Updated November 2026 · Estima.ca research
Mortgage Rates in Quebec — The Full Local Picture
Comparing mortgage rates in Quebec means looking at more than just the interest number. The welcome tax (taxe de bienvenue), notary fees, school and municipal taxes, and QST charged on the CMHC insurance premium all change the true cost of borrowing here. A Quebec-aware comparison saves buyers thousands over a 5-year term.
Who lends in Quebec — and how they price
Desjardins dominates in Quebec through its caisse network, but the Big Six banks — Nationale, RBC, BMO, TD, Scotia and CIBC — are all active and competitive, and monoline lenders reach the province through mortgage brokers. Rates on insured mortgages tend to cluster within 15 to 25 basis points of each other; the negotiating room widens on uninsured deals and on refinances.
Quebec-specific costs that change the true rate
Welcome tax (droits de mutation) is charged by every Quebec municipality on the transfer of a property. It uses a progressive bracket calculation and can add several thousand dollars to your closing costs — Montreal, Laval and Quebec City each apply their own rates.
Notary fees are mandatory in Quebec (there is no such thing as a real-estate lawyer here — a notary handles the closing). Typical fees run $1,200 to $1,800 for a straightforward purchase, more for complex transactions.
QST on CMHC premium is unique to Quebec: the 9.975% provincial sales tax applies to your CMHC or Sagen insurance premium and, unlike the premium itself, it cannot be rolled into the mortgage. Budget for it in cash at closing.
Fixed vs. variable in the Quebec market
The fixed-vs-variable decision follows the same logic across Canada, but Quebec's higher closing costs make the breakage penalty more painful in absolute dollars — you have already spent more to get in, so exiting early hurts more. A shorter fixed term (2 or 3 years) can be a middle path for buyers who expect a life change but do not want to gamble on prime.
How to compare a real Quebec quote
Ask each lender for the total five-year cost of ownership, not just the monthly payment. That number should include the welcome tax, notary fees, QST on any CMHC premium and the total interest paid over the term. Two lenders can quote the same rate and still leave you with a very different bill.
Estima.ca's Quebec mortgage rates page and mortgage calculator include the local surcharges automatically so you can compare offers on a like-for-like basis.
FAQ
- Are mortgage rates different in Quebec than the rest of Canada?
- The headline rate is usually the same or within a few basis points, because Canadian lenders quote nationally. What differs in Quebec is the closing cost stack — welcome tax, notary fees and QST on the CMHC premium — which changes the true cost of the loan.
- How is QST applied to a Quebec mortgage?
- The 9.975% QST applies to your CMHC or Sagen mortgage insurance premium. It cannot be added to the mortgage balance, so it must be paid in cash at closing. Budget for it separately.
- Do I need a notary for a Quebec mortgage?
- Yes. All Quebec real-estate transactions close through a notary, not a real-estate lawyer. Notary fees on a straightforward residential purchase typically run $1,200 to $1,800.