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Montreal's average home price reached $656,700 in February 2026, up 6.1% year-over-year — one of the strongest growth rates among major Canadian cities. Unlike Alberta, Quebec charges a welcome tax (taxe de bienvenue) on property purchases, calculated on the municipal evaluation. Montreal's welcome tax brackets reach up to 4% on very high-value properties. Best 5-year fixed insured mortgage rates in Montreal follow the national market: 4.39% fixed and 3.60% variable as of November 9, 2026. Montreal's market is driven by international student and immigrant demand, a large plex culture, and relatively affordable prices versus Toronto or Vancouver.
Quebec (QC): welcome tax and municipal rules are closing costs — not included in payment results. Defaults ~$656,700 / 20% down.
20.0% of home price
| Down | Down payment | CMHC | Monthly |
|---|---|---|---|
| 5% | $32,835 | $24,955 | $3,591.04 |
| 10% | $65,670 | $18,322 | $3,372.60 |
| 20% | $131,340 | — | $2,907.73 |
| 25% | $164,175 | — | $2,725.99 |
Canadian mortgages use nominal rates compounded semi-annually (converted to an effective annual rate, then to your payment frequency). Chart shows cumulative principal and interest paid each year; ending balance trends down toward zero.
Total interest paid
$346,958
Total amount paid
$872,318
Principal + interest on the loan
Interest vs purchase price
53%
of home price goes to interest (illustrative)
Same loan amount, rate, and amortization as above. Semi-monthly and bi-weekly match your monthly cash flow; accelerated bi-weekly uses half the monthly payment every two weeks (13 monthly equivalents per year).
| Frequency | Payment amount | Total interest | Payoff time | Savings vs monthly |
|---|---|---|---|---|
| Monthly | $2,907.73 | $346,958 | 25 years | — |
| Semi-monthly | $1,453.86 | $345,475 | 24 years 11 months | $1,483 |
| Bi-weekly | $1,342.03 | $345,361 | 25 years | $1,597 |
| Accelerated bi-weeklyRecommended | $1,453.86 | $294,340 | 21 years 8 months | $52,618 |
Savings vs monthly shown on wider screens.
| Year | Average Price | Change YoY |
|---|---|---|
| 2024 | ~$595,000 | +5.2% |
| 2025 | ~$618,000 | +3.9% |
| Feb 2026 | $656,700 | +6.1% |
| Property Evaluation | Welcome Tax Rate |
|---|---|
| Up to $61,500 | 0.5% |
| $61,501–$307,800 | 1.0% |
| $307,801–$552,300 | 1.5% |
| $552,301–$1,104,700 | 2.0% |
| Over $1,104,700 | Up to 4.0% |
On Montreal's average home of $656,700, the welcome tax is approximately $7,800–$9,500. First-time buyers in Quebec may qualify for a provincial welcome tax rebate of up to $5,000–$15,000, significantly reducing this cost.
| Home Price | Minimum Down Payment | CMHC Insurance Required |
|---|---|---|
| Up to $500,000 | 5% | Yes |
| $500,001–$999,999 | 5% on first $500K + 10% on remainder | Yes |
| $1,000,000+ | 20% | No |
At Montreal's average price of $656,700 with 10% down ($65,670), your insured mortgage is approximately $591,030 plus CMHC premium (~$23,641). At an example qualifying rate of 5.99% (a 3.99% contract rate + 2%), you need gross annual income of approximately $120,000–$130,000 to pass the stress test. Don't forget to budget for the welcome tax on top of your down payment.
The average home price in Montreal is approximately $656,700 as of February 2026, up 6.1% year-over-year. Single-family homes average higher, while Montreal's iconic plexes (duplexes and triplexes) offer a unique investment opportunity with rental income offsetting mortgage costs.
Montreal buyers pay a Quebec welcome tax (taxe de bienvenue) calculated on the municipal property evaluation. Rates range from 0.5% on the first $61,500 to up to 4% on very high-value properties. On a $656,700 home, expect to pay approximately $7,800–$9,500 in welcome tax at closing.
Yes. Quebec offers a provincial welcome tax rebate for first-time buyers, which can reduce your welcome tax by $5,000–$15,000 depending on the purchase price and region. Some Montreal boroughs offer additional municipal rebates. Federal programs including the FHSA and Home Buyers' Plan (HBP) are also available.
Best 5-year fixed insured mortgage rates in Montreal follow the national market: 4.39% fixed and 3.60% variable as of November 9, 2026. Use our calculator above to see your exact monthly payment at current rates.
For Montreal's average home of $656,700, the minimum down payment is $40,670 — 5% on the first $500,000 ($25,000) plus 10% on the remaining $156,700 ($15,670). CMHC mortgage insurance is required for down payments below 20%.
Montreal's 2026 residential property tax rate is approximately 0.7–0.9% of assessed value, with a city-wide base rate of about 0.64% plus borough-specific components. On a $656,700 home, annual property taxes are approximately $4,600–$5,900.
Educational estimates only. Not a lender pre-approval.