Best Variable Rate
True North Mortgage

True North Mortgage

Term 5 Year
Type Variable Closed
Rate 2.46%
Best Fixed Rate
True North Mortgage

True North Mortgage

Term 5 Year
Type Fixed Closed
Rate 3.19%
True North Mortgage

True North Mortgage

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

BMO Bank of Montreal

Term 1 Year
Type Fixed Closed
Rate 3.44%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Variable Closed
Rate 3.85%
True North Mortgage

True North Mortgage

Term 3 Year
Type Fixed Closed
Rate 3.12%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Fixed Closed
Rate 3.29%
First National

First National

Term 5 Year
Type Fixed Closed
Rate 3.59%
Scotiabank

Scotiabank

Term 5 Year
Type Fixed Closed
Rate 5.34%

Quebec mortgage rates

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.

Lower rates = huge savings

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.

Mortgage Interest Savings in Quebec:
5-year fixed from LR.ca vs. 5-year fixed posted bank rate
MonthAverage LR.ca 5-year fixed rateAverage bank 5-year fixed rate
Apr 2017 2.57% 4.64%
May 2017 2.34% 4.64%
Jun 2017 2.30% 4.84%
Jul 2017 2.39% 4.84%
Aug 2017 2.65% 4.84%
Sep 2017 2.80% 4.89%
Oct 2017 2.88% 4.99%
Nov 2017 2.79% 4.99%
Dec 2017 2.80% 4.99%
Jan 2018 3.10% 5.14%
Feb 2018 3.14% 5.14%
Mar 2018 3.14% 5.14%
Average LR.ca 5-year fixed rate Average bank 5-year fixed rate 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5%
  • Apr 2017
  • May 2017
  • Jun 2017
  • Jul 2017
  • Aug 2017
  • Sep 2017
  • Oct 2017
  • Nov 2017
  • Dec 2017
  • Jan 2018
  • Feb 2018
  • Mar 2018
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:

$432
Per month
$5,186
Per year
$129,661
Per lifetime

Variable or fixed: which is lower?

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.

Mortgage Interest Savings in Quebec:
5-year variable vs. 5-year fixed from LR.ca
MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
Apr 2017 2.57% 1.90%
May 2017 2.34% 1.82%
Jun 2017 2.30% 2.03%
Jul 2017 2.39% 1.93%
Aug 2017 2.65% 2.03%
Sep 2017 2.80% 2.23%
Oct 2017 2.88% 2.20%
Nov 2017 2.79% 2.05%
Dec 2017 2.80% 2.13%
Jan 2018 3.10% 2.30%
Feb 2018 3.14% 2.30%
Mar 2018 3.14% 2.21%
Average LR.ca 5-year fixed rate Average LR.ca 5-year variable rate 1.5% 2.0% 2.5% 3.0% 3.5%
  • Apr 2017
  • May 2017
  • Jun 2017
  • Jul 2017
  • Aug 2017
  • Sep 2017
  • Oct 2017
  • Nov 2017
  • Dec 2017
  • Jan 2018
  • Feb 2018
  • Mar 2018
Our variable rates are almost half a percent lower than our fixed rates.

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

$101
Per month
$1,211
Per year
$30,282
Per lifetime

Variable or fixed: which is more popular?

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?✝
54%
of Quebec borrowers apply for 5-year variable mortgages
46%
of Quebec borrowers apply for 5-year fixed mortgages

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

Quebec housing

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 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 (F) 2015 Q4 (F) 2016 Q1 (F) 2016 Q2 (F) $200k $400k $600k $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
ProvinceTwo-StoreyCondo
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
Two-Storey
Condo
$0k $200k $400k $600k $800k
British Columbia
Alberta
Saskatchewan
Manitoba
Ontario
Québec
Canadian Average

Average home prices by province and territory

Quebec vs. Canada
Province and territoryAverage home price (2016)*Year-over-year change
Quebec$291,232+2.6%
Alberta$395,648+2.7%
British Columbia$625,871-6.4%
Manitoba$282,511+4.2%
Newfoundland and Labrador$265,395-2.4%
New Brunswick$158,295+2.0%
Nova Scotia$218,332+1.7%
Northwest Territories$423,222-0.1%
Ontario$571,696+21.2%
Prince Edward Island$165,406+0.0%
Saskatchewan$292,303+0.4%
Yukon$289,312-15.9%

*Numbers courtesy of The Canadian Real Estate Association (CREA), November 2016

About Quebec

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.

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