Montreal Mortgage Rates
|Best Fixed Mortgage Rates||Best Variable Mortgage Rates|
|1.89%||Get Rate »|
|2.24%||Get Rate »||2.00%||Get Rate »|
|2.44%||Get Rate »||1.85%||Get Rate »|
|Fixed Mortgage Rates provide you with the security of never going up over your term. The most popular fixed mortgage rate term is five years.||Variable Mortgage Rates go up and down with the current prime rate. As they carry a higher risk, they generally offer a lower rate.|
Ranked #16 Best City To Live In The World
Montreal is Canada's second largest city (second only to Toronto), with its population hovering around 4 million, and the 2nd largest French speaking city in the world (Paris is #1). Renowned for its incredible architecture and richness in culture, Montreal is a beautiful place to call home.
- Montreal's climate varies wildly from season to season – summers are hot and humid, while Quebec winters are known to be cold, wet and icy
- The Lonely Planet travel guide includes Montreal in its "10 Happiest Places in the World" list, in second place – 94% of residents report being satisfied with their lives, higher than the Canadian average
- Cycling is popular in Montreal, and the city is known as a bike friendly city
- Montreal is home to the world's largest inland port, the Port of Montreal
5 Things You Need To Know About Buying In Montreal
- The average home price in Montreal is $326,000 – much lower than Toronto ($578,000) and Vancouver ($801,000)
- In August of 2014, the number of homes that changed hands was down 6% from the previous year, showing signs that the Montreal housing market could be struggling
- With 1.8 vehicles per person in Montreal, parking can be a big problem. If you drive regularly, you might want to consider looking for housing with parking included, commuting to work, , or ditching your vehicle entirely.
- Finding schools that offer teaching in English can be a challenge (there are laws governing who can attend English schools). Be sure to take this into consideration when thinking of moving to Montreal.
- Likewise, finding employment without knowledge of the French language might also prove challenging.
Frequently Asked Question: I know the cost of housing is lower in Montreal than in other cities, like Toronto or Vancouver. But are there other expenses in Montreal that might increase the cost of living?
Of course, living in a metropolis like Montreal comes with a price – shopping, dining, and everyday expenses tend to be more expensive in large, urban areas, and Montreal is no different. In terms of specific expenses that will inevitably hike up your cost of living, the winter might be one. Heating your home, paying for snow tires, and finding parking in the winter can all add up. Winter can also wreak havoc on your home (flooding caused by snow or burst pipes, damage to your driveway and roof caused by ice, etc), and these additional costs are something to keep in mind when settling down for those long, cold winters.
Montreal Housing Statistics
Residents of Montreal enjoy a high quality of life, without the costs associated with cities such as Toronto and Vancouver. While the cold winters might not be inviting, the savings on housing are!
|Property Prices: Moderate||Quality of Life Index: High|
|Cost of Living: High||Traffic Index: High|
Buying Property in Montreal – Important Links
Knowledge is power when it comes to making the most of your money, and this old adage is especially true when talking about mortgages. RateSupermarket.ca recommends the following resources to get you started on your mortgage journey in Montreal:
Get Montreal regional housing statistics from the Canada Mortgage and Housing Corporation
The Economist lists Montreal as the #16 best place to live in the world. Learn more about this data-driven ranking.
Ever wonder what everyday items will cost you in Montreal? You can compare the cost of living around the world here.
Get all the information you need about Montreal public transit on the Société de transport de Montréal website.
For many families, nearby schools are a big factor in home buying decisions. In Montreal, especially, it is important to know where you can access English education, as it is not as readily available as French. You can learn more about the English Montreal School Board here, and more about the French Commission Scolaire de Montréal here.
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