Top 6 banking picks for Estrie residents and home buyers — with a free Quebec droits de mutation calculator.
Magog is the gateway city to Quebec's Eastern Townships (Cantons-de-l'Est), situated at the northern tip of Lake Memphremagog — a 50 km lake straddling the Quebec-Vermont border. Known for cycling culture, wine country, and year-round outdoor recreation, Magog has become one of Quebec's fastest-growing mid-size cities as Montreal buyers seek lifestyle, nature, and value.
Average home prices in Magog are around $385,000, significantly lower than comparable Montreal suburbs while offering exceptional quality of life. The area's proximity to Mont Orford (15 km), the Eastern Townships wine route, and Lake Memphremagog drives real estate demand from buyers across Quebec and beyond.
The Corridor Vert cycling trail network connects Magog to Sherbrooke, Orford, and beyond — making it a hub for cycling tourism and a reason many families relocate here. The lakefront promenade in downtown Magog is one of Quebec's finest urban outdoor spaces, lined with restaurants and boutiques.
Desjardins has a significant presence in the Eastern Townships. National Bank and TD operate Magog branches. EQ Bank's 3.75% HISA suits buyers accumulating toward Magog's $385K average. KOHO's no-fee digital banking is popular with Magog's growing remote-work professional population.
The droits de mutation on a $385,000 home is approximately $4,245 — no Montreal island surtax applies in Magog. Quebec's standard formula with no first-time buyer rebate.
Standard QC formula — no Montreal island surtax. Avg. home ~$385,000 → approx. $4,191.00 welcome tax. Consult a notary for exact obligations.
| 0.5% on first $52,800 | |
| 1.0% on $52,801–$264,000 | |
| 1.5% on $264,001–$528,000 | |
| 2.0% above $528,000 | |
| Total Droits de Mutation |
KOHO offers free banking with cash back on everyday purchases — popular with Quebecers who want to complement their Desjardins account with a no-fee Visa card.
KOHO Gratuit — Code 45ET55JSYA3.0% HISA, zero monthly fees, $100 welcome bonus with code 45ET55JSYA. Visa card accepted everywhere in Magog. CDIC-insured through Peoples Bank of Canada.
3.75% Savings Plus Account — Canada's highest no-fee savings rate. Ideal for building a down payment in Magog's ~$385,000 market. CDIC insured.
Quebec's dominant cooperative financial group with deep roots in Estrie. Strong mortgage products and local caisse network. Deposits insured by DPFQ.
Full-service personal and mortgage banking with a strong mobile app and wide ATM network. Serves Magog and Estrie residents. CDIC insured.
Headquartered in Montreal with deep Quebec market expertise. Competitive mortgage products for Estrie buyers. Strong online application. CDIC insured.
Comprehensive personal banking, mortgages, and investment products for Magog residents and buyers. Canada's largest bank. CDIC insured.
For a $385,000 home in Magog, the droits de mutation is approximately $4,191.00. No Montreal island surtax applies here. Quebec provides no first-time buyer exemption — all buyers pay the full welcome tax. Use our calculator above for your specific purchase price.