Mortgage Rates in Quebec.

As of January 22nd, 2021
Today's Best 5-Year Rate Quebec
1.59%
Fixed
1.5%
Variable
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Best Quebec Mortgage Rates

Best mortgage rates sorted for you by mortgage term length

Mortgage TermFixed RateVariable Rate
1 YEAR TERM
1.64%
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No Rate
2 YEAR TERM
1.64%
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No Rate
3 YEAR TERM
1.39%
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2.45%
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4 YEAR TERM
1.54%
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No Rate
5 YEAR TERM
1.59%
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1.50%
Get Rate

While we try our best to get you the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.

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Current Mortgage Rates Québec

Find the most up to date mortgage rates tailored to your needs. Just adjust the values below.

Term Length
Type
Home Price
Downpayment
%
Mortgage Amount
Amortization
I am looking to get rates for:
LenderRateMonthly Payment
North East Mortgages
North East Mortgages
Get This Rate
1.59%
$1,819
Canada Life
Canada Life
1.68%
$1,838
Equitable
Equitable
Get This Rate
1.69%
$1,840
FN
FN
Get This Rate
1.74%
$1,851
Simplii Financial
Simplii Financial
1.76%
$1,855
Peoples Bank
Peoples Bank
Get This Rate
1.79%
$1,862
TD
TD
Get This Rate
1.84%
$1,872
BMO
BMO
1.93%
$1,892
motusbank
motusbank
1.95%
$1,896
Tangerine
Tangerine
Get This Rate
1.99%
$1,905
MCAP
MCAP
Get This Rate
2.04%
$1,916
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Notes

  • Weekly changes compared to January 22nd, 2021
  • These rates are for Prime customers. To qualify, you generally need a good credit score and a steady job.
  • The following rates may not be valid for uninsured mortgages.

Mortgage Rates in Quebec

Quebec, also known as La Belle Province, is home to 8.48 million people and is the largest province in Canada by land. The Montreal Metro Area accounts for a quarter of Quebec’s population with a population of 4 million. From 2006 to 2019, Montreal had the highest growth rate in the province, at an annual growth rate of 1.56%, while regions such as the North Shore and Gaspésie–Îles-de-la-Madeleine saw negative population growth. Montreal is the largest city in Quebec, and has over three times the population of Quebec City. 

The Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ) is the regulatory authority of real estate brokerages in Quebec. There are 15,592 real estate license holders in Quebec, with 4,956 residential real estate brokers and 9,569 mixed residential and commercial real estate brokers. Almost half of license holders are in the Montreal area. Only those licensed by the OACIQ can use the term real estate broker or real estate agency in Quebec. 

The Canada Mortgage and Housing Corporation (CMHC) predicts that residential housing construction will slow down in the future in Montreal due to demographic changes, while the rental housing market will accelerate. An aging population will also further increase the number of properties listed for sale. Montreal saw a record-breaking number of rental housing starts in 2018, which was driven by rental apartments. At the same time, the condominium market saw a significant downturn, after tripling the number of units for sale in an eight year period from 2010 to 2018. 5.9% of all properties sold in Montreal in 2016 were from seniors 85 years and over, while another 6.4% was from those aged 75 years to 84 years old. 

CMHC used Centris data to look at the number of listings and sales in Montreal’s housing market, and saw signs of overheating in the housing market. Looking at the province as a whole, the average age in Quebec is 42 years, the average household income is $77,306, and the average household size is 2.3 persons. 61% of Quebecers own their house, while 39% rent. In comparison, 40% of Montrealers own their house, while 60% rent. The types of housing are also vastly different. 46% of Quebecers live in a single-family home, compared to 12% of Montrealers. 

Housing Tenure

Home OwnershipProvince of QuebecCity of Montreal
Own61%40%
Rent39%60%

Housing Type

Property TypeProvince of QuebecCity of Montreal
Single-Family46%12%
Semi-Detached/Row Houses8%8%
Building (Less than 5 floors)40%66%
Building (5 or more floors)5%15%

Mortgage Lenders in Quebec

Canada’s Big Banks (RBC, TD, Scotiabank, CIBC, and BMO) all operate in Quebec. Being Canada’s oldest bank, the Bank of Montreal was established in Montreal in 1817, and eventually moved their headquarters to Toronto in 1977. Laurentian Bank is also mainly located in Quebec with 114 branches. Quebec is home to Caisse Desjardins, which is the country’s largest federation of credit unions, also known as caisse populaires. Quebec has the highest number of credit union members in Canada, with 4.4 million being members of a credit union in 2016, and is equivalent to over 50% of Quebec’s population. This penetration rate is the highest in the country, but is significantly lower than in 2002 when it reached 69.3%. There are just under 300 caisse populaires in Quebec, with 985 caisse populaires branches, compared to 1,110 bank branches. 

Caisse populaires are allowed to sell and promote insurance products, such as auto, home, and life insurance. Not all provinces in Canada allow credit unions to sell and promote certain insurance products. For example, Ontario only allows credit unions to sell credit, mortgage, and travel insurance, however, the government is proposing changes.

The Autorité des marchés financiers (AMF) is the financial regulator in Quebec. In 2018, the AMF proposed that credit unions and caisse populaires in Quebec must introduce mortgage stress tests. Previously, only federally regulated institutions, such as banks, were required to conduct stress tests.

Mortgage Brokers

Mortgage brokers were regulated by the OACIQ until April 2020, when the AMF started governing the sector as of May 1, 2020. Quebec is the only province in Canada that allows real estate brokers to receive a referral fee for referring clients to a mortgage lender. These realtor referral fees are usually 0.5%

National mortgage brokers that operate in Quebec include Dominion Lending Centres, Mortgage Architects, and CanWise. The Mortgage Centre operates in all provinces except Quebec. A few mortgage brokers that also operate in Quebec include Multi-Prêts Mortgages, North East Mortgages, Landmark Real Estate Group, and Guardian Financing.

While we try our best to get you the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.