Mortgages in Quebec – Home Loans, Rates & Lender Options

Common Questions About Mortgages in Quebec

What are mortgage rates in Quebec?

Quebec mortgage rates generally mirror national trends, but localized risk and lender margins influence pricing. Fixed 5-year rates often hover between 3.5% and 5.0%, while variable rates adjust with Quebec's prime rate plus a spread.

How much down payment is required in Quebec?

Quebec follows standard Canadian down payment rules:

• 5 % down for homes under $500,000

• For homes $500,000 to $999,999: 5 % on first $500,000 + 10 % on the remainder

• 20 % down for homes $1,000,000 or more

If your down payment is under 20 %, mortgage default insurance is required (CMHC, Sagen, etc.).

Are there special programs for first-time buyers in Quebec?

Yes. Quebec offers several programs including:

• Quebec Homeownership Program (Regime d'accession a la propriete, RAP) which allows RRSP withdrawals

• Federal First-Time Home Buyer Incentive

• Federal Home Buyers' Plan (HBP)

• First Home Savings Account (FHSA)

These tools can ease down payment pressure or improve affordability.

Fixed vs variable mortgage - what works best in Quebec?

• Fixed rate: Offers payment certainty, which many Quebec buyers prefer in a fluctuating rate environment

• Variable rate: Can be more affordable when rates slip, but comes with risk

Quebec also has hybrid and convertible offers where part is fixed, part variable. Use the mortgage payment calculator to model your options.

What legal process is unique in Quebec?

Quebec uses notaries instead of lawyers for real estate closings. Notarial deeds and municipal cadastral registration are required. Documents must sometimes be bilingual or conform to civil law requirements. Because of this, closing timelines and notarial costs differ from other provinces.

What condo financing rules apply in Quebec?

When financing condos in Quebec, lenders often require:

• A detailed declaration of co-ownership (reglements de copropriete)

• Reserve fund and financial statements of the condo corporation

• Occupancy and owner/rental ratio

• Board or co-op approvals

Some lenders may decline financing if the condo corporation is weak or underfunded.

What documents do Quebec mortgage lenders require?

You'll typically need:

• Proof of income (T4, tax returns, pay stubs)

• Recent credit report and history

• Down payment source proof

• Property information (condo documents, deed, survey)

• Notarial closing fees and estimated legal costs

• Identification and proof of residency

How long does mortgage approval and closing take in Quebec?

If all documents are in order, approvals may happen within 2 to 4 weeks. Closings often take extra time because of notarial scheduling and registration in the land registry (cadastre). For condos, board approvals may add time.

Can I refinance or renew a Quebec mortgage?

Yes. Many Quebec homeowners refinance to access equity, improve rates, or adjust terms. Mortgage renewal typically involves negotiating a new rate and term at maturity.

What credit score do Quebec lenders look for?

Lenders generally look for credit scores of 650 to 700+. Lower scores may be accepted with more down payment, alternative income documentation, or guarantor support.

What closing costs should I budget in Quebec?

Plan for 1.5% to 3% of the home price, including:

• Notary fees

• Land registration / cadastral costs

• Condo document fees (if applicable)

• Appraisal or inspection costs

• Survey or verification fees

Quebec's notarial system and land registry often lead to slightly higher legal costs than in some provinces.

Can self-employed and commission-based applicants qualify?

Yes. Lenders may accept business accounting statements, T1 statements, or bank statements to verify income. They often average income over several years to account for volatility.

How are rural, waterfront, or older heritage properties handled?

Properties in remote locations, along water, or heritage zones may require:

• More conservative appraisals

• Structural or environmental inspections

• Ensuring compliance with municipal heritage bylaws

• Access, road, or utility condition verification

These add risk and may change the LTV or rate.

What risks should Quebec homebuyers consider?

• Rate volatility on variable mortgages

• Notarial or registry delays

• Condo corporation financial risk

• Limited liquidity in certain neighbourhoods

• Higher maintenance costs in older or heritage homes

Plan with buffers and conservative assumptions.

What's the first step toward getting a Quebec mortgage?

1. Use the mortgage payment calculator to estimate payment scenarios

2. Gather your financial documents, property information, and credit history

3. Get pre-approval to strengthen your purchasing position

4. Apply for a Quebec mortgage to receive offers customized to Quebec's legal and property systems