Montreal Mortgage Rates.

As of May 16th, 2021
Montreal-city-image
City of Montreal
I am looking to get rates for:
Term Length
Type
Home Price
Downpayment
%
Mortgage Amount
Amortization
Years
LenderRateMonthly Payment
Équipe Lupien
Équipe Lupien
Get This Rate
1.89%
$1,883
Equitable
Equitable
Get This Rate
1.99%
$1,905
ATB
ATB
1.99%
$1,905
motusbank
motusbank
1.99%
$1,905
Laurentian
Laurentian
Get This Rate
1.99%
$1,905
Canada Life
Canada Life
2.02%
$1,912
First National
First National
Get This Rate
2.09%
$1,927
Peoples Bank
Peoples Bank
Get This Rate
2.09%
$1,927
Tangerine
Tangerine
2.14%
$1,938
Canadian Western
Canadian Western
2.18%
$1,947
HSBC
HSBC
2.19%
$1,949

Notes

  • 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.

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
ProvinceQuébec
Settled Year1642
Established Year1760
Incorporated Year 1832
Population 1,704,694
City Area431.50 km 2 (166.60 sq mi)
Official WebsiteMontreal Official Website

Mortgage Prepayment Limit

Bank or LenderAnnual Prepayment LimitFrequency (per year)
RBC
RBC
10%Once
TD
TD
15%Once
Scotiabank
Scotiabank
Varies, up to 20%Once
CIBC
CIBC
Varies, up to 20%Once
BMO
BMO
20% (10% for BMO Smart Fixed Mortgages)Once
HSBC
HSBC
20%Once
Equitable Bank
Equitable Bank
15% - 20%Once
Peoples Bank
Peoples Bank
20%Once
First National
First National
15%Once
motusbank
motusbank
20%Once
Tangerine
Tangerine
25%Multiple
Simplii
Simplii
Varies, up to 20%Multiple
MCAP
MCAP
Varies, up to 20%Multiple
Laurentian
Laurentian
15%Once
National Bank
National Bank
10%Multiple
Desjardins
Desjardins
15%Multiple
CMLS
CMLS
20%Multiple
DUCA
DUCA
20%Once
Manulife
Manulife
20%Multiple
Alterna Savings
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 IRDPosted Rate IRD
RBC
RBC
TD
TD
Scotiabank
Scotiabank
CIBC
CIBC
BMO
BMO
HSBC
HSBC
Peoples Bank
Peoples Bank
motusbank
motusbank
Simplii Financial
Simplii
Laurentian
Laurentian
Desjardins
Desjardins
CMLS
CMLS
Equitable
Equitable Bank*
Tangerine
Tangerine
Manulife
Manulife
Alterna Savings
Alterna Savings
First National
First National
MCAP
MCAP
DUCA
DUCA
* 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 RateBased On the Lender's Prime Rate
RBC
RBC
TD
TD
Scotiabank
Scotiabank
BMO
BMO
HSBC
HSBC
Equitable
Equitable Bank
First National
First National
motusbank
motusbank
Tangerine
Tangerine
MCAP
MCAP
National Bank
National Bank
Desjardins
Desjardins
CMLS
CMLS
DUCA
DUCA
Manulife
Manulife
Alterna Savings
Alterna Savings
Laurentian
Laurentian*
CIBC
CIBC
Peoples Bank
Peoples Bank
Simplii Financial
Simplii
Laurentian
Laurentian
* 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 penalty

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.