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Home / Mortgage Rates / Mortgage Rates by Location / Quebec / Saint Jean Sur Richelieu

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Explore the latest mortgage rates in Saint Jean Sur Richelieu to find the best deal for financing or refinancing your dream home.

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Province

As of Tuesday, July 16, 2024, current interest rates in Saint Jean Sur Richelieu are for a 5-year fixed mortgage and for a 3-year fixed mortgage. Shop around for mortgage rates to find the best offer.

Despite home prices in Saint Jean Sur Richelieu remaining lower than the national average, high interest rates continue to make it challenging for Quebecers to qualify for a mortgage. Even higher qualifying rates make it harder for Saint Jean Sur Richelieu residents to afford their mortgage. While it’s almost impossible to predict when rates will come down meaningfully, experts forecast that we should expect a gradual reduction over the next few years. 

Home prices remain high, with CREA reporting that the national average home price decreased 3.4% year-over-year to $730,600 in May 2024. Quebec’s average price increased 5.0% year-over-year to $488,100. As for Quebec’s largest city, the average selling price of a home in Montreal increased 4.7% year-over-year to $537,700.

What are today’s mortgage rates in Saint Jean Sur Richelieu?

The average 5-year fixed mortgage rate from big banks in Saint Jean Sur Richelieu is 5.36%*, while nesto’s lowest 5-year fixed mortgage rate in Saint Jean Sur Richelieu is .

The average 5-year variable mortgage rate from big banks in Saint Jean Sur Richelieu is 6.57%*, while nesto’s lowest 5-year variable mortgage rate in Saint Jean Sur Richelieu is

The average 3-year fixed mortgage rate from big banks in Saint Jean Sur Richelieu is 5.88%*, while nesto’s lowest 3-year fixed mortgage rate in Saint Jean Sur Richelieu is

The average 3-year variable mortgage rate from big banks in Saint Jean Sur Richelieu is 7.40%*, while nesto’s lowest 3-year variable mortgage rate in Saint Jean Sur Richelieu is .

Note: The average rate is calculated based on the posted rates of the 6 biggest lenders in Canada that together make up over 70% of the retail mortgage market in the country. These 6 biggest lenders are the chartered banks: Toronto-Dominion Canada Trust (TD), Royal Bank of Canada (RBC), Bank of Montréal (BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC).

What are the lowest mortgage rates in Saint Jean Sur Richelieu today?

The average 5-year fixed insurable mortgage rate in Saint Jean Sur Richelieu is currently 5.36%, while nesto’s lowest 5-year fixed mortgage rate is

The average 5-year variable insurable mortgage rate in Saint Jean Sur Richelieu is currently 6.57%, while nesto’s lowest 5-year variable mortgage rate is

The average 3-year fixed insurable mortgage rate in Saint Jean Sur Richelieu is currently 5.88%, while nesto’s lowest 3-year fixed mortgage rate is

The average 3-year variable insurable mortgage rate in Saint Jean Sur Richelieu is currently 7.40%, while nesto’s lowest 3-year variable mortgage rate is

The average 2-year fixed insurable mortgage rate in Saint Jean Sur Richelieu is currently 6.75%, while nesto’s lowest 2-year mortgage rate is

The average 4-year fixed insurable mortgage rate in Saint Jean Sur Richelieu is currently 5.74%, while nesto’s lowest 4-year mortgage rate is .

The average 7-year fixed insurable mortgage rate in Saint Jean Sur Richelieu is currently 6.42%, while nesto’s lowest 7-year mortgage rate is .

The average 10-year fixed insurable mortgage rate in Saint Jean Sur Richelieu is currently 7.14%, while nesto’s lowest 10-year mortgage rate is .

Note: The average rate is calculated based on the posted rates of the 6 biggest lenders in Canada that together make up over 70% of the retail mortgage market in the country. These 6 biggest lenders are the chartered banks: Toronto-Dominion Canada Trust (TD), Royal Bank of Canada (RBC), Bank of Montréal (BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC).

What is today’s prime rate in Saint Jean Sur Richelieu?

The Bank of Canada prime rate in Saint Jean Sur Richelieu is currently . This rate affects all lenders’ discounts on variable and adjustable mortgages.

What are the average 5-year mortgage rates in Saint Jean Sur Richelieu?

The average 5-year fixed mortgage rate from big banks in Saint Jean Sur Richelieu is currently 5.36%*, while nesto’s lowest 5-year fixed mortgage rate in Saint Jean Sur Richelieu is .

The average 5-year variable mortgage rate from big banks in Saint Jean Sur Richelieu is currently 6.57%, while nesto’s lowest 5-year variable mortgage rate in Saint Jean Sur Richelieu is .

