Mortgage Information – Updated October 2026

Buying a home in Laval, the North Shore or Greater Montréal starts with understanding your financing. Here is a clear, up-to-date overview of the rules and programs that matter in 2026.

Where interest rates stand

On October 28, 2026, the Bank of Canada raised its policy rate by 0.25% to 2.50%, its first increase after a long series of holds. Variable-rate mortgages and home equity lines of credit usually move with this rate. Fixed rates follow the bond market and can change at any time. If you plan to buy in the coming months, a pre-approval with a rate hold can protect you from further increases.

Step 1: Get pre-approved

• Know exactly how much you can borrow and what your payments will be.
• Most lenders hold your rate for 90 to 130 days.
• Make a confident offer as soon as you find the right property.

Minimum down payment

• Purchase price up to $500,000: 5%
• $500,000 to $1,500,000: 5% of the first $500,000 + 10% of the remainder
• $1,500,000 and more: 20%

With less than 20% down, mortgage default insurance (CMHC, Sagen or Canada Guaranty) is required. Insured mortgages are available on homes up to $1.5 million.

The stress test

To qualify, lenders test your budget at the higher of your contract rate plus 2% or 5.25%.

Amortization

Insured mortgages are normally limited to 25 years. First-time buyers and buyers of a newly built home can choose up to 30 years, which lowers the monthly payment.

Programs for first-time buyers

• FHSA (First Home Savings Account): save up to $8,000 per year, $40,000 lifetime, tax-free when used to buy your first home.
• RRSP Home Buyers' Plan: withdraw up to $60,000 per person from your RRSP for your down payment.
• NEW in Québec – Tax credit for access to homeownership: first-time buyers can get back up to $5,875 of the welcome tax (100% of the first $5,000 + 25% of the next $3,500) for homes acquired after December 31, 2025. The credit is reduced for homes valued between $750,000 and $1 million. An advance payment can be requested from Revenu Québec (estimated credit over $1,000, home valued at $1 million or less, request before December 1 of the year).
• Federal and Québec first-time home buyer tax credits on your tax return.

Welcome tax (transfer duties)

Paid once, after the purchase, to the municipality. Montréal 2026 rates:

• Up to $62,900: 0.5%
• $62,900 to $315,000: 1%
• $315,000 to $552,300: 1.5%
• $552,300 to $1,104,700: 2%
• $1,104,700 to $2,136,500: 2.5%
• $2,136,500 to $3,113,000: 3.5%
• Above $3,113,000: 4%

Laval and North Shore municipalities set their own rates above certain amounts. Your notary confirms the exact amount.

Other costs to plan for

• Home inspection
• Notary fees
• Adjustments for municipal and school taxes
• Home insurance and moving costs

Questions about financing or need a trusted mortgage broker? Contact us: 514-220-3720 · equipejami@gmail.com

Information as of October 28, 2026, for general purposes only. Always confirm with your lender, mortgage broker or notary.