Best mortgage rates for Montreal on RateSupermarket.ca
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Montreal mortgage rate forecast
The Canadian Mortgage and Housing Corporation (CMHC) has reported in their latest Analysis of the Resale Market for Metropolitan Montréal that financing conditions remained favourable for borrowers. Financial institutions followed the Bank of Canada’s lead and cut their prime rates by 75 basis points during the last quarter. They noted that financial institutions have been less aggressive with regard to fixedrate mortgages as the spread between the posted oneyear mortgage rates and the prime rates of financial institutions reached a high of 1.9 percentage points in March. The CMHC also believes, mortgage rates are expected to continue to decrease throughout 2008 , but will be within 2550 basis points of their current levels. For 2009, posted mortgage rates will begin to drift up slightly as the year progresses. For 2008 and 2009, the oneyear posted mortgage rate is forecast to be in the 6.50 7.50 per cent range, while three and five year posted mortgage rates are forecast to be in the 6.757.50 per cent range.
Montreal house prices
In Montréal, the CMHC reported that the average price of singlefamily houses reached $254,710, up 8% over last year, which was similar to the average rise noted in 2007 (+7 per cent). While all geographic sectors registered relatively similar price hikes, the strongest increase was noted on the Island of Montréal (+9 per cent), more specifically in the western part of the Island, in zones 1 and 2, where prices rose by 16 per cent over the first quarter of 2007. This rise in the average price of homes, which somewhat stood out from the growth observed for the Island overall, was largely due to a shift in demand toward more upscale houses. Conversely, in zones 6 (Plateau MontRoyal) and 8 (SaintLéonard), the average selling prices fell slightly on account of a shift in demand toward less expensive homes.
CMHC Montreal housing market forecast
Census Metropolitan Area Total Housing Starts MLS sales MLS average price
2007
23,233
43,543
$253,340
Montreal
2008 (F)
22,600
41,800
$266,000
2009(F)
21,900
40,700
$276,000
Source = CMHC MLS = Multiple Listings Service
Mortgage lender's and mortgage broker's rates that we compare in Montreal, Quebec, Canada
RateSupermarket.ca compares the most mortgage rates in Montreal, Canada from the top lenders including banks, credit unions, trusts, and are also the only site to compare Montreal mortgage broker's rates. RateSupermarket.ca compares mortgage rates from the following:
AGF Trust Alterna Bank Alterna Savings Bank of Montreal Bank of Nova Scotia Bridgewater Bank Caisses Desjardins Canadian Tire Financial Services Canadian Western Trust Cataract Savings & Credit Union CIBC Mortgages Citibank Citizens Bank of Canada Comtech Credit Union Concentra Financial DUCA Financial Services Effort Trust Equitable Trust First National Financial FirstLine Mortgages FirstOntario Credit Union Home Trust Company HSBC Bank Canada ICICI Bank Canada ING Direct Investors Group Trust Lambton Financial Credit Union Laurentian Bank Canada Libro Financial Group Montreal Life Manulife Bank MCAP Meridian Credit Union National Bank Ontario Civil Service Credit Union PACE Savings and Credit Union Parama Credit Union Peace Hills Trust PC Financial Promutuel Capital ResMor Trust Royal Bank of Canada SoUse Credit Union Steinbach Credit Union TD Canada Trust True North Mortgage Virtual One Credit Union Windsor Family Credit Union Your Credit Union Your Neighbourhood Credit Union
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