|1-YR||1.71%||Mortgage financing company||Get this rateCompare all rates|
|2-YR||1.69%||Mortgage financing company||Get this rateCompare all rates|
|3-YR||1.63%||Mortgage financing company||Get this rateCompare all rates|
|4-YR||1.68%||Mortgage financing company||Get this rateCompare all rates|
|5-YR||1.49%||Mortgage financing company||Get this rateCompare all rates|
|6-YR||2.59%||Big bank||Get this rateCompare all rates|
|7-YR||2.44%||Big bank||Get this rateCompare all rates|
|10-YR||2.84%||Big bank||Get this rateCompare all rates|
Covering nearly one-sixth of Canada’s total land area, Quebec is the largest of Canada’s 10 provinces in area and is second only to Ontario in population. Its capital, Quebec City, is the oldest city in Canada. The name ‘Quebec’ was derived from an Algonquian word meaning “where the river narrows,” and welcomes visitors to Quebec City’s impressive view of the majestic St Lawrence River and the pastoral Orleans Island.
Key facts about Quebec:
- The province’s major metropolis – Montreal – encompassing Montreal Island, Jesus Island to the north and several communities on the south shore of the St Lawrence River, is the second largest city in Canada
- The Chateau Frontenac Hotel holds the Guinness World Record for the most photographed hotel in the world!
- The province produces a lot of maple syrup
- Poutine originated in the province
- The Quebec Winter Carnival Festival – known as Carnaval – is the largest winter festival in the world
About the Quebec Housing Market
Quebec broke real estate records this summer following a slower spring market due to COVID-19 – with both Montreal and Quebec City doing extremely well. Montreal saw an August year-over-year gain of 39% – the highest number of transactions for the month of August since the Centris system began compiling market data in 2000. Meanwhile, Quebec city saw a remarkable 62% increase compared to last August – and the largest sales increase among the province’s six metropolitan areas. There’s no sign of a slowdown in the province.
What are the Different Types of Mortgages?
- Fixed Mortgages. Fixed-rate mortgages make up 70% of all mortgages in Canada. A fixed-rate mortgage keeps your interest rate steady over the term of your mortgage (1-10 years). There’s no doubt that the five-year fixed-rate mortgage is the most common choice selected by Canadian homeowners. But, this isn’t the best option for everyone, regardless of its popularity. Fixed-rate mortgages appeal to homebuyers who are looking for a dependable payment schedule, manage a tight monthly budget or are generally more conservative. For instance, Millennials with large mortgages relative to their income may be better off opting for the peace of mind provided by a fixed rate and payments.
- Variable Mortgages. A variable-rate mortgage fluctuates with the lender’s prime rate throughout your mortgage term. While your mortgage payment will remain the same over your term, your interest rate may change based on market conditions. So, if the prime rate rises or falls, this impacts the amount of principal you pay off each month. When rates on variable-rate mortgages drop, more of your payment is applied to your principal balance. And, conversely, if rates increase, more of your payment will go towards the interest portion of your mortgage. Historically, variable rates have paid off for Canadians over time.
How nesto Works
We offer all the help of a mortgage broker, without the commission. Simply put, our salaried mortgage advisors are rewarded based on your satisfaction. We’re here to help you reach your goal and guide you through the complicated world of home financing. #yesyoucan #empowermentisthenewsexy
Every mortgage professional knows the market’s best rates every time they check their email. Only a few of them will give you that rate without making you work for it. nesto’s here to change the industry for this very reason. You always get the best rate upfront with nesto.