The Best Mortgage Rates in Quebec

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About Quebec

More About: Living In Quebec

Quebec is the largest province by area and is the only predominantly French-speaking province. In fact, French is Quebec's only official language. Here are some more fun facts about Quebec:

  • The largest city in Quebec in Montreal, but the capital is stunning Quebec City, with a population of roughly 550,000 (Quebec has a total population of about 8 million)
  • Nearly 80% of residents live near the shores of the Saint Lawrence River
  • Quebec differs from the rest of Canada in many respects. For example, the province has two justice systems: civil matters are regulated by French-heritage civil law, while public law, criminal law and federal law operate according to Canadian common law
  • Half of Quebec is forested. This represents 20% of Canada's forests and 2% of the world's
  • In 1995, Québec nearly separated from the Canadian union. The vote resulted in 49.5% of respondents in favor of separation, and 50.5% against separation

5 Things You Need To Know About Buying In Quebec

  1. The average home price in Quebec is roughly $270,000 – that's well over $100,000 cheaper than the national average
  2. Home sales were trending downward through recent years but a strengthening economy has given way to a slight increase in 2014. These improvements are expected to continue as more job creation and economic gains are realized and housing demand increases
  3. An elevated inventory has been weighing down home prices, but increased demand should snatch up existing homes and start driving prices up again
  4. Price adjustments in the condominium sector are necessary and expected, especially in Montreal
  5. Mortgage interest rates are expected to increase, as Canadian exports, investments, job growth and incomes improve. Once the economy is back to a comfortable, healthy place, we should see mortgage rates start to rise

Frequently Asked Question: What does a price adjustment in the condominium sector mean?

In recent years, the condominium sector in Montreal has been booming, which led to over construction and elevated inventory supplies. This means that the prices of these condos are too high, and as such they aren't being purchased. To avoid a stagnated market, it is essential that this market sees a price adjustment so that inventory can start changing hands again.

Quebec Housing Statistics

La Belle Province is a great destination for both urbanites and nature lovers alike. With affordable housing and plenty to offer in terms of culture and opportunity, Quebec residents enjoy a high quality of life without breaking the bank.

Property Prices: Moderate Quality of Life Index: High
Cost of Living: High Traffic Index: High

Buying Property in Quebec – Important Links

Thinking of buying a home in Quebec? Here are some important links to help you learn more about the province and get you started on your mortgage journey in Quebec:

Get Quebec regional housing statistics from the Canada Mortgage and Housing Corporation.

Ever wonder what everyday items will cost you in Quebec? You can compare the cost of living across Canada and around the world here.

Are you new to Canada? Quebec offers a number of resources available to immigrants, aimed at providing a solid foundation for new Canadians.

Health care varies from province to province. Find out all you need to know about the Quebec health care system and how to qualify for coverage here.

Get up to speed on provincial politics – learn more about the Quebec provincial government here.

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Blog: MoneyWise


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