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Check out today's best mortgage rates in Canada by type and term.
| Insured ? | 80% LTV ? The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | 65% LTV ? The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | Uninsured ? | Bank Rate ? | ||
|---|---|---|---|---|---|---|
Insured 4.64% | 80% LTV 4.19% | 65% LTV 4.19% | Uninsured 4.99% | 4.99% | ||
Insured 3.99% | 80% LTV 3.89% | 65% LTV 3.89% | Uninsured 4.44% | 4.53% | ||
Insured 3.69% | 80% LTV 3.79% | 65% LTV 3.79% | Uninsured 3.9% | 4.39% | ||
Insured 3.84% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.39% | 4.44% | ||
Insured 3.69% | 80% LTV 3.55% | 65% LTV 3.55% | Uninsured 3.69% | 4.19% | ||
Insured 4.19% | 80% LTV 4.24% | 65% LTV 4.24% | Uninsured 4.89% | 5% | ||
Insured 5.04% | 80% LTV 4.34% | 65% LTV 4.34% | Uninsured 5.24% | 6.09% | ||
Insured 3.9% | 80% LTV 3.95% | 65% LTV 3.9% | Uninsured 3.9% | 5.95% | ||
Insured 3.45% | 80% LTV 3.45% | 65% LTV 3.45% | Uninsured 3.5% | 4.24% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.45% | 80% LTV 5.45% | 65% LTV 5.45% | Uninsured 5.5% | N/A |
There are three main drivers behind mortgage rates in Quebec City and Canada at large:
The Bank of Canada influences mortgage rates through its policy rate. The Bank’s objective is to keep inflation in the target range of 1% to 3% and preserve the value of the Canadian dollar. It achieves this by setting the target overnight rate, also known as the policy rate.
As of today, the policy rate is 2.25%. The central bank uses the target rate to influence how the banks set their own rates and acts as a barometer for the rate at which banks borrow and lend among themselves.
The higher the inflation, particularly if it’s above 3%, the higher the likelihood of a rate hike. Though inflation does not directly affect mortgage rates, the Bank tends to raise rates to cool down economic activity and force homebuyers to retreat from the market. It’s worth noting that government bond yields, which influence fixed rates, are affected by inflation as well, in addition to factors like oil prices, geopolitical tensions and broader economic conditions (which currently remain uncertain).
Banks, credit unions, monoline lenders and other financial institutions compete to attract borrowers across Quebec City and beyond. During competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders — including local Quebec credit unions like Desjardins — can often result in a better 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.
1. Down payment
The first thing that will reassure a lender that you are likely a low-risk borrower is if you make a down payment of 20% or more on the purchase price of your home. The higher your down payment, the better — your mortgage balance will be lower, and you’ll save thousands of dollars in interest over the lifetime of your mortgage. Across Canada, there are minimum down payment rules based on the price of the home:
2. Debt service ratios
Besides your mortgage payments, you’re going to have other recurring bills that need to be paid. Before they give you a mortgage for a home in Quebec City, mortgage companies want to know that you’ll be able to make all of your debt repayments. To calculate your ability to do so, they use two ratios to compare your income vs. expenses.
3. Credit score
Your credit score ranges from 300 to 900 and is used to measure how responsible you are when it comes to managing credit and repaying debt. A good credit score tells lenders you make payments on time, you’re responsible with available credit limits, you have established relationships with banks and lenders and you don’t open too many new accounts or carry high loan balances.
4. Employment and income
A stable job and income are more reassuring signs to lenders that you can meet your financial obligations, including mortgage payments. Lenders will look at whether you work full time, part time or seasonally. They’ll also look at how you earn income, whether it’s through a salaried job, freelance work, investments or rental income.
If you’re self-employed, you’ll need to provide additional documents including tax returns for the last three years, proof of HST or GST payments, articles of incorporation, proof of principal ownership, GST or business licence, business credit score, and other supporting financial records.
