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Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.
Lender
|
Insured
|
Insurable
|
Uninsured
|
|---|---|---|---|
Lendwire Inc.
|
4.04%
$2,640.95 / month
|
4.24%
$2,695.56 / month
|
4.24%
$2,695.56 / month
|
MMG Mortgages
|
4.19%
$2,681.85 / month
|
4.39%
$2,736.87 / month
|
4.29%
$2,709.29 / month
|
Rocket Mortgage
|
4.55%
$2,781.28 / month
|
4.75%
$2,837.28 / month
|
4.55%
$2,781.28 / month
|
Innovation Federal Credit Union
|
4.57%
$2,786.86 / month
|
4.57%
$2,786.86 / month
|
4.57%
$2,786.86 / month
|
BMO
|
4.60%
$2,795.23 / month
|
4.79%
$2,848.54 / month
|
4.79%
$2,848.54 / month
|
Nuborrow
|
5.49%
$3,049.05 / month
|
5.49%
$3,049.05 / month
|
5.49%
$3,049.05 / month
|
True North Mortgage
|
2.99%
$2,363.66 / month
|
2.99%
$2,363.66 / month
|
2.99%
$2,363.66 / month
|
Sudbury Credit Union
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
ATB Financials
|
4.09%
$2,654.55 / month
|
4.09%
$2,654.55 / month
|
4.09%
$2,654.55 / month
|
Vancity Mortgages
|
4.09%
$2,654.55 / month
|
4.09%
$2,654.55 / month
|
4.09%
$2,654.55 / month
|
Prospera Credit Union
|
4.09%
$2,654.55 / month
|
4.09%
$2,654.55 / month
|
4.09%
$2,654.55 / month
|
City Wide Financial Corp
|
4.09%
$2,654.55 / month
|
4.09%
$2,654.55 / month
|
4.09%
$2,654.55 / month
|
Centum Clinton Wilkins
|
4.14%
$2,668.19 / month
|
4.14%
$2,668.19 / month
|
4.14%
$2,668.19 / month
|
Centum Home Lenders Ltd.
|
4.14%
$2,668.19 / month
|
4.14%
$2,668.19 / month
|
4.14%
$2,668.19 / month
|
Nesto
|
4.14%
$2,668.19 / month
|
4.14%
$2,668.19 / month
|
4.14%
$2,668.19 / month
|
First Foundation
|
4.19%
$2,681.85 / month
|
4.19%
$2,681.85 / month
|
4.19%
$2,681.85 / month
|
|
East Coast Mortgage Brokers
|
4.19%
$2,681.85 / month
|
4.19%
$2,681.85 / month
|
4.19%
$2,681.85 / month
|
|
One Link Mortgage & Financial
|
4.19%
$2,681.85 / month
|
4.19%
$2,681.85 / month
|
4.19%
$2,681.85 / month
|
Updated
Evaluate all of Quebec’s best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms.
Rates are based on a home value of $500,000
| Insured | 80% LTV | 65% LTV | Uninsured | Bank Rate | |
|---|---|---|---|---|---|
| 1-year fixed rate | 5.59% | 5.74% | 5.74% | 6.63% |
6.29%
|
| 2-year fixed rate | 4.74% | 4.99% | 4.74% | 4.74% |
5.59%
|
| 3-year fixed rate | 4.19% | 4.64% | 4.49% | 4.49% |
4.89%
|
| 4-year fixed rate | 4.34% | 4.64% | 4.49% | 4.49% |
4.74%
|
| 5-year fixed rate | 4.14% | 4.34% | 4.14% | 4.14% |
4.59%
|
| 7-year fixed rate | 4.49% | 5.40% | 5.40% | 5.90% |
5.50%
|
| 10-year fixed rate | 5.09% | 5.80% | 5.80% | 5.80% |
7.14%
|
| 3-year variable rate | 4.60% | 4.70% | 4.60% | 4.60% |
6.85%
|
| 5-year variable rate | 4.30% | 4.55% | 4.30% | 4.30% |
4.65%
|
| HELOC rate | N/A | N/A | N/A | N/A | N/A |
| Stress test | 5.25% | 5.25% | 5.25% | 5.25% | N/A |
Known as” La Belle Province,” Quebec is home to 8 million predominately French-speaking inhabitants. Occupying 15.4% of the country’s total area, it is the largest province in Canada.
