Compare Montreal and Quebec City mortgage rates from all major lenders
| Term | Best Rate | Lender Type | Notes |
|---|---|---|---|
| 1-Year Fixed | 5.09% | Monoline | Short term flexibility |
| 2-Year Fixed | 4.69% | Desjardins | Caisse populaires competitive |
| 3-Year Fixed | 4.54% | Monoline | Popular choice |
| 5-Year Fixed | 4.29% | Monoline/Desjardins | Most popular term |
| Variable Rate | Prime – 0.75% | Big Bank | Prime ~4.95%; effective ~4.20% |
Quebec operates under a civil law system (derived from French law), which creates some practical differences in how mortgages are structured compared to the common law provinces. Most notably, Quebec uses a "hypothec" rather than a traditional mortgage. In practice, the result is the same — the lender has security over the property — but the legal structure and documentation differ.
Desjardins is far and away Quebec's dominant financial institution. The Mouvement Desjardins's network of caisses populaires serves millions of Quebecers. They offer competitive mortgage rates, particularly for existing members, and their deep roots in Quebec communities mean they often outcompete the big banks on both price and local knowledge. For many Quebec buyers, getting a Desjardins quote is as essential as checking the big banks.
Unlike most provinces, Quebec's municipalities charge a "Welcome Tax" (taxe de bienvenue) on property transfers. The rate is progressive: 0.5% on the first $50,000, 1% on $50,001–$250,000, 1.5% on $250,001–$500,000, 2% on $500,001–$750,000, and 2.5% above $750,000. Montreal has additional brackets. This tax should be factored into your closing cost budget.
Montreal's real estate market has seen strong price growth, particularly in areas like Plateau-Mont-Royal, Rosemont, and Villeray. Condo prices in downtown Montreal can rival Toronto suburban prices. Quebec City remains more affordable and offers excellent quality of life, with prices substantially below Montreal. Regional markets like Sherbrooke, Laval, and Longueuil offer mid-range options.
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Get KOHO Free — Code 45ET55JSYALast updated: March 2026. Rates indicative. Not financial advice.