Home Loans & Mortgages Cost in Montreal (2026)
Quick Answer
Partially verifiedIn Montréal, the cost of a home loan is usually best understood as the monthly payment on a property purchase plus closing and borrowing-related fees. As a verified benchmark, the Québec professional association APCIQ reports a Montréal median single-family home price of CAD 600,000 in Q2 2024; with a standard insured-style 5% down payment and a mortgage rate in the typical current market range, that often translates to roughly CAD 3,000-3,800 per month before property taxes, heating and condo fees. Rates and fees vary significantly with down payment, credit profile, amortisation and whether mortgage insurance is required.
Overview
For buyers in Montréal, mortgage costs depend first on the price of the home and then on the mortgage rate, amortisation period, down payment and closing costs. A useful verified starting point is the local housing market: APCIQ’s Q2 2024 data for the Montréal Census Metropolitan Area shows a median price of CAD 600,000 for a single-family home, CAD 423,500 for a condominium and CAD 830,000 for a plex. CMHC rules apply nationally in Canada and are especially important for Montréal buyers using a down payment below 20%, because this triggers mortgage loan insurance premiums that increase the amount borrowed. The federal Financial Consumer Agency of Canada also notes a minimum down payment of 5% on the first CAD 500,000 of a home’s price, with higher requirements above that threshold. Beyond the mortgage itself, Montréal buyers should budget for the City of Montréal welcome tax (municipal transfer duties), legal and notary fees, appraisal fees and inspection costs. Because mortgage pricing changes frequently with Bank of Canada conditions and lender competition, exact borrowing costs move more quickly than property values. For that reason, the figures below combine verified property-price and fee rules with clearly labelled estimated payment ranges for typical borrowing scenarios in Montréal.
What It Costs
| Item | Cost | Evidence |
|---|---|---|
| Median single-family home price, Montréal CMA(per home purchase) Median price reported for single-family homes in the Montréal Census Metropolitan Area. Estimated range | ~C$600,000 – C$600,000 | Estimated range |
| Median condominium price, Montréal CMA(per home purchase) Median price reported for condominiums in the Montréal Census Metropolitan Area. Estimated range | ~C$423,500 – C$423,500 | Estimated range |
| Estimated monthly mortgage payment on median Montréal condo(per month) Estimated using the verified median condo price of CAD 423,500, a 5%-10% down payment, 25-year amortisation, and a broad typical market mortgage-rate range current for Canadian borrowers; excludes property tax, heating, insurance and condo fees. Estimated range | ~C$2,100 – C$2,800 | Estimated range |
| Estimated monthly mortgage payment on median Montréal single-family home(per month) Estimated using the verified median single-family home price of CAD 600,000, a 5%-10% down payment, 25-year amortisation, and a broad typical market mortgage-rate range current for Canadian borrowers; excludes property tax, heating and maintenance. Estimated range | ~C$3,000 – C$3,800 | Estimated range |
| CMHC mortgage insurance premium(percent of loan amount) Premium rate depends on loan-to-value ratio for owner-occupied purchases with less than 20% down. Verified from source | C$2.8 – C$4 | Verified from source |
| Montréal welcome tax / transfer duty on a CAD 600,000 purchase(per purchase) Calculated from the City of Montréal transfer-duty brackets published by the city for residential purchases. Estimated range | ~C$7,225 – C$7,225 | Estimated range |
| Notary and legal closing fees(per purchase) Estimated range based on typical Québec residential purchase closing costs charged by notaries for standard transactions in major urban markets. Estimated range | ~C$1,200 – C$2,500 | Estimated range |
Regulator / licensing: Autorité des marchés financiers (AMF)
Variants & Configurations
How Fees Work
Typical costs include the down payment, monthly principal-and-interest payments, possible CMHC insurance premium added to the mortgage, municipal transfer duty, notary fees, appraisal, inspection and ongoing property taxes.
Factors Affecting Price
- Purchase price of the property in Montréal neighbourhoods and property type
- Down payment size and whether CMHC mortgage insurance is required
- Mortgage interest rate, term and amortisation period
- Borrower income, debt ratios and credit profile
- Closing costs such as transfer duty, notary fees, appraisal and inspection
Local Context
In Montréal, buyers need to budget for Québec-specific closing practices, especially the use of a notary rather than a solicitor for most residential conveyancing. Municipal transfer duties, often called the welcome tax, can add several thousand dollars to upfront costs. Condo buyers should also consider monthly condo fees, while owners of plexes and older properties may face higher maintenance and insurance costs. Mortgage interest itself is generally not tax-deductible for an owner-occupied principal residence in Canada.
Some figures here are still being verified.
Where a verified figure isn’t available yet, we say so rather than guess. For the most current pricing, check the official source below.
All figures are in Canadian dollars. Estimated monthly payment ranges are illustrative and exclude utilities, taxes and most ownership costs beyond the mortgage itself.
Sources & References
Every price on this page is traced to a documented source. Last checked 24 September 2026.
- CMHC Mortgage loan insurance for consumers · official
Mortgage insurance requirement context and premium ranges for high-ratio mortgages.
- Financial Consumer Agency of Canada - Mortgage down payment · government
Minimum down payment rules in Canada.
Frequently Asked Questions
What is the minimum down payment for a home in Montréal?+
In Canada, the minimum is generally 5% on the first CAD 500,000 of the purchase price, with higher requirements on the portion above that. If your down payment is under 20%, mortgage loan insurance is usually required.
Do I need mortgage insurance in Montréal?+
Usually yes if your down payment is below 20% of the purchase price. CMHC publishes premium rates that are added to the mortgage amount and vary by loan-to-value ratio.
How much is the welcome tax in Montréal?+
It depends on the purchase price and is calculated using the City of Montréal transfer-duty brackets. On a CAD 600,000 purchase, the published brackets imply roughly CAD 7,225 in transfer duty.
Are mortgage payments the only housing cost to budget for?+
No. Buyers should also budget for property taxes, home insurance, heating, maintenance, condo fees where applicable, and one-off closing costs such as notary, appraisal and inspection fees.
Is there a per-bedroom mortgage cost in Montréal?+
No official mortgage pricing is published by bedroom count. Lenders price mortgages based on the loan amount and borrower profile, while bedroom count only affects cost indirectly through the property’s market price.
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Check current prices at the official source
Financial Consumer Agency of Canada
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