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Montreal Mortgage Rates:
Montreal has one of the most affordable urban housing markets in the country, and some of the lowest mortgage rates due to its high concentration of mortgage brokers in Quebec, which drives price competition among all lenders.
While Quebec has a slightly smaller roster of mortgage lenders than most Canadian provinces, the big banks and mortgage financing companies such as MCAP and First National keep the rate market as competitive as the rest of the country. There are a number of Canadian mortgage companies that are testing their products in Quebec on a case by case basis (ex: Alterna Savings) and a few others on the brink of launching their full suite of products province-wide (coming soon: Equitable Bank, Street Capital, CMLS Financial).
When shopping for the best mortgage rates in Quebec, location is important. The closer the property is to a major city (ex: Montreal or Quebec City), the more lenders you have available to choose from and in turn, more competitive rates.
Montreal is North America’s ninth largest city and is home to the world’s second largest French-speaking population. Home to just under 2 million, Montreal has a widely diverse population with just under 50% being of European origin and over 30% of a visible minority.
Clashing with expected continued population growth trends across Canada, The Quebec Government hopes to reduce foreign immigration to 20%. This, along with evident growth in the city’s tech and visual effects industries, is projected to have a positive impact on Montreal’s local unemployment rate (6.1% in 2018, and a projected 5.5% for 2019).
About the Montreal Housing Market
Having been left unaffected by the nation’s swift home pricing inflation in the previous decade, Montreal’s housing market is projected to outperform most of Canada in 2019.
With a decreasing unemployment rate and sparse rental market, Montreal is expected to feel a generous increase in the number of new home-buyers this year. Causally related to the overall growth in the local housing market, Montreal will notice a decrease in the supply of homes through 2019 and a projected increase of 3% in the average price of single-family homes from 2018.
Combatting the overall decline in the supply of homes, Montreal is expected to notice an increase in condo construction into 2020. Many areas of the city will see at least a 10% appreciation in the prevalence of condo buildings, and up to a 20% appreciation off the main island in the city’s West Island.
Montreal Mortgage Brokers
With over 2,000+ mortgage products available, 10+ lenders to work with and 800 licensed mortgage professionals in Quebec alone, it’s certain that home-buyers’ are overwhelmed with options.
Looking to invest in Montreal? Let us help you navigate the Montreal market and provide you with a better understanding of what mortgage rates you have access to.
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