Residential Mortgages

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Residential Mortgages Info

Residential Mortgage Montreal

A residential mortgage is a loan taken by a person or group of individuals to buy a property they will live in. For many residents of Montreal and other major Canadian cities, the dream of buying their own homes is almost impossible without taking a residential mortgage. Despite the many benefits of taking a mortgage, it is essential to understand that it can lead to a serious drain on your finances in the future and cause disruptions to the smooth running of the home. This is why it’s crucial to understand the dynamics of the Montreal mortgage market, as this will give you the opportunity of cashing in on favorable conditions when they are available.


About Montreal

Montreal is an important center of commerce, culture, and arts. It is Canada’s second biggest city and features breathtaking architectural structures. According to Statistics Canada, Montreal is home to over four million people and is considered one of the most habitable places in the world.

Montreal Mortgage Rates

Statistics show that Montreal’s mortgage rates will remain at historic lows, which is the same for the rest of Canada, although some economists predict an upsurge in the rates as 2017 comes to a close. Montreal residents who want to become homeowners can take advantage of the low rates by taking their mortgages now. This could save them thousands of dollars in the future when the rates go up because they will. Discounted 5-year rates from Canada’s major banks are predicted to stay close to 2.70% at prime rates of 0.00%.


There are different mortgage rates from which you can choose when taking your residential mortgage. You can opt for a fixed rate in which you pay a fixed amount of money for the duration of the mortgage term. You can also choose a variable rate in which you pay different amounts till the loan is fully returned. Additionally, you can pick a combination of fixed and varied mortgage rate. Talk to an experienced mortgage broker about the merits and demerits of each option relative to your financial standing. This will guide you in making an informed choice when the time comes.

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Mortgage Lenders

You can get a mortgage from either a conventional lender or take a private mortgage. By conventional lender, we mean banks such as the Bank of Montreal and others of its class that provide mortgage facilities. A private mortgage, on the other hand, is mortgage given by a person other than the conventional source of mortgage such as banks. Sometimes, it can be hard to secure a mortgage from the conventional lenders due to their strict loan conditions, but you can also approach a private mortgage company for assistance. Before taking any action, discuss with your mortgage broker on the best source of a mortgage.

Montreal Housing Sector

At present, the Montreal housing market is witnessing a slight upsurge in demand for rented apartments, while sales of condos have slowed down. The increase in the demand for rentals id due to an uptick in employment levels which has driven up the household income of many residents. Forecasts show that the growth being experienced in the Montreal housing sector will continue. This is evident in the increase of the average resale price of Montreal properties from $337,261 in 2015 to about $345,000 in 2016.
The prevailing mortgage rates in Montreal are low, but the prices of houses are moving up, though slowly. You need to act fast if you are considering to become a Montreal homeowner. From available statistics, the low rates won’t last forever, and demand will cause housing prices to rise more. Talk to a Montreal Mortgage Broker today to weigh your options, and it might be the best decision you ever made.


Olga Romanova
Olga Romanova
11:09 29 Mar 18
Thank you guys! CMB consulted me on the rates and helped me to make the right choice
Mary Grey
Mary Grey
09:08 05 Apr 18

Montreal Mortgage Frequently Asked Questions

mortgage questions What is a Mortgage Term?

The loan that you make to buy a house or some other property is called a mortgage. The principal refers to the amount borrowed. Each mortgage payment pays off part of the principal plus the interest.


You have custody over the property. However, if you fail to pay the loan and interest according to the terms of the contract, the lender may repossess the property.

mortgage questions What is a Down Payment?

A down payment refers to the money you pay for real estate property. This money is paid upfront and the rest of the cost of your new home is covered by your mortgage. For properties that cost up to $500,000, the minimum down payment in Canada is 5% – however, do take note that your lender may sometimes require a higher down payment.


But what if the cost of the property is more than $500,000? If that is the case then the interest is 5% for the first $500,000 and then 10% for the remainder of the cost.

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