Note: The average rate is calculated based on the posted rates of the 6 biggest lenders in Canada that together make up over 70% of the retail mortgage market in the country. These 6 biggest lenders are the chartered banks: Toronto-Dominion Canada Trust (TD), Royal Bank of Canada (RBC), Bank of Montréal (BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC).

Saint Jean Sur Richelieu Mortgage Rate Trends: July 2024

While it’s difficult to predict where mortgage rates will trend, the consensus among experts suggests that we could see rates remain higher for longer. Forecasts suggest we won’t see interest rates return to the neutral rate range of 2 to 3% until the end of 2025. 

Bank of Canada Rate Announcement

The latest Bank of Canada (BoC) announcement on June 5th was a policy interest rate decrease to . The decision to decrease rates came as the BoC cited that continued evidence of inflation easing led to the decision that monetary policy no longer needed to be restrictive.

While inflation has eased, the growth in shelter costs, particularly rent and mortgage interest costs, is currently the largest contributor to inflation remaining elevated. The Governing Council continues to monitor core inflation numbers when assessing policy rate decisions to ensure there is sustained downward momentum in inflation.

The next announcement will be on July 24th. Using nesto’s proprietary overnight index swap and forward rate calculation data, bond markets are currently pricing in a small probability of further rate cuts. However, without further reductions to core inflation, the Bank may decide to leave the key rate unchanged.

Real Estate Market Update

The Canadian Real Estate Association (CREA) released its home sales data for May on June 17th. The data showed that home sales declined 0.6% between April and May, remaining slightly below the average of the last 10 years. May’s home sales activity reported new listings increased 0.5% month-over-month with a sales-to-new-listings ratio of 55%. Slower sales and more new listings are increasing the number of homes available for sale across the majority of the Canadian housing market.

This month of slower sales may likely be the last as the Bank of Canada’s rate cut on June 5th may increase real estate activity going forward. It’s anticipated that the rate cut may bring some pent-up demand back into the market, with buyers having more housing options to choose from than at any point in almost 5 years. Prices have stagnated across most markets except for Calgary, Edmonton, and Saskatoon, where prices have steadily climbed since last year.

CPI Inflation Update

Statistics Canada’s latest inflation data, released on June 25th, showed the Consumer Price Index (CPI) rose 2.9% year-over-year in May, up from 2.7% in April. This month, price growth in cellular services, travel tours, rent, and air transportation accelerated inflation.

Shelter prices continued to be a more significant driver of inflation in May, up 6.4%, remaining the same as in April. Rent prices in Ontario increased 8.4% year-over-year in May, which is up from an increase of 6.1% in April. This contributed to faster growth for the national rent index, which increased 8.9% in May. Higher interest rates and population growth are cited as the factors that continue to put upward price pressures on the rent index in Canada.

Inflation is expected to remain around 3% throughout the first half of 2024, with the Bank of Canada predicting it will return to the 2% target in 2025. 

Mortgage Statistics for Quebec

Home prices in Quebec have doubled compared to what they were 10 years ago. Here are some mortgage statistics for the housing market in the province:

  • Average home value (as of May 2024): $488,100 (QPAREB)
  • Canadian homeownership rate (as of 2021): 66.5% (StatsCan)
  • Number of home sales (as of May 2024): 7,762 (QPAREB)
  • Number of new listings (as of May 2024): 11,056 (QPAREB)

Mortgage Options in Saint Jean Sur Richelieu

Saint Jean Sur Richelieu conventional mortgage: Conventional or uninsured mortgages require a downpayment of 20% or more. With uninsured mortgages, there is no limit on the purchase price, and you can amortize up to 30 years with prime lending. You will not be required to purchase mortgage default insurance as your downpayment is enough equity to protect the lender if you default. 

Saint Jean Sur Richelieu high-ratio mortgage: High-ratio or insured mortgages allow you to purchase a home with a downpayment of less than 20% and require mortgage default insurance to reduce the risk to the lender. With high-ratio mortgages, you will be limited to a purchase price of less than $1 million and an amortization of up to 25 years.

Saint Jean Sur Richelieu fixed-rate mortgage: Fixed-rate mortgages lock in your interest rate for the term. The principal and interest amounts are fixed, providing predictable and stable mortgage payments. Penalties are calculated based on the higher of the interest rate differential (IRD) or 3 months interest if you need to break the mortgage before the end of your term.

Saint Jean Sur Richelieu variable-rate mortgage: Variable-rate mortgages have interest rates that change based on the Bank of Canada policy rate, directly impacting your lenders’ prime rate. Adjustable-rate mortgages (ARM) are variable mortgages that immediately adjust your mortgage payment to reflect the changes made to your lenders’ prime rate. The principal portion remains fixed, while the interest can increase or decrease when the prime rate increases or decreases. Variable-rate mortgages (VRM) are variable mortgages that have fixed mortgage payments despite changes to your lenders’ prime rate. The principal and interest on your fixed payment adjust with more going to interest and less to principal if the prime rate increases or more going to principal and less to interest if the prime rate decreases. 

