Laval Mortgage Rates.

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.

Mortgage Prepayment Limit

Bank or Lender	Annual Prepayment Limit	Frequency (per year)
RBC	10%	Once
TD	15%	Once
Scotiabank	Varies, up to 20%	Once
CIBC	Varies, up to 20%	Once
BMO	20% (10% for BMO Smart Fixed Mortgages)	Once
HSBC	20%	Once
Equitable Bank	15% - 20%	Once
Peoples Bank	20%	Once
First National	15%	Once
motusbank	20%	Once
Tangerine	25%	Multiple
Simplii	Varies, up to 20%	Multiple
MCAP	Varies, up to 20%	Multiple
Laurentian	15%	Once
National Bank	10%	Multiple
Desjardins	15%	Multiple
CMLS	20%	Multiple
DUCA	20%	Once
Manulife	20%	Multiple
Alterna Savings	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
RBC TD Scotiabank CIBC BMO HSBC Peoples Bank motusbank Simplii Laurentian Desjardins CMLS Equitable Bank*	Tangerine Manulife Alterna Savings First National MCAP DUCA

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
RBC TD Scotiabank BMO HSBC Equitable Bank First National motusbank Tangerine MCAP National Bank Desjardins CMLS DUCA Manulife Alterna Savings Laurentian*	CIBC Peoples Bank Simplii Laurentian