Montreal Mortgage Rates: Live Bank & Broker Rates for the Montreal Region
Montreal is Quebec’s largest mortgage market and operates under a Civil Code legal framework that makes its mortgage mechanics subtly different from every common-law province. Mortgages in Quebec are technically hypothecs, closings must be handled by a notary rather than a real estate lawyer, and Montreal layers extra Welcome Tax brackets on top of the provincial structure. The rates below reflect the same Big 5 and challenger-lender pricing available across Canada, with Montreal-specific notes on the Welcome Tax and closing process.
Live Rates Available in MontrealLast updated 2026-05-15
| Lender | 5-Year Fixed | 3-Year Fixed | 5-Year Variable |
|---|---|---|---|
Lender 1 | 4.24% | 4.09% | 3.49% |
Bank 1 | 4.29% | 4.39% | 3.65% |
Bank 4 | 4.29% | 4.49% | 3.95% |
Bank 5 | 4.51% | 4.29% | 4.53% |
Bank 2 | 4.59% | 4.74% | 4.09% |
Bank 3 | 4.94% | 4.79% | 4% |
Lender pricing does not vary by city in Canada—the same rates above are available to qualified borrowers across Quebec. Montreal-specific differences are in closing costs and local market dynamics, covered below.
Montreal Market Context
Montreal’s benchmark price (~$575K as of 2026) sits comfortably below the $1.5M CMHC-insurable cap, giving the majority of Montreal buyers regular access to insured-mortgage pricing. Plex (duplex, triplex, fourplex) purchases — a uniquely Montreal product class — carry their own qualifying mechanics because Quebec treats owner-occupied multiplexes more flexibly than common-law provinces.
Quebec borrowers, and Montreal borrowers in particular, show meaningfully different product preferences than the rest of Canada. Variable-rate adoption is higher, and 2-year and 3-year fixed terms have long been more popular than the national-standard 5-year. This is partly cultural and partly a reflection of Desjardins’ dominant local market share, which has historically favoured shorter terms.
Montreal’s loan-to-income ratios are the lowest of any major Canadian metro (median 3.0x household income), reflecting the city’s lower housing costs and higher household savings rates. This structural resilience gives Montreal borrowers more room to absorb renewal-rate increases than Toronto or Vancouver borrowers face.
Montreal Welcome Tax (Taxe de Bienvenue) & Notary Fees
Montreal charges a tiered Welcome Tax (Droits de mutation immobilière) with the province’s standard brackets plus three Montreal-specific upper brackets. The standard provincial brackets are: 0.5% on the first $55,000, 1% from $55K–$275K, and 1.5% from $275K up. Montreal adds 2% on $500K–$1M, 2.5% on $1M–$2M, and 3% on the portion above $2M.
On a $600,000 Montreal home, Welcome Tax totals approximately $8,875. On a $1M home, the tax rises to approximately $15,000. Unlike most Canadian land transfer taxes, the Welcome Tax is invoiced by the municipality 3–6 months after closing — many buyers are caught off-guard and fail to set funds aside. Plan for it as a deferred closing cost, not a closing-day cost.
Montreal’s Home Ownership Program offers up to $10,000 toward the purchase of an eligible property (new construction or specific heritage units, with family-composition requirements). Eligibility is narrower than national first-time-buyer programs but can meaningfully offset Welcome Tax on qualifying purchases.
Mortgage closings in Montreal must be handled by a notary, not a real estate lawyer. Notary fees typically run $1,200–$1,800 plus disbursements — broadly comparable to lawyer fees in common-law provinces, but governed by Civil Code rules. The notary’s role is more expansive than a common-law lawyer’s: they hold legal duty to both buyer and seller, register the hypothec, and confirm clear title.