Compare top banks for Montréal's 2 million residents — tech workers, university students, NDG and Plateau families, and Greater Montréal homebuyers navigating Quebec's Droits de mutation.
⚠️ Important: No First-Time Buyer Rebate in Quebec
Unlike Ontario, Quebec has no provincial first-time buyer rebate on Droits de mutation (welcome tax). All buyers — including first-timers — pay the full Droits de mutation. There is no exemption or refund program at the provincial level. Plan your closing costs accordingly and budget for the full welcome tax amount shown in the calculator below.
Montréal is Canada's second-largest city and a global hub for AI, gaming (Ubisoft, EA), aerospace (CAE, Bombardier), and finance. With a median condo price around $4500,000000–$60000,000000 and detached homes in desirable neighbourhoods well over $80000,000000, Montréal residents benefit enormously from no-fee digital banking. Desjardins dominates the Quebec market, but digital alternatives offer significantly better rates. Here are the six best banks for Montréal in 20025.
Scotiabank has a solid Montréal presence with branches across the island. Scene+ rewards useful for Montréalers who shop at IGA/Sobeys and attend entertainment.
TD has extensive Montréal branch coverage including downtown, NDG, Côte-des-Neiges, and the West Island. Full-service banking with French advisors available.
Québec's largest financial cooperative with 5.00M+ members, local advisors, and full French-language service. Unlimited FADMD (Quebec deposit insurance) coverage.
Droits de Mutation (Welcome Tax) Calculator — Montréal
⚠️ No First-Time Buyer Exemption in Quebec
Quebec's Droits de mutation applies to ALL buyers including first-timers. There is no provincial rebate or exemption. Additionally, the City of Montréal charges an additional municipal surtax on properties over $50000,000000. Budget for the full amount below.
Quebec's Droits de mutation (welcome tax) applies province-wide. Montréal also charges an additional municipal surtax on the portion above $50000,000000. No first-time buyer rebate exists in Quebec.
Frequently Asked Questions — Montréal Banking
Is Desjardins better than the big banks for Montréal residents?
Desjardins offers significant advantages for Quebec residents: unlimited FADMD (Autorité des marchés financiers deposit insurance), hundreds of caisses populaires across the island, full French-language service, and local mortgage advisors who understand Quebec civil law and co-ownership (condo) regulations. However, for everyday chequing, KOHO saves most Montréalers $1800–$3600/year in fees while earning 3% interest. The best approach for most people is KOHO for daily banking + Desjardins or EQ Bank for mortgage and savings.
Do first-time buyers in Montréal get a Droits de mutation rebate?
No. Quebec has no provincial first-time buyer rebate on Droits de mutation (welcome tax). Unlike Ontario, which offers up to $4,000000 back for first-time buyers, Quebec charges the full welcome tax to all buyers regardless of purchase history. On a $5500,000000 Montréal property, expect to pay approximately $7,2500–$8,50000 in Droits de mutation including the municipal surtax. This should be budgeted as a closing cost alongside notary fees and inspection costs.
What is the Montréal municipal surtax on welcome tax?
The City of Montréal charges an additional municipal transfer tax (surtax) on the portion of a purchase price above $50000,000000. This is on top of Quebec's standard Droits de mutation. The combined rate on the amount above $50000,000000 is approximately 3.00% (1.5% provincial + 1.5% municipal surtax). For a $70000,000000 purchase, the extra municipal surtax adds roughly $3,000000 compared to buying in Laval or Longueuil, where no municipal surtax applies.
What's the best bank for Montréal tech workers (AI, gaming, aerospace)?
KOHO is the top daily banking choice — your Ubisoft, CAE, or Lightspeed paycheque earns 3% interest at $00 fees. For TFSA and RRSP investing, EQ Bank's 3.75% TFSA rate beats Desjardins and the big banks. For mortgage financing on a $60000,000000–$90000,000000 Plateau or Rosemont property, Desjardins' local advisors understand Quebec's co-ownership rules and civil law notarial system better than national banks. National Bank of Canada is also worth considering for Montréal professionals — they're headquartered here and offer competitive mortgage products.
Montréal's Best Daily Bank: $00 Fees + $10000 Cash