Mortgage rates are the lowest in Quebec, but that might not always be the case. The current mortgage rate in Quebec is 3.40%, which is even lower than what we’ve seen recently across Canada as a whole. However, with rates on the rise around the world and a strong Canadian dollar relative to other currencies, there’s no doubt that this could change sooner rather than later.

Combined with a strong economy, Quebec’s lower population density has helped keep real estate prices in check with other provinces

If you’re looking for the lowest mortgage rates Quebec has to offer, then you’ve come to the right place. A low population density has helped keep real estate prices in check with other provinces, while a strong economy has given Quebec one of Canada’s highest standards of living.

Current Mortgage Rates in Quebec

Quebec mortgage rates are currently lower than those in most other provinces: the national average rate stands at 4.05%. At 4%, Alberta still holds the title for highest mortgage rate in Canada—but it’s only just over half a percent higher than Quebec’s lowest rate.

And if you’re comparing these numbers to previous years, you might think that this is typical for our province: Quebec used to have some of the highest rates on record and has seen them fall steadily since then. We were at 5% back in 2011; by 2017 we had dipped down below 4%.

Lowest Mortgage Rates Quebec 1-year fixed mortgage rate

When you find the lowest mortgage rates Quebec, it is important to keep in mind that there are many factors that go into determining your final interest rate. That being said, here are some of the most common things lenders look at when determining how much you will pay:

Credit score

Down payment

Loan-to-value ratio (LTV)

Debt-to-income ratio (DTI)

5-year variable mortgage rate

Five-year variable mortgage rates are the lowest in Canada. The 5-year fixed mortgage rate follows closely behind, but it’s important to understand why they’re so much higher.

The 5-year variable and 5-year fixed mortgage rates are calculated by taking the 10-year bond yield, adding 2% (to account for fees), and then subtracting 1%. This means that when you get a five-year fixed mortgage, you’re paying about 3% more than if you were getting a variable rate.

If you plan on living somewhere for less than five years, then going with a shorter term could save you some money by avoiding the penalty of being locked into an unaffordable longer term. If, however this isn’t an option for your situation then choosing between these two options is really just about whether or not your finances can handle paying an extra 0.25% more per month over having access to move up if needed in two years rather than six months later down payment assistance program bac

Quebec has the lowest mortgage rates in Canada

Quebec has the lowest mortgage rates in Canada, because it has:

low real estate prices (the lowest in Canada)

a lower population density (the 3rd lowest in Canada)

a lower unemployment rate (the 2nd lowest in Canada)

Quebec has the lowest mortgage rates in Canada and is a great place to buy a house. If you want to learn more about the Quebec real estate market, then contact us today!