Montreal at a Glance
The City of Montreal is located along the St. Lawrence River and Prairies River in the Montreal Region and is home to over 1.7M residents. Montreal real estate prices have increased by 24% from November 2019 to November 2020 and the median price of a home in Montreal is $435K. From the long-term perspective, real estate prices in Montreal have increased by 35% over a 3-year period from November 2017 to November 2020. While condominium prices have decreased in many of the major cities throughout 2020 due to the onset of the coronavirus pandemic, condominiums prices have actually increased in Montreal by 9% from November 2019 to November 2020. The median price of a condominium in Montreal is $316K. Montreal has the 20th lowest property tax rate in Quebec out of all municipalities with a population greater than 20K.
| Montreal at a Glance | | Province | Québec |
| Settled Year | 1642 |
| Established Year | 1760 |
| Incorporated Year | 1832 |
| Population | 1,704,694 |
| City Area | 431.50 km 2 (166.60 sq mi) |
| Official Website | https://montreal.ca/ |
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.
