Mortgage: Compare the Best 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 = 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

Month	Average LR.ca 5-year fixed rate	Average bank 5-year fixed rate
Feb 2018	3.14%	5.14%
Mar 2018	3.14%	5.14%
Apr 2018	3.23%	5.14%
May 2018	3.25%	5.34%
Jun 2018	3.14%	5.34%
Jul 2018	3.29%	5.34%
Aug 2018	3.19%	5.34%
Sep 2018	3.19%	5.34%
Oct 2018	3.24%	5.34%
Nov 2018	3.32%	5.34%
Dec 2018	3.39%	5.34%
Jan 2019	3.39%	5.34%

Feb 2018
Mar 2018
Apr 2018
May 2018
Jun 2018
Jul 2018
Aug 2018
Sep 2018
Oct 2018
Nov 2018
Dec 2018
Jan 2019

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

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

Month	Average LR.ca 5-year fixed rate	Average LR.ca 5-year variable rate
Feb 2018	3.14%	2.30%
Mar 2018	3.14%	2.21%
Apr 2018	3.23%	2.21%
May 2018	3.25%	2.21%
Jun 2018	3.14%	2.21%
Jul 2018	3.29%	2.34%
Aug 2018	3.19%	2.46%
Sep 2018	3.19%	2.46%
Oct 2018	3.24%	2.52%
Nov 2018	3.32%	2.71%
Dec 2018	3.39%	2.71%
Jan 2019	3.39%	2.73%

Feb 2018
Mar 2018
Apr 2018
May 2018
Jun 2018
Jul 2018
Aug 2018
Sep 2018
Oct 2018
Nov 2018
Dec 2018
Jan 2019

Our variable rates are almost half a percent lower than our fixed rates.

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

^$135

Per month

^$1,615

Per year

^$40,369

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

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

Two-Storey

Condo

British Columbia

Alberta

Saskatchewan

Manitoba

Ontario

Québec

Canadian Average

Average home prices by province and territory

Quebec vs. Canada

Province and territory	Average 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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