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When you find the best quote, secure your Quebec City mortgage rate by talking to a licensed broker or agent.

Compare mortgage rates in Quebec City.

Timing is everything, especially if you’re shopping for a mortgage. You couldn’t have picked a better time — mortgage interest rates for Quebec City offered by banks, brokers and other mortgage providers are at their lowest in years. Want to compare house mortgage rates for Quebec City? makes them easy to find. We crunch the numbers so you can compare mortgage rates from 50+ Canadian banks and brokers. In just three minutes, you can see who has the cheapest mortgage interest rates for Quebec City.

Conventional vs. high-ratio mortgages: which is cheaper?

When researching which lender has the lowest mortgage interest rates in Quebec City, the first thing you’ll discover is there are two basic types of mortgages: conventional mortgages and high-ratio mortgages.

If you’re a first-time homebuyer, the ideal type of mortgage is a conventional mortgage. To qualify for one, you need to be able to make a down payment of at least 20% of the purchase price of the property. That 20% threshold is important because it means you won’t have to buy mortgage insurance, which will add to your overall costs.

If you can only afford to make a down payment of 20% or less, your mortgage will be classified as a high-ratio mortgage. High-ratio mortgages require the buyer to purchase mortgage insurance, which protects the lender if you can’t make your payments and default on your mortgage. Mortgage insurance can be obtained from three providers: the Canada Mortgage and Housing Corporation (CMHC), a government-run agency, or from private insurance companies Sagen and Canada Guaranty.

Take a look at’s comparison of conventional vs. high-ratio 5-year fixed mortgage rates in Quebec.

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

DateAverage Conventional RateAverage High Ratio Rate
05/22 4.05%3.73%
06/22 4.38%4.02%
07/22 4.88%4.50%
08/22 4.78%4.36%
09/22 4.76%4.36%
10/22 5.11%4.71%
11/22 5.43%5.13%
12/22 5.22%4.81%
01/23 5.19%4.75%
02/23 5.10%4.68%
03/23 5.05%4.77%
04/23 4.79%4.45%

Last Updated: May 1, 2023

Fixed rate vs. variable rate mortgages: which is cheaper?

If you’re a first-time homebuyer, you’ll quickly discover one of the most common debates people have about getting a mortgage is determining whether to get a variable rate or fixed-rate mortgage.

If you’re looking at fixed mortgage rates for a Quebec City home, know that your interest rate will stay the same for the entirety of your mortgage term, whether it’s six months or 10 years. The most popular type of mortgage in Canada is a 5-year fixed.

On the other hand, variable mortgage rates in Quebec City can change based on market conditions, such as the Bank of Canada raising or lowering its benchmark overnight lending rate. The central bank’s overnight lending rate influences the prime rate, which banks use as a guideline when setting their interest rates for consumers. If the prime rate goes up, your variable mortgage rate will rise too.

To help make a decision, take a look at’s comparison of 5-year fixed vs. 5-year variable mortgage rates in Quebec. Over the last year, both fixed and variable rates have remained low.

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

05/22 3.91%2.26%
06/22 4.26%2.70%
07/22 4.73%3.21%
08/22 4.59%3.78%
09/22 4.59%4.23%
10/22 4.99%4.58%
11/22 5.24%5.06%
12/22 4.97%5.34%
01/23 4.87%5.67%
02/23 4.83%5.89%
03/23 4.88%5.87%
04/23 4.63%5.85%

Last Updated: May 1, 2023

Factors that affect your Quebec City mortgage rate

To see if you qualify for low home mortgage rates in Quebec City, lenders will need to assess what kind of risk you represent as a borrower. In order to get a sense of your risk profile, mortgage lenders will perform a few calculations and review your financial profile.

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Typical mortgage amounts in Quebec City

To calculate the mortgage on a home in Quebec City, you’ll need to know the cost of the home, down payment amount, mortgage interest rate and amortization period.

As of February 2021, the median price for a single-family home in Quebec City is $295,000, according to data from the Quebec Professional Association of Real Estate Brokers (QPAREB). For a buyer who can make a 20% down payment ($59,000), the mortgage balance would be $236,000. Assuming a 5-year fixed mortgage with an interest rate of 2% and a 25-year amortization period, your total monthly mortgage payment would be $999.

Remember, if your down payment is less than 20%, you will need to buy mortgage default insurance from the CMHC, Sagen or Canada Guaranty. This will protect your lender if you’re unable to make your mortgage payments. Mortgage insurance premiums are based on the size of your down payment.

