Quebec Mortgage Calculator 2021

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Home Price
Down Payment
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Interest Rate
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Term
Amortization (Years)
Payment Frequency
Your Monthly Payment
$1,9651.96k
CMHC Premium is Included
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Mortgage Costs Over 5-Year Term

Total Cost:$117,876
Principal$75,298
Interest$42,578
Land Transfer Taxes and Other Costs
Your CMHC Premium is $13,950
Your Land Transfer Tax is $5,948.5
In
Did You Know:
Your land transfer tax could be lower if you are a first-time home buyer
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MonthPrincipalInterest
June, 2021
$450,000.00$1,217.71$746.89
July, 2021
$448,782.29$1,219.73$744.87
Aug, 2021
$447,562.56$1,221.75$742.85
Sept, 2021
$446,340.81$1,223.78$740.82
Oct, 2021
$445,117.03$1,225.81$738.79
Nov, 2021
$443,891.22$1,227.85$736.75
Dec, 2021
$442,663.37$1,229.89$734.72
Jan, 2022
$441,433.48$1,231.93$732.68
Feb, 2022
$440,201.56$1,233.97$730.63
Mar, 2022
$438,967.59$1,236.02$728.58
Apr, 2022
$437,731.57$1,238.07$726.53
May, 2022
$436,493.50$1,240.13$724.48
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Quebec’s Land Transfer Tax

Commonly known in Quebec as a “Welcome Tax”, land transfer taxes are paid to your municipality. They are based on the higher amount of either the purchase price, or the municipalities assessment of the property. Quebec’s land transfer tax bracket is different across municipalities in the province, meaning the amount you will pay depends on where you are purchasing. In Montreal, Quebec’s largest city, the land transfer tax bracket is as follows:

Home Purchase PriceMarginal Tax Rate
First $51,7000.5%
$51,700 to $258,6001%
$258,600 to $517,1001.5%
$517,100 to $1,034,2002%
$1,034,200 to $2,000,0002.5%
Over $2,000,0003%

Quebec’s First Time Home Buyer Incentives

For qualifying first time buyers in the province of Quebec, you may be eligible for a tax credit of up to $750. This tax credit can be claimed on your income tax return, and is eligible for those purchasing a principal residence in the province.

For first time buyers in Montreal, the homeownership program provides them with up to $6250 in a lump sum payment, and a full land transfer tax refund. The amount you qualify for will depend on your household make-up and property purchase price, with more details on WOWA’s Quebec First Time Home Buyer page.

Finally, those in Quebec City may be eligible for an interest free loan for up to 5.5% of a home’s purchase price, for use as a down payment.

Closing Costs in Quebec

Aside from land transfer taxes, the most common closing costs for those in Quebec are: home inspection fees, title insurance, a property survey, government registration fees and lawyer & legal fees. For those purchasing a home and requiring CMHC mortgage insurance, the province of Quebec is one of only four Canadian provinces to charge provincial sales tax on your insurance premium. This rate is called the Quebec Sales Tax (QST), and is 9.975% of your insurance premium. Depending on your purchase price and down payment amount, the QST charged on your premium can mean up to a maximum of $3691 in extra closing costs for your property.

Quebec Home Prices

With an average sale price of $448,601 as of April 2021, Quebec has a very affordable real estate market compared to the national average sale price of $695,656. Compared to April 2020 however, the average sale price has increased 32.6%, from $338,384. In Quebec’s largest city Montreal, the average sale price is $514,000, or 14% higher than Quebec’s average. Compared to other major cities in Canada such as Toronto or Vancouver however, Montreal is still seen as a very affordable housing market.

Cost of Living in Quebec

As the only province in Canada currently with subsidized child care, living in Quebec can save many young families thousands of dollars every year. With childcare costs being $179 across the province, this makes it very beneficial financially for households to have both parents working. Aside from low childcare costs, Quebecers have the lowest price of electricity in Canada, at 7.3 cents per Kilowatt hour (KWH). To learn more about the low cost of living in Quebec, see WOWA’s cost of living in Canada page

As of the first quarter of 2021, according to Statistics Canada the population of Quebec was 8,575,944 people. Overall, population growth has slowed in Quebec with the Covid-19 pandemic, only growing by 19,295 people from the 1st quarter of 2020.