Mortgage Rates in Quebec

Comparison of rates from major financial institutions — April 2026

Updated: April 2026 — Indicative rates subject to change

Bank 5-Year Fixed 3-Year Fixed Variable
Desjardins 4,89% 5,04% 5,45%
Banque Nationale 4,84% 4,99% 5,35%
TD 4,94% 5,09% 5,50%
RBC / Banque Royale 4,99% 5,14% 5,55%
BMO 4,89% 5,04% 5,40%
Scotiabank 4,94% 5,09% 5,45%

Indicative rates for informational purposes. Contact your institution for an official quote.

5-Year Fixed Rate Trend (2020-2026)

2,49%
2020
1,94%
2021
4,49%
2022
5,49%
2023
5,19%
2024
4,99%
2025
4,89%
2026

Average 5-year fixed rate in Canada — Source: Bank of Canada

Fixed Rate — Guaranteed Stability

A fixed rate locks in your payment for the entire term. Ideal if you value predictability and fear rate increases. In 2026, 5-year fixed rates around 4.84-4.99% offer a good balance of security and cost.

Variable Rate — Potential Savings

The variable rate fluctuates with the Bank of Canada's policy rate. Historically, it costs less over the long term. In 2026, with anticipated cuts, variable rates could be advantageous if you tolerate the risk.

How does it affect your budget?

Use our mortgage calculator to see the impact of different rates on your monthly payments.

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Frequently Asked Questions

In April 2026, the best 5-year fixed rates in Quebec are around 4.84% at National Bank and certain mortgage brokers. Variable rates start at 5.35%. It is recommended to compare at least 3 institutions.
In 2026, the gap between fixed and variable is small (about 0.5%). If you prefer stability, fixed is recommended. If you believe the Bank of Canada will continue cutting rates, variable could save you money.
Get quotes from 3+ institutions, including mortgage brokers. Mention competing offers. A good credit score (680+) and a higher down payment give you negotiating power.
Start shopping 120 days before your term expires. Most institutions allow you to lock in a rate in advance, protecting you against increases while benefiting from potential decreases.
The posted rate is the base rate published by the bank. The negotiated (or preferred) rate is typically 0.10% to 0.50% lower and is obtained by comparing offers or going through a broker.

Mortgage rates in Quebec in 2026: complete guide

The Quebec mortgage market in 2026 is characterized by a gradual stabilization of interest rates after the significant increases of 2022-2023. The Bank of Canada has begun a cycle of gradual cuts, offering welcome relief to buyers and homeowners who need to renew their mortgage. Understanding current rates and their evolution is essential for making informed real estate decisions.

How are mortgage rates determined in Quebec?

Mortgage rates in Quebec are influenced by several factors. The Bank of Canada's policy rate is the main reference. Financial institutions then add their margin based on risk, competition, and their funding costs. The yield on 5-year Government of Canada bonds directly influences fixed rates, while the prime rate determines variable rates.

In Quebec, Desjardins caisses often offer competitive rates thanks to their cooperative structure. National Bank, Quebec's home-grown institution, regularly offers aggressive promotions to attract borrowers. The major Canadian banks (TD, RBC, BMO, Scotiabank) round out the landscape with varied offerings.

Fixed vs variable rate: what to choose in 2026?

The choice between a fixed and variable rate depends on your risk tolerance and investment horizon. In 2026, the gap between the two options is relatively small, making fixed rates particularly attractive for those seeking stability.

Advantages of fixed rates

  • Predictable payments for the entire term
  • Protection against future rate increases
  • Simplified budget planning
  • Peace of mind for first-time buyers

Advantages of variable rates

  • Historically less expensive over the long term
  • Immediate benefit if rates drop
  • Generally lower prepayment penalties
  • Potential savings if rates continue to decline

Impact of rates on your purchasing power

A difference of just 0.5% on your mortgage rate can have a significant impact on your budget. For a $400,000 mortgage amortized over 25 years, the difference between a 4.84% and 5.34% rate represents approximately $125 more per month, or $1,500 per year. Over 5 years, that is $7,500 in additional payments.

This is why it is crucial to compare offers from multiple institutions before committing. Use our mortgage calculator to simulate different scenarios with your budget.

Mortgage renewal in 2026

Hundreds of thousands of Canadians face mortgage renewals in 2026. If you took out your mortgage in 2021 with a rate around 2%, you will notice a significant increase in your payments. It is recommended to start shopping for your renewal 120 days before maturity to get the best possible rate.

Tips for getting the best rate

  • Compare at least 3 institutions: Do not limit yourself to your current bank. Get quotes from Desjardins, banks, and mortgage brokers.
  • Improve your credit score: A score above 680 gives you access to the best rates. Pay your bills on time and keep your credit card balances low.
  • Consider a mortgage broker: Brokers have access to many institutions and can negotiate on your behalf at no cost to you.
  • Negotiate: Posted rates are not final. Most institutions are willing to offer discounts to win your business.
  • Evaluate your down payment: A down payment of 20% or more eliminates CMHC mortgage insurance, reducing the total cost of your loan.

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