Every quarter, the Quebec Professional Association of Real Estate Brokers releases a statistical analysis of real estate data from the province. Results from the fourth quarter of 2019 indicate that 22,260 residential transactions took place in Quebec during that time. This represents a 19% increase in total residential sales compared to Q4 2018.
Sales increased for all residential property categories, but the greatest increase was for condominiums, which were up 22%, year-over-year. Single-family home sales increased by 17% in the same period.
In the last 12 months, total housing starts have increased, unemployment has decreased, and consumer confidence has gone up. These conditions suggest the Quebec real estate market will continue to grow.
The median price of a single-family home in Quebec is $260,000, which represents a 4% increase since the same period in 2018. The average price has increased by 4% to $319,115.
Quebec condo prices have increased by 6% in the last year, and on average they sell for $310,275.
The price of plexes (two to five dwellings) increased by 7% year-over-year, and are now selling for an average price of $466,656.
Province-wide, the number of active listings decreased by 12%. This is boosting the average sale price, but residential properties in Quebec are still reasonable when compared to other major centres in Canada.
As you can see in the table below, house prices vary across the province. We have included a mortgage payment for each location (based on a typically higher-than-average rate compared to what a typical, well-qualified borrower could secure), to provide an idea of what an average homeowner could expect to pay each month in mortgage payments.
|
Metropolitan Area |
Average Price |
Increase or Decrease YOY |
Monthly Mortgage Payment* |
|---|---|---|---|
| Montreal | $436,818 | 5% | $1,653 |
| Mont-Tremblant | $536,228 | -12% | $2,030 |
| Saint-Sauveur | $318,461 | 2% | $1,205 |
| Quebec City | $287,892 | 1% | $1,089 |
| Gatineau | $286,646 | 6% | $1,085 |
| Val-d'Or | $265,948 | 6% | $1,006 |
| Sherbrooke | $283,827 | 17% | $704 |
| Granby | $293,885 | 13% | $1,112 |
| Rouyn-Noranda | $243,245 | -2% | $920 |
| Saint-Hyacinthe | $269,369 | 13% | $1,019 |
| Sainte-Agathe-des-Monts | $295,024 | -12% | $1,116 |
| Sainte-Adèle | $254,860 | -7% | $964 |
| Joliette | $217,127 | 1% | $822 |
| Salaberry-de-Valleyfield | $228,251 | 15% | $864 |
| Rivière-du-Loup | $200,374 | 8% | $758 |
| Saguenay | $182,682 | 2% | $691 |
| Rimouski | $196,105 | 9% | $742 |
| Drummondville | $200,835 | 7% | $760 |
| Sept-Îles | $199,605 | 9% | $755 |
| Victoriaville | $193,547 | 5% | $732 |
| Trois-Rivières | $178,540 | 4% | $675 |
| Sorel-Tracy | $177,813 | 4% | $673 |
| Baie-Comeau | $132,206 | -7% | $500 |
| Shawinigan | $127,389 | 1% | $482 |
| Thetford Mines | $130,464 | 8% | $493 |
*Mortgage payment calculated using our Mortgage Payment Calculator for the average property price with a down payment of 20%, amortization period of 25 years, and a fixed mortgage rate of 3.00%.
Average house prices from Quebec Professional Association of Real Estate Brokers, Q4 2019.
House prices vary across the province, but even in Montreal (Quebec’s largest and most expensive city), they are much cheaper than comparable listings in Ontario and B.C.
Buying a home in Quebec, like in any other Canadian province, requires that buyers have a good grasp of their financial capabilities. Before you start looking for a house, use our mortgage affordability calculator to see what is realistic for your budget.
The choice of mortgage type that’s right for you comes down to a careful analysis of your income, lifestyle, risk tolerance and future plans. You can take a look at these mortgage guides to understand the options available to you and use our mortgage calculators to help determine your spending power.
Once you know where you stand, use RATESDOTCA to compare the best mortgage rates in Quebec.
Bonne chance!
Lubna Umar is an SEO Content Manager at RATESDOTCA. She has produced a wide variety of content, including academic essays, pieces of fiction and financial literacy guides. In her free time, she can be found exploring the café culture in Toronto or any other major city.
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