Top banking picks for Westmount residents — mortgage advice, welcome tax calculator, and no-fee banking options.
| # | Bank | Why It Stands Out | Best For |
|---|---|---|---|
| 1 | KOHO | No monthly fees, cash back on purchases, works in French & English — ideal for everyday banking in Montreal | Best No-Fee |
| 2 | EQ Bank | 3%+ interest on savings, no-fee everyday banking, excellent for building a mortgage down payment | Best Savings Rate |
| 3 | Desjardins | Quebec's cooperative institution — deep local roots, caisse populaire network, French-first service | Best Local / Coopérative |
| 4 | TD Bank | Strong branch and digital presence across Montreal; excellent newcomer banking programs | Best Branch Network |
| 5 | National Bank | Headquartered in Montreal — best Quebec mortgage expertise, strong FHSA (CELIAPP) onboarding | Best Mortgage (QC) |
| 6 | RBC | Canada-wide ATM coverage, robust digital banking, multi-language mortgage advisors | Best National Bank |
KOHO is Montreal's top no-fee banking option — works in French and English, no monthly fees, cash back on dépanneur runs and Metro grocery trips.
Ouvrir KOHO Gratuit — Code 45ET55JSYAWestmount is one of Canada's most affluent municipalities — a fully independent city entirely surrounded by the City of Montreal, sitting on the southern slopes of Mont Royal. With a population of approximately 21,000, Westmount maintains its own city services, police force, and some of the country's highest per-capita incomes and property values.
The neighbourhood is characterized by grand stone mansions on Summit Circle and Belvedere Road, elegant Victorian and Edwardian homes on the slope streets, and a thriving commercial corridor on Sherbrooke Street West and Greene Avenue. The Westmount Library (1899) and Victoria Hall are architectural landmarks. The community is predominantly anglophone but thoroughly bilingual in practice.
Real estate profile: Westmount operates in its own pricing league. Entry-level condos start around $600,000–$850,000. Single-family homes typically sell between $1.5M–$4M+, with Summit Circle properties exceeding $5M. It is consistently one of the most expensive real estate markets in Quebec and among the top-10 in Canada by price per square foot.
Important note on droits de mutation: Westmount is a separate municipality from the City of Montreal. The provincial Quebec rates apply in full — but the City of Montreal's 0.5% surtax on amounts over $500,000 does NOT apply in Westmount. Use the calculator on this page for the correct provincial-only rates.
Banking considerations: Westmount's high-net-worth buyers typically work with private banking divisions rather than retail branches. TD Private Banking, RBC Private Banking, and National Bank Private Wealth Management all have Westmount-area advisors. Desjardins' Caisse de dépôt et placement relationship also surfaces for some ultra-high-net-worth clients. Mortgage products over $1.5M (non-insured) require conventional lending with 20%+ down — a nuance that affects bank selection significantly.
Separate municipality — provincial Quebec rates apply. No City of Montreal surtax. No MTL surtax
Source: Droits de mutation Québec — Full Guide
Typical purchase prices in Westmount range from approximately $900,000 to $2,500,000, depending on property type, size, and specific location within the neighbourhood. Use the calculator above to estimate your welcome tax at any price point.
National Bank (Banque Nationale) and Desjardins offer the strongest Quebec mortgage expertise and most competitive rates for Montreal buyers. TD and RBC are also strong, particularly for newcomers to Canada. Always compare quotes from at least 3 lenders before deciding.
Yes. All Quebec real estate purchases are subject to droits de mutation (welcome tax). Use the calculator above to estimate your specific cost based on your purchase price.
KOHO is a Canadian no-fee banking app that works in both French and English. It charges no monthly fees, offers cash back on purchases, and is particularly popular among Montreal residents who want to avoid big-bank service charges. Use referral code 45ET55JSYA when signing up.
Desjardins operates one of the largest branch and ATM networks in Quebec. Most Montreal neighbourhoods have at least one caisse populaire within walking or transit distance.