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Variable Rates

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Fixed Rates

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Lower mortgage rates = bigger savings. users can submit a mortgage application for a number of different products. There are, however, two main products and you’ll likely be applying for one or the other. The first is a conventional mortgage loan, which means that the 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 CMHC. Below, take a look at what conventional vs. high ratio mortgage rates have been since April.

Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Quebec

DateAverage Conventional RateAverage High Ratio Rate
04/20 2.78%2.55%
05/20 2.72%2.49%
06/20 2.71%2.49%
07/20 2.70%2.50%
08/20 2.68%2.50%
09/20 2.67%2.49%
10/20 2.28%1.95%
11/20 1.89%1.63%
12/20 1.87%1.56%
01/21 1.85%1.54%
02/21 1.85%1.54%

Last Updated: March 1, 2021

Variable or fixed mortgage rates: which one is best?

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 rates can be extremely helpful.

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.

To give you an idea of how fixed rates in Quebec compare to variable rates, we pulled data from our user database. As you can see, no matter which type of rate you’re comfortable going with, you’ll secure a great deal.

5-year fixed vs. 5-year variable mortgage rates in Quebec

04/20 2.12%2.67%
05/20 2.19%2.62%
06/20 2.17%2.64%
07/20 2.19%2.62%
08/20 2.13%2.60%
09/20 2.05%2.62%
10/20 1.83%2.09%
11/20 1.70%1.77%
12/20 1.68%1.71%
01/21 1.70%1.69%
02/21 1.70%1.72%

Last Updated: March 1, 2021

Focus On

Quebec’s housing market.

Quebec is one of Canada’s most industrious provinces and one of its most up-and-coming real estate hubs. Home prices increased in every major municipal market throughout 2019 and into early 2020, including Montreal and Quebec City. Montreal, which is widely known as one of Canada’s most affordable metropolitan housing markets saw significant increases throughout 2019, which have continued into 2020.

By July 2020, the median price of a single-detached home in Montreal was almost $440,000 This still means, however, that Quebec sits well below real estate prices in the Greater Toronto Area, which remains steady at over $1 million as of July, 2020. Check out the graph below to see how the price of a single-family home has changed over the past year in three major Quebec real estate markets.

Single-detached family home prices by Quebec region

 Quebec CityMontreal

Last Updated: Feb. 3, 2021 

Source: MLS Home Price Index 

Single family homes aren’t the only form of housing that has seen rapid and consistent increases over the past few years. The value of apartment dwellings and townhouses — and have also risen.

Condo prices by Quebec region

 Quebec CityMontreal

Last Updated: Feb. 3, 2021 

Source: MLS Home Price Index 

Townhouse prices by Quebec region

 Quebec CityMontreal

Last Updated: Feb. 3, 2021 

Source: MLS Home Price Index

Your Quebec mortgage questions, answered.

Looking for mortgage info? Check out our Home Buyers Guide.

What’s the difference between a mortgage term and an amortization period?

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.

Variable or fixed: what’s the difference?

When searching for the best mortgage rates in Quebec, prospective homebuyers will have two options. They can either select a fixed rate or a variable rate. But, what’s the difference?

A fixed rate stays the same for the duration of your mortgage term. A variable rate, on the other hand, will change according to market conditions.

Variable rates have historically been lower than fixed rates on, and while this is still true, they’re closer than ever. With just a fraction of a percentage point separating the average fixed and variable rates in Quebec — both which are still two whole percentage points lower than the bank rate — you can rest assured you’re getting a great deal no matter which one you decide to go with.

What factors determine my Quebec mortgage rate?

Your 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.

Your 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:

Gross Debt Service Ratio (GDS): To calculate your GDS, lenders determine how much of your paycheck will go towards housing. This includes your mortgage, property taxes, heating costs and 50% of your condo fees (if applicable). The lender then divides this by your gross annual income. If the result is greater than 35%, your lender may doubt your ability to handle your monthly housing costs.

Total Debt Service Ratio: Your TDS ratio is everything that comprises your GDS ratio plus any other monthly payments you have to make. These could include things like credit card debt, loan payments and car payments. The total is divided by your gross annual income. If the resulting percentage is less than 42%, your lender will be confident that you earn enough to make all your monthly payments.

How can I get a cheaper mortgage rate in Quebec?

Reduce your other debts: Quebec lenders will often take other, non-housing related debts into account when determining whether you’ll be able to pay off your mortgage. One way to demonstrate that you’re a safe bet (and possibly secure a lower rate) is to lower your credit card and loan debt. These debts contribute to your total debt service ratio.

Use a broker: A mortgage broker knows the ins and outs of the Quebec mortgage market better than the average bank employee. Plus, they’re not tied to one institution; brokers can show you rates from a bunch of different lenders. This also gives them a leg up when negotiating your mortgage contract with a lender. We’ll connect you with a mortgage broker when you compare rates on

Shop around: While it can be tempting to take the first offer you receive, it’s important to shop around to really get a sense of the mortgage market. You’d think the bank you’ve been with for 10 years would give you a great rate for being a loyal customer, but the opposite is sometimes true: they’re not worried about you leaving any time soon, so they don’t feel pressure to keep your business. By using our free, no-obligation service, you can skip this step entirely and head straight to the best mortgage rates in Quebec.

How much does getting the best mortgage rate in Quebec matter?

Getting the best mortgage rates is one great way to save money on your mortgage, but 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.

What if I want to pay off my mortgage early? Or break it?

The answer to this question depends on the terms of your mortgage. 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.

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