HomebuyingWhy I’ll never use a home inspector again
Home inspections can be a valuable tool for first-time buyers. But my inspector missed several major issues.
The best mortgage rates in Quebec? Get ‘em right here!
Find the best rate in just seconds.
Compare mortgage rates in Quebec.
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 = bigger 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.
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:
$426 Per Month
$5,114 Per Year
$127,862 In a Lifetime
5-year fixed mortgage rate from LowestRates.ca in Quebec vs 5-year bank rate
| 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% |
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.
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:
$135 Per Month
$1,615 Per Year
$40,369 In a Lifetime
5-year fixed mortgage rate in Quebec vs 5-year variable rate from LowestRates.ca
| Month | Our average 5-year fixed rate | Our average 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
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 | |
|---|---|---|
| Q1/13 | $275,843 | $367,382 |
| Q2/13 | $268,700 | $372,775 |
| Q3/13 | $267,748 | $388,651 |
| Q4/13 | $260,000 | $381,900 |
| Q1/14 | $269,171 | $399,945 |
| Q2/14 | $270,714 | $402,605 |
| Q3/14 | $270,969 | $409,388 |
| Q4/14 | $275,021 | $416,410 |
| Q1/15 | $272,735 | $425,062 |
| Q2/15 | $274,202 | $438,866 |
| Q3/15 | $274,200 | $445,000 |
| Q4/15 | $274,500 | $438,200 |
| Q1/16 | $276,000 | $440,800 |
| Q2/16 | $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 |
Your Quebec mortgage questions, answered.
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?✝
- of Quebec borrowers apply for 5-year variable mortgages
- 54%
- of Quebec borrowers apply for 5-year fixed mortgages
- 46%
✝Based on Canadian borrowers who applied for a mortgage at LowestRates.ca since 2014.
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.
Mortgage news
Homebuying Read the Story
HomebuyingSeven signs that it’s time to downsize your home
It’s likely that at some point down the line, your home will no longer meet your needs. Here’s how you’ll know.