Find the best current mortgage rates in Montreal to get the best deal on your home purchase. Montreal is Canada’s most affordable major metropolitan area, offering big-city living at prices significantly below Toronto and Vancouver.
The average home price in Montreal is approximately $560,000 in 2026 — roughly half of Toronto’s. With Quebec’s moderate land transfer tax and competitive mortgage rates from both national banks and local institutions like Desjardins, Montreal offers excellent value for homebuyers.
Compare Today’s Best Mortgage Rates in Montreal
Looking for the most competitive mortgage rates in Montreal? Below you’ll find up-to-date rates from top lenders, whether you’re buying on the island, in Laval, the South Shore, or the West Island.
Why Compare Mortgage Rates in Montreal?
On a $560,000 Montreal home with 10% down, the difference between a 4.00% and 5.00% rate is approximately $298 per month — or over $89,000 in total interest over 25 years.
Montreal’s Affordability Advantage
Montreal stands out as Canada’s most affordable major metro:
| City | Avg. Home Price | Avg. Mortgage (10% Down + CMHC) | Monthly at 4.25% |
|---|---|---|---|
| Montreal | ~$560,000 | ~$519,480 | ~$2,808 |
| Toronto | ~$1,065,000 | ~$852,000* | ~$4,607 |
| Vancouver | ~$1,175,000 | ~$940,000* | ~$5,083 |
Toronto and Vancouver figures assume 20% down (required for $1M+).
Montreal offers comparable urban amenities at roughly half the monthly housing cost.
Montreal-Specific Lenders
Montreal has a unique and competitive banking landscape:
- Desjardins — Canada’s largest cooperative financial group, headquartered in Quebec. Strong presence throughout Montreal.
- National Bank of Canada — Headquartered in Montreal with competitive mortgage products
- Laurentian Bank — Montreal-based bank
- Big Five banks — TD, RBC, BMO, CIBC, and Scotiabank all compete in the Montreal market
Desjardins and National Bank are worth comparing directly against the Big Five, as they often offer competitive rates to attract Montreal homebuyers.
Types of Mortgage Rates Available
- Fixed Mortgage Rates: Lock in your rate for certainty. Popular with Montreal buyers who want predictable payments.
- Variable Mortgage Rates: Rates move with the prime rate. Can be advantageous if rates continue to decline.
- Open vs. Closed Mortgages: Open mortgages allow early repayment, while closed mortgages offer lower rates.
Montreal Land Transfer Tax (Droits de Mutation)
Montreal’s land transfer tax includes the Quebec base rates plus a municipal surcharge:
| Purchase Price Bracket | Tax Rate |
|---|---|
| First $58,900 | 0.5% |
| $58,901 – $294,600 | 1.0% |
| $294,601 – $500,000 | 1.5% |
| $500,001 – $1,000,000 | 2.0% + 0.5% Montreal surcharge |
| Over $1,000,000 | 2.5% + 1.0% Montreal surcharge |
On a $560,000 home in Montreal, expect to pay approximately $7,375 in total droits de mutation. Quebec does not offer a first-time buyer exemption.
Frequently Asked Questions
What is the average mortgage rate in Montreal right now? Mortgage rates change daily. Check the rate comparison table above for the latest competitive rates.
Is Montreal good for first-time homebuyers? Excellent. Montreal’s affordability means smaller down payments and lower mortgage amounts. A 5% down payment on a $560,000 home is $28,000. Federal programs like the Home Buyers’ Plan and FHSA are available to Quebec residents.
How does Montreal compare to Ottawa for housing? Montreal is slightly cheaper than Ottawa (avg ~$560,000 vs ~$645,000), but Quebec has different tax rules including higher income taxes. Mortgage rates are the same in both cities. Consider total cost of living when comparing.
How to get the best mortgage rate in Montreal
Montreal offers the lowest housing prices among Canada’’s four largest cities (Toronto, Vancouver, Calgary, Montreal), with distinct Quebec-specific programs and regulations.
Montreal mortgage market overview
| Metric | Value (2024–2025) |
|---|---|
| Benchmark home price | ~$530,000 |
| Down payment (5%) | ~$26,500 |
| CMHC insurance (5% down) | ~$20,140 |
| Monthly payment at 4.5% / 25yr | ~$2,850 |
| Quebec Welcome Tax | ~$6,000–$8,000 |
Tips for Montreal homebuyers
1. Bienvenue Tax (Welcome Tax): Quebec’’s land transfer tax, called the “taxe de bienvenue,” is charged at 0.5% on the first $58,900, 1% on $58,900–$294,600, and 1.5% above. Montreal adds a third tier of 2% above $500,000 for properties over that threshold. Budget $6,000–$10,000 for a typical Montreal purchase. 2. Notary required: In Quebec, all real estate transactions require a notary (not a real estate lawyer as in other provinces). Notary fees run $1,200–$2,000. 3. Desjardins competition: Quebec’’s largest financial institution, Desjardins (caisse populaire), is a major mortgage lender with competitive rates and strong local knowledge. National Bank of Canada also has deep roots in Quebec.
Frequently asked questions
What is the Welcome Tax in Montreal? The “taxe de bienvenue” (Welcome Tax) is Quebec’’s land transfer tax. For a $530,000 home in Montreal, expect approximately $7,500–$8,500. The tax is billed by the municipality several months after closing.
Frequently asked questions about Montreal mortgages
What income do I need for a Montreal mortgage? For a $530,000 property with 10% down at 4.5%, expect to need household income of approximately $115,000–$125,000. Montreal’’s lower prices vs Toronto and Vancouver make it substantially more accessible.
Tools and Resources
- Montreal Mortgage Calculator — Estimate your monthly payment
- Quebec Mortgage Rates — Province-wide rate comparison
- Mortgage Affordability Calculator — See how much home you can afford
- Mortgage Payment Calculator — Calculate payments at different rates
- Land Transfer Tax Calculator — Calculate your closing costs