Laval at a Glance
The City of Laval is located along the Prairies River and the Riviere des Mille Iles in the Laval Region and is home to over 422K residents. The population of Laval increased by 5% from 2011 to 2016. There are a variety of property types on the Laval real estate market, including detached houses, semi-detached houses, townhouses, mansions, bungalows, low-rise condominiums, and low-rise apartments. Prices of single-family detached houses in Laval have increased by 17% from September 2019 to September 2020 and the median price of a single-family house in Laval is $417K. During this same time period, prices of Condominiums in Laval have increased by 13% to a median price of $290K. Laval has the 22nd lowest property tax rate in Quebec out of all municipalities with a population greater than 20K.
| Laval at a Glance | | Province | Québec |
| Settled Year | 1681 |
| Established Year | 1699 |
| Incorporated Year | 1965 |
| Population | 422,993 |
| City Area | 247.23 km 2 (95.46 sq mi) |
| Official Website | https://www.ville.quebec.qc.ca/en/ |
Mortgage Prepayment Limit
| Bank or Lender | Annual Prepayment Limit | Frequency (per year) |
|---|
| 10% | Once |
| 15% | Once |
| Varies, up to 20% | Once |
| Varies, up to 20% | Once |
| 20% (10% for BMO Smart Fixed Mortgages) | Once |
| 20% | Once |
| 15% - 20% | Once |
| 20% | Once |
| 15% | Once |
| 20% | Once |
| 25% | Multiple |
| Varies, up to 20% | Multiple |
| Varies, up to 20% | Multiple |
| 15% | Once |
| 10% | Multiple |
| 15% | Multiple |
| 20% | Multiple |
| 20% | Once |
| 20% | Multiple |
| 20% (or 30% for “You’re the Boss” Mortgage) | Once (or multiple for “You’re the Boss” Mortgage) |
| 20% | Once |
Mortgage Prepayment Penalties
Fixed Rate Mortgage Penalty Interest Rate
For fixed-rate mortgages, lenders usually use the greater of three months of interest or an interest rate differential (IRD). Each lender has their own IRD calculation. The interest rate that they use for their IRD is usually based on either their current advertised mortgage rates or their posted rates, which can often be much higher.
| Advertised Rate IRD | Posted Rate IRD |
|---|
| |
* Equitable Bank’s IRD depends on your mortgage product
Variable Rate Mortgage Penalty Interest Rate
Most lenders determine the mortgage break penalty for a variable rate mortgage by calculating three months of interest. The interest rate that they use can depend from lender to lender, but is usually either your current mortgage interest rate or the lender's prime rate.
| Based On Your Mortgage Rate | Based On the Lender's Prime Rate |
|---|
| |
* Laurentian’s 3 Months’ Interest is based on the greater of your mortgage rate or the current prime rate.
Calculate your mortgage break or prepayment penaltyWhile 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.
