Select Page

Best Mortgage Rates in Quebec

 

Compare and find the Best Mortgage Rates in Quebec. With just a few clicks, you can look at all the mortgage rates Quebec has and find one that suits your requirement and budget in the best possible manner. CompareMyRates.ca helps you find the current best mortgage rates in Quebec in one easy to use location.

Best 3-Year Fixed Rate

Simplii Financial

2.79%

3 Year Fixed

90 Days

Hold until Feb 11

$1,480.12

Payment

 

Best 5-Year Fixed Rate

motusbank

2.64%

5 Year Fixed

90 Days

Hold until Feb 11

$1,455.90

Payment

 

Best 5-Year Variable Rate

Meridian Credit Union

2.9%

5 Year Variable

60 Days

Hold until Jan 12

$1,498.01

Payment

 

Filter Mortgage Rates

  • $
  • $
  • $

 



Current Mortgage Rates in Quebec

Quebec Mortgages fluctuate very frequently- and getting the best of it means staying on top of them. This, however, is rather a tedious task- but CompareMyRates.ca makes it all very simple for you. With CompareMyRates.ca, all you have to do is enter the area you are looking for and a few other things to find all the available mortgage plans. Within seconds, you will have the best mortgage plans at your screen. You can then

Within seconds, you will have the best mortgage plans at your screen. You can then compare mortgage rates Quebec has to find one that suits your requirements and budget- without going through any other hassle. 

Quebec Mortgages – Variable Rates vs Fixed Rates?

Variable-rate mortgage popularity is on the rise, but that wasn’t the case last year. From 2014 up until early last year, the statistics on Quebec homebuyers were surprising; fixed-rate mortgages were far more popular than variable-rate mortgages.

To better understand why there has been a switch like this, we track the records back to 2014 on CompareMyRates.ca. When we compare a 5-year fixed-rate mortgage to the same variable-rate mortgage, we find the variable rates are almost a half a percent lower. This can provide a huge amount of savings over time.

While variable-rate mortgages have become popular in Quebec, fixed-rate mortgages are still a very valid option for those buyers looking for a stable payment on a 5-year term. On average, the rates you will find on CompareMyRates.ca on a 5-year fixed-term mortgage are below 2.5%. When you compare this to bank-posted rates you will find savings of more than 2%. Depending on the size of your mortgage, two percent will translate into massive savings over the life of the loan.

Average House Prices Are On The Rise In Quebec.

As average house prices go up, the need to make smart decisions on mortgages also goes up. According to the Comparative Market Analysis (CMA) in Quebec, the average sale price of a single-family home went up to $285,000; a 1% increase. The same CMA saw condominium prices increase 2% to sit at $234,000. The biggest increase that was determined by this CMA was with plexes, which saw their average price increase to $440,000; a 4% increase!

Even with these increasing prices, homes are still being sold. The Quebec Federation of Real Estate Boards confirmed this with a report of all three house sales categories rising. Single-family homes rose by around 4% with just over 11,100 sales, condominium sales were up 1% with just over 3,100 sales, and plexes were up 3% with just under 1,300 sales.

Overall, with just under 16,000 sales in the third quarter of 2014, Quebec-wide housing sales saw an increase of 3% increase when compared to 2013. 

Mortgage Brokers Quebec

Quebec mortgage brokers can be rather tough to find- and for anyone who has not been in the area before, it may seem a little intimidating at first. However, with CompareMyRates.ca, there is simply no reason to worry. All you have to do is enter the mortgage amount with the postal code of the area along with a few other selections. Within a few minutes, you will have a list of the lowest mortgage rates in Quebec, as well as contacts and all other details of where to get the same from.

Mortgage Stats in Quebec

At least 20% of mortgage enquiries are attributed to residents in Montreal, while the capital also has an average home loan of a little over $228,000. The median income of borrowers in the city is around $65,000.

The biggest average mortgage is in Saint-Lambert, a suburb in Greater Montreal, at a staggering $403,000. Cantley, a rural area that’s part of Gatineau, has the lowest average home loan at $104,000. A lot of the mortgage applications are actually either refinance or debt consolidations followed by purchases of first-time home buyers.

At least 13.9% of mortgage enquiries are for mortgage renewal. Although 10% is for no-money-down mortgage, such service is already discontinued or no longer allowed.

About Quebec

Largely French speaking, Quebec is a hotbed for knowledge-based industries including biotechnology, pharmaceutical, and aerospace.

Although it’s the biggest province by far in Canada, majority of its people live in the greater area of Montreal, which is its capital. Aside from its economy and natural resources, the province is largely known for its hodge-podge of arts and culture, further enriched by its long history and acceptance of migrants.

How to Easily Qualify for a HELOC in Canada

How to Easily Qualify for a HELOC in Canada

A home equity line of credit, or a HELOC, is one of the most convenient ways to borrow money and take advantage of the equity you have built over the years. As opposed to a conventional loan, HELOCs offer other advantages such as: Access to large amounts of money...

read more
A Guide to the First-Time Home Buyer Incentive

A Guide to the First-Time Home Buyer Incentive

The federal government launched the First-Time Home Buyer Incentive (FTHBI) on September 2, 2019. With funding of $1.25 billion dollars to be used over the next three years, this program aims to help thousands of Canadians become homeowners. If you qualify, you apply for a 5% or 10% shared equity mortgage with the Government of Canada.
read more
Best Motusbank Mortgage Rates & Reviews

Best Motusbank Mortgage Rates & Reviews

Countless Canadians are dreaming of their first home or their next home, and Motusbank is clearly offering a lot of interesting options, low rates, and fantastic flexibility to give its members the best possible start on the road towards home-ownership.
read more