Compare mortgage rates, banking options, and calculate your droits de mutation before buying in the Eastern Townships.
Magog, situated at the northern tip of Lake Memphremagog in the Eastern Townships, is a growing real estate market attracting buyers from Montreal and beyond. Whether you're purchasing a lakeside property, a ski chalet near Mont Orford, or a primary residence in town, choosing the right bank matters enormously for your mortgage rate and overall financial health.
The major Canadian banks — TD, BMO, RBC, Scotiabank, and National Bank — all have branches or mortgage specialists serving the Magog area. Quebec-based Desjardins remains the dominant credit union in the region with deep roots in the Eastern Townships community.
When comparing banks in Magog, consider not just posted mortgage rates but also prepayment privileges, portability options, and cash-back offers. Many buyers in this tourist-heavy corridor find that digital-first banks like Tangerine or EQ Bank offer competitive rates for primary residences.
Magog's median home price as of 2025 sits around $420,000–$480,000, making droits de mutation a significant closing cost. Use the calculator below to plan ahead.
Largest credit union presence in the Townships. Competitive variable mortgage rates and local underwriting knowledge.
Quebec's #1 bank by local market share. Strong All-In-One mortgage product and flexible pre-approvals.
Wide branch network, 120-day rate holds, and solid cash-back mortgage options for Magog buyers.
Online banks with some of Canada's lowest mortgage rates. Great for buyers comfortable banking digitally.
Enter your purchase price to estimate Quebec land transfer tax.
Droits de mutation (Quebec land transfer tax) is a one-time fee paid when you purchase property in Quebec. Unlike Ontario's Land Transfer Tax, Quebec offers no rebate for first-time buyers — every purchaser pays the full amount.
For a $450,000 home in Magog, you'd owe roughly $5,250 in droits de mutation. This must be paid at notary closing and cannot be rolled into your mortgage. Budget for it in cash alongside your down payment and other closing costs.
Learn more at our comprehensive guide: Quebec Land Transfer Tax Calculator.
Open a KOHO account to manage your homebuying cash flow — no monthly fees, instant virtual card, and up to 1% cashback. Use code 45ET55JSYA for a $100 welcome bonus.
Claim $100 Bonus →