the principal and interest. The maximum amortization period allowed in Canada is 35 years. However, it’s only available for homebuyers who contribute a down payment of at least 20% (and are thus not obligated to purchase CMHC mortgage insurance). Homebuyers who put down less than 20% can acquire a mortgage with a maximum amortization period of 30 years, if they are first-time homebuyer or purchasing a new build. 25 years is applicable in all other cases. A 5-year fixed term with a 25-year amortization period is the most popular combination in Canada.
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.
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.
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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.
Taras Trofimov
About the Author
Taras is the Content Manager for LowestRates.ca. He has produced thought leadership content for organizations like Constellation Software, Facebook and Yellow Pages as well as outlets like The Globe and Mail, Autoblog and MSN Autos.
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