What Affects My Mortgage Rate in Saint Jean Sur Richelieu

The mortgage rate you are offered is influenced by your credit score, income, capital, downpayment, and loan-to-value (LTV) ratio. Mortgage rates are also priced based on the risks associated with the mortgage, the purpose of the loan, and the property used as collateral.  Some of the most important determining factors affecting your mortgage rate include:

  • Downpayment –  Your downpayment will determine your LTV ratio and whether you will be required to purchase mortgage default insurance. Insured and insurable mortgages have better interest rates as there is less risk of loss to the lender. Insured and insurable rates apply to properties valued at less than $1 million and amortizations up to 25 years. 
  • Amortization – The amortization period on uninsured mortgages (downpayments of 20% or more) can go up to 30 years on prime lending. Uninsured mortgages typically have higher interest rates than insured and insurable mortgages to account for the added risk to the lender. The amortization on insured and insurable mortgages cannot exceed 25 years. 
  • Property Usage – Your primary residence, known as owner-occupied, will generally have lower interest rates. Investment properties you intend to rent out will typically have higher interest rates. A primary residence with a second separate legally registered suite is considered an owner-occupied rental and will have access to the same rates as a primary residence. 
  • Mortgage Type – Open mortgages have higher rates than closed rates due to the added flexibility. Refinances have higher rates than renewals and new mortgages. 
  • Credit Score – Your credit score will impact the type of lender that approves you for a mortgage. If you have good to excellent credit, you can typically use prime lending and benefit from the best rates. If you have poor credit, you may need to consider alternative lending solutions with higher rates to offset the lender’s risks. 

First-Time Home Buyer Programs in Quebec

Quebec has programs and incentives available to assist first-time buyers with some of the costs of purchasing a home. Some programs are available through the province or municipality, while others are available across Canada. 

Home Buyers’ Tax Credit – First-time buyers are eligible for up to $1,400 when purchasing a qualifying home in Quebec. To qualify, you must be a resident of Quebec and intend to live in the home as your primary residence.

First-Time Home Buyers’ Tax Credit (HBTC) – This federal government program allows first-time buyers to claim up to $10,000 for a maximum $1,500 tax credit to help offset closing costs. 

Quebec City Family Access Program (Programme Accès Famille) – This program offers financial assistance through an interest-free loan of up to 5.5% of the property value. If the home is Novo-climate approved, an additional direct rebate of 3.5% (of the purchase price) will apply. The qualifying criteria will vary based on your family situation; however, your maximum gross income must be $150,000 or less, and the maximum purchase price cannot exceed $370,000. 

Home Purchase Assistance Program – First-time buyers purchasing in Montreal are eligible for up to $15,000 under this program. To qualify, you must not have owned a home in Quebec for the last 5 years and occupy the home as your primary residence. 

Land Transfer Tax in Quebec

Quebec’s land transfer tax is called Property Transfer Duties or Welcome Tax. The duties are collected by each municipality rather than the province. Each municipality (except Montreal, which can set a higher amount) can set its own rates, up to a maximum of 3%, on any amount over $500,000. Tiers are adjusted annually based on Quebec’s all-items Consumer Price Index (CPI)

How to Find the Best Mortgage Rate in Saint Jean Sur Richelieu

  • Step 1: Understand your credit score:  Before you start looking for a mortgage lender or applying for a mortgage, check your credit score regularly. This will help you immediately report and remedy errors that could negatively affect your score. If necessary, improve your credit score to help with your mortgage approval.
  • Step 2: Determine your borrowing capacity: To find the right mortgage solution, you’ll need to know how much you can afford based on your income and downpayment. 
  • Step 3: Know your mortgage needs: Analyze different mortgage solutions’ features, risks, and costs. Careful research and comparisons of the available options can help you choose a mortgage that best meets your immediate and long-term financial needs.
  • Step 4: Find a suitable mortgage strategy: Your mortgage strategy shouldn’t be based solely on the lowest rate. Get expert guidance to choose the best strategy for your homeownership goals, even if that means not getting the lowest rate. 
  • Step 5: Compare rates and terms: Not all mortgages are equal. Choosing a lender like nesto for your mortgage can help you compare rates and terms for multiple lending solutions, ensuring you find the best fit. 
  • Step 6: Get prequalified for a mortgage: Begin your journey towards homeownership by taking advantage of nesto’s prequalification process. By analyzing your downpayment and financial stability, nesto will provide you with a comprehensive prequalification outlining the maximum mortgage amount you qualify for. This information is crucial as it helps you set realistic expectations and narrow your search for a suitable home within your budget.