Current Mortgage Rates in Quebec

Compare current mortgage rates and understand how rates can vary depending on the lender, mortgage type, term, credit profile, down payment, property type and approval conditions.

As a mortgage broker with Dominion Lending Centres, I help clients in Montreal, Laval and across Quebec compare mortgage rates and lender options.

Rates shown are for information purposes only and are subject to change without notice. Final rates depend on lender approval, mortgage type, loan-to-value, credit profile, property type, amortization, closing date, insurer or lender conditions, and other qualification requirements. Not all borrowers will qualify for every rate shown.

Understanding Mortgage Rates in Canada

Interest rates are one of the most important factors when choosing a mortgage, but they are not the only factor. The right mortgage option also depends on your income, credit, property, mortgage amount, down payment, term, penalties and long-term plans.

How Mortgage Rates Are Determined

In Canada, variable mortgage rates are connected to the lender’s prime rate. When prime rate changes, variable-rate mortgages and lines of credit may also change.

Fixed mortgage rates are influenced by bond yields and market expectations. This is why fixed rates can move even when variable rates have not changed.

Fixed vs Variable Mortgage Rates

A fixed-rate mortgage gives payment stability during the term. A variable-rate mortgage can move up or down depending on changes to the lender’s prime rate. The best option depends on your risk tolerance, budget, timeline and future plans.

If you are unsure which option fits your situation, it may help to compare fixed and variable rates together with penalties, payment flexibility and renewal strategy.

Learn more about fixed vs variable mortgage rates →

The Lowest Rate Is Not Always the Best Mortgage

Many lenders offer competitive mortgage rates, especially for renewals and insured mortgages. A low rate is important, but focusing only on the interest rate can hide other important costs and restrictions.

One of the most important things to understand is how the lender calculates the penalty if you break the mortgage before the end of the term.

Life can change. You may need to refinance, sell your property, relocate, separate, consolidate debt, or restructure your finances before maturity. In these situations, penalties, flexibility and lender conditions can matter as much as the rate.

Some lenders may have higher penalty calculations or less flexible conditions. Other lenders may offer more flexible options depending on the mortgage product. This is why it is important to compare the full mortgage, not only the advertised rate.

When Should You Compare Mortgage Rates?

• You are buying a property and want to understand your mortgage options.
• Your mortgage renewal is coming soon.
• You want to refinance your mortgage.
• You want to use home equity for renovations, debt consolidation or another project.
• You are self-employed or new to Canada and need lender options that fit your situation.
• You want to compare more than one lender before signing.

Related Mortgage Resources

Mortgage rates are only one part of the decision. Depending on your situation, you may also want to review renewal options, refinancing, home equity or the cost of working with a mortgage broker.

Before You Choose a Mortgage Rate, Compare the Full Option

The best mortgage is not always the one with the lowest advertised rate. I can help you compare rates, lender conditions, penalties, flexibility and next steps.

Apply Now

Contact Me