Quebec's housing market remains more affordable than Ontario and BC, with Montreal seeing steady growth. Quebec has unique civil law property rules and both provincial and municipal land transfer taxes apply. Desjardins dominates the local mortgage market.
Credit unions often offer rates 0.25–0.50% below major banks. They're member-owned and reinvest profits into better rates.
In Quebec, like all of Canada, you must qualify at your contracted rate + 2% or 5.25% — whichever is higher. At a 4.89% rate, you'd need to qualify at 6.89%. This reduces your maximum purchase price by approximately 15–20%.
If your down payment is less than 20%, CMHC mortgage default insurance is required. Premiums range from 2.8% (15–19.99% down) to 4.0% (5–9.99% down). The premium is added to your mortgage, not paid upfront.
0.5–2% (municipal + provincial). Budget for this as part of your closing costs when purchasing a home.
Quebec residents can access the federal FHSA ($40K tax-free per person), RRSP Home Buyers' Plan ($60K per person), and the First-Time Home Buyers' Tax Credit ($1,500). Check provincial programs for additional savings.