Let’s say you only have a 10% down payment for that $295,000 house. With a 10% down payment of $29,500, your mortgage insurance premium rate will be 3.10%. Assuming a 5-year fixed mortgage with an interest rate of 2%, your monthly mortgage payment would be $1,159. Mortgage insurance can be paid off as a lump sum, or added to the cost of your mortgage payments.

In Quebec, a provincial sales tax (PST) of 9.975% is charged on mortgage default insurance premiums. The PST portion must be paid upfront when the deal closes.

Quebec City housing market and home prices

Even though it’s Quebec’s capital city and the second-largest city in the province, Quebec City is still an affordable place to buy a single-family home, condo or plex (a building with 2-5 units). At $295,000, the median price of a single-family home in Quebec City is up 13% year-over-year as of February 2021.

The median price of condominiums sold in February 2021 was $198,000, up 4% year-over-year.

The median price of plexes sold in February 2021 was $375,000, up 16% year-over-year.

Quebec City closing costs and land transfer tax

Buying a home is an expensive transaction that involves more than just mortgage payments. To complete your purchase, you’ll need to budget 1.5% to 4% of the home’s price to pay for closing costs. Here are a few closing costs you’ll need to keep in mind:

Property valuation (appraisal) fee: When a broker, bank or mortgage company lends you money to buy a house, they do so knowing that if you’re no longer able to pay your mortgage, they have your house as collateral. To ensure the value of your home is equal to the amount of money you’re borrowing, you will need to provide the lender with an independent property valuation or appraisal. The approximate cost is $400-$500.

Home inspection fee: Your new home may have defects you can’t see and don’t know about. Eliminate the potential for costly post-purchase repairs by having a licensed home inspector check out the interior and exterior of your home before you close the deal. They’ll inspect your home and produce a report that details any repairs or replacements that need to be addressed. The cost is approximately $450, plus taxes.

Title insurance: Another way to protect yourself from post-purchase surprises is title insurance. With this type of insurance, you’re covered for losses due to undetected or unknown defects to the property that you don’t become aware of until after you have purchased the property. It costs around $250.

Mortgage default insurance: If the down payment on your Quebec City home is less than 20% you will need to get mortgage loan insurance through the CMHC or one of two private insurance companies: Sagen or Canada Guaranty. The cost of the insurance is calculated by taking the mortgage loan amount and dividing it by the purchase price.

Legal fees: Purchasing a home is a legal transaction, therefore you will need a lawyer to administer and review the variety of paperwork that’s required. The cost for these legal fees will range between $1,000 to $1,500.

Land transfer tax: This tax must be paid anytime a property is purchased by one person from another. In Quebec, it’s also known as the “welcome tax.” The welcome tax increases based on the value of the property:

For example, for a property valued at $295,000, you would be charged a total of $2,873.50 in land transfer tax:

Home insurance: Home insurance isn’t required by law, but most mortgage lenders won’t approve your application without proof of insurance coverage. Home insurance covers the cost to repair or rebuild your home after events like fire, theft, vandalism, a falling tree or damage caused by weather such as lightning, wind or hail. If your policy covers contents, it will also cover the replacement cost of furniture, clothing and other possessions you keep in your home.


Information for first-time home buyers in Quebec City

Buying a new home is a big financial commitment. Here are some things to consider and investigate that could reduce your mortgage, land you a better mortgage rate and save you thousands of dollars in interest.

Brokers vs. bank mortgage rates in Quebec City: The main difference between getting a mortgage from a bank vs. an independent broker is that banks can only sell their own mortgage products, but brokers can shop around with different lenders and offer buyers different options. When you do a comparison of Quebec City mortgage rates on, we do all the heavy lifting so you can easily compare quotes from 50+ Canadian banks and brokers.

Tax credits: There are a few different federal, provincial and municipal tax credits you may qualify for.

First-Time Home Buyer Incentive: Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their Quebec City home purchase through a shared equity mortgage with the Government of Canada. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment will lower your mortgage carrying costs, making homeownership more affordable.

GST/HST New Housing Rebate: As a new home owner, you may be entitled to a rebate on some of the HST you paid on the purchase price or cost of a new-build home or a substantially renovated home.