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How do these mortgage types differ? Conventional (low-ratio) mortgage requires a down payment of 20% or more, with no mandatory insurance, while a high-ratio mortgage requires a down payment of below 20%, plus mandatory insurance.
Which mortgage type offers cheaper rates? As of September 2026, the average conventional 5-year fixed rate is 4.39%. That’s 31 bps above the average high-ratio 5-year fixed rate, which stands at 4.08%.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 09/25 | 4.53% | 4.44% |
| 10/25 | 4.49% | 4.36% |
| 11/25 | 4.38% | 4.33% |
| 12/25 | 4.48% | 4.35% |
| 01/26 | 4.59% | 4.53% |
| 02/26 | 4.55% | 4.53% |
| 03/26 | 4.34% | 4.32% |
| 04/26 | 4.32% | 4.28% |
| 05/26 | 4.36% | 4.21% |
| 06/26 | 4.38% | 4.19% |
| 07/26 | 4.37% | 4.13% |
| 08/26 | 4.39% | 4.08% |
Last Updated: September 1, 2026
How do these mortgage rates differ? A fixed rate mortgage is a rate fixed over a period of time. Interest rates and the mortgage payments remain the same (and consistent) over that mortgage term. A variable rate mortgage is different. While the mortgage payment remains constant, the interest rate payments fluctuate with the prime interest rate.
Which rate is cheaper? As of September 2026, the 5-year fixed rate is 4.26%. That’s 45 bps above the 5-year variable rate, which stands at 3.81%.
| Month | Fixed | Variable |
|---|---|---|
| 09/25 | 4.62% | 4.69% |
| 10/25 | 4.64% | 4.55% |
| 11/25 | 4.65% | 4.44% |
| 12/25 | 4.67% | 4.44% |
| 01/26 | 4.73% | 4.47% |
| 02/26 | 4.67% | 4.44% |
| 03/26 | 4.44% | 4.40% |
| 04/26 | 4.40% | 4.06% |
| 05/26 | 4.34% | 3.90% |
| 06/26 | 4.34% | 3.85% |
| 07/26 | 4.27% | 3.83% |
| 08/26 | 4.26% | 3.81% |
Last Updated: September 1, 2026
New mortgage loan values have been trending upward throughout 2025, reaching the average of $212,891 in Quebec City and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in Quebec City from 2022 to 2025:
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Canada | $368,936 | $371,063 | $363,654 | $325,612 | $320,298 | $314,540 | $338,522 | $327,899 | $323,537 | $332,825 | $349,364 | $343,271 | $356,831 | $350,281 | $360,986 | $360,597 |
| Québec City | $188,501 | $190,604 | $204,560 | $177,921 | $173,540 | $166,048 | $179,442 | $172,974 | $170,525 | $182,906 | $198,307 | $189,399 | $199,471 | $203,123 | $221,555 | $212,891 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $1,276 in Quebec City by the end of Q4 2025.
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $966 | $1,003 | $1,098 | $1,087 | $1,106 | $1,077 | $1,148 | $1,170 | $1,179 | $1,205 | $1,269 | $1,190 | $1,239 | $1,236 | $1,330 | $1,276 |
New homebuyers are sometimes surprised to find out there are other costs when buying a property. These are called closing costs and they’re typically an additional 3% or 4% of the purchase price.
Some of the most common closing costs include:
Land transfer tax calculations for a $500,000 property in Quebec City without a rebate are:
Yet another decision homebuyers need to make is whether to choose an open or closed payment structure.
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.
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.
LowestRates.ca lets you compare mortgage rates from top Canadian banks and brokers. 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.
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. LowestRates.ca 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.
We have a strong selection of lenders on LowestRates.ca 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.
Taras Trofimov
About the Author
Taras is the Content Manager for LowestRates.ca. He has produced thought leadership content for organizations like Constellation Software, Facebook and Yellow Pages as well as outlets like The Globe and Mail, Autoblog and MSN Autos.
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