Federal Home Accessibility Tax Credit (HATC) for Seniors and Persons with Disabilities: If you’ve purchased a house in Quebec City and made additions, alterations, or renovations to it in order to make it more accessible to a disabled person or senior citizen, you can take advantage of the HATC tax credit to deduct up to $10,000 from the amount of taxes you owe to the CRA.

Quebec City Family Access Program: For houses that cost less than $300,000 and have at least two bedrooms, Quebec City’s Accès Famille program offers eligible households an interest-free loan equal to 5.5% of the property’s value to use as a down payment. The program is available to households who meet certain criteria, including a maximum gross household income of $120,000. There are different criteria for single parents, couples with children and couples without children.

Your questions about Quebec City mortgages, answered.

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

Mortgage term: The mortgage term is the amount of time you commit to your mortgage rate, lender and the terms and conditions of the contract. At the end of the term, you’ll renew your contract for the remaining mortgage balance at a new rate. The process repeats until you’ve paid off the mortgage on your home. A mortgage term can vary in length, from six months to 10 years. The most common mortgage term in Canada 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 is less than 20% and you’re required to purchase mortgage insurance from the CMHC, your maximum amortization period is 25 years.

What’s the difference between an open mortgage vs. a closed mortgage?

Yet another decision homebuyers need to make is whether to choose an open or closed payment structure.

Open mortgage: An open mortgage gives you the flexibility to make accelerated payments or pay off the mortgage in full at any time. An open mortgage is usually preferable for buyers who plan to pay off their mortgage early, or plan to move within a shorter period of time. Open mortgage rates are usually a bit higher due to the added flexibility.

Closed mortgage: With a closed mortgage, you’re tied to a fixed payment structure until your term ends. If you want to make additional or increased payments or pay off your mortgage before the mortgage term ends, you’ll be charged a penalty. Because of the stricter rules around payments, closed mortgage rates are usually lower than open mortgage rates.

How much does it cost to live in Quebec City?

The cost of living in any city across Canada depends on a few factors, like whether you rent or own a home and drive, commute or cycle.

Overall, the cost of living in Quebec City is low compared to other major urban centres, including Montreal. In addition to home and condo prices that are well below the national average, it’s possible to find 1-bedroom apartments for rent in Quebec City for less than $1,000/month (depending on the neighbourhood and building).

Quebec is unique because residents pay higher provincial tax rates than other provinces and territories, but receive a 16.5% reduction on their federal tax rate. The provincial government funds a number of public services including parental leave, low-fee childcare, community healthcare clinics (centre local de services communautaires, or CLSC), post-secondary pre-university vocational colleges (CEGEP), and university tuition subsidies for residents.

Quebec also has the cheapest auto insurance rates in Canada. The average price of car insurance in Quebec is $717, according to the Insurance Bureau of Canada.

How much does getting a lower interest rate matter in Quebec City?

When buying a new home, one thing is for certain: getting the cheapest interest rate on your mortgage will help you save thousands of dollars in interest over the life of your mortgage. But securing a low interest rate is just one aspect of your mortgage contract — there are a few other things that can impact the cost of your mortgage.

Prepayment privileges: At some point in the future, you may be in the position to put extra cash toward your mortgage — maybe you get a big promotion at work, or inherit some money. You may want to make sure your mortgage has prepayment privileges, which will give you the ability to make additional payments on your mortgage principal. This will reduce the amortization period of your mortgage, saving you money on interest.

Penalties: If you have a closed mortgage and want to move to a new home or refinance your mortgage before your term is up, you’ll be charged a fee for breaking your mortgage contract early — and it will cost thousands of dollars. Before signing your mortgage, it’s important to be aware of the penalties associated with breaking or refinancing your contract before the term is up.

Portability: A portable mortgage means you can take it with you if you decide to sell your current home and buy a new one. Having a portable mortgage will allow you to avoid being charged penalties for breaking your old mortgage, and means you don’t have to apply for a completely new mortgage for your new home.

Your questions about, answered.

How are mortgage rates determined on lets you compare mortgage rates from 50+ Canadian banks and brokers. 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 for Quebec City. 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.

Is it safe to get a mortgage online?

Yes, it’s safe — you no longer need to visit a bank branch or mortgage broker’s office in person to apply for a mortgage. It’s becoming increasingly common for Canadians to apply for mortgages online. only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders not only in Quebec City, but across Canada.

How do I know I’m getting the lowest rate?

We have a strong selection of lenders on including the big banks and many independent providers. 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.

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