🎯 What’s your buying power at April’s rates?
Calculate your borrowing capacity in 2 minutes
Calculate my capacity →Quebec’s mortgage market enters spring 2026 with rates at historically favourable levels. After seven consecutive policy rate cuts between June 2024 and January 2025, the Bank of Canada (BoC) has held its pause since March 2025. In April 2026, the policy rate remains at 2.25%, the prime rate at 4.45%, and Quebec borrowers enjoy some of the lowest rates since 2022.
Whether you’re a first-time buyer, investor, or up for renewal, this article covers the best April 2026 rates, compares fixed and variable options, and helps you decide: should you lock in now or wait for the next BoC decision in June?
💰 Current Mortgage Rates — April 2026
Here are the best rates available in Quebec in April 2026, offered by mortgage brokers and online lenders. These rates apply to borrowers with a credit score of 680+ and a minimum 20% down payment.
~3.69%
5-year fixed (best rate)
~3.35%
Variable (best rate)
4.45%
Prime rate
The variable rate has remained lower than the fixed rate since February 2026, confirming the return to the historical norm. The 0.34% gap between fixed and variable represents approximately $85 per month on a $400,000 mortgage. A tangible advantage for those who can tolerate payment volatility.
💡 Did you know? The policy rate dropped from 5.00% to 2.25% in 18 months (mid-2024 to early 2025). Since then, the BoC has held steady, but fixed rates have continued declining thanks to the bond market.
📊 Rate Comparison Table — April 2026
Comparison of the best Quebec mortgage rates by term and type:
| Rate Type | Rate | Monthly ($400K) | Interest over 5 yrs |
|---|---|---|---|
| 1-year fixed | 4.79% | $2,281 | N/A |
| 3-year fixed | 3.89% | $2,081 | ~$67,400 |
| ⭐ 5-year fixed | 3.69% | $2,031 | ~$62,900 |
| 📉 Variable | 3.35% | $1,946 | ~$57,200* |
* Variable interest estimated assuming a constant rate over 5 years. $400,000 mortgage, 25-year amortization. Source: mortgage brokers, April 2026.
✅ Tip: the 5-year fixed remains the most popular choice in Quebec. It offers the best balance between low rate and payment stability. Variable saves ~$85/month but carries risk if the BoC changes course.
🏦 Bank of Canada Decision — April 16, 2026
The next BoC announcement is scheduled for April 16, 2026. The economist consensus is a hold at 2.25%. Here’s why:
2.25%
Policy rate (hold expected)
4.45%
Prime rate
~2.0%
Inflation (near target)
Inflation remains near the 2% target, which doesn’t justify an immediate cut. However, uncertainty around US trade tariffs and a slowing Canadian economy could push the BoC to act in June 2026. Futures markets are pricing in approximately a 40% probability of a 0.25% cut in June.
For borrowers, this means variable rates could still decline by summer. Fixed rates, on the other hand, depend more on the Canadian bond market, which remains under downward pressure due to global economic concerns.
📊 March vs April 2026 Comparison
Rates remained stable between March and April 2026. The key difference: lender competition is intensifying at the start of spring, with more aggressive promotional offers.
March 2026
5-yr fixed: ~3.69%
Variable: ~3.35%
Prime: 4.45%
✅ April 2026
5-yr fixed: ~3.69%
Variable: ~3.35%
Prime: 4.45%
💡 Key point: even though posted rates haven’t changed, mortgage brokers often negotiate rates 0.10 to 0.20% below posted rates. Spring is the best time to negotiate.
Calculate your monthly payment with April 2026 rates
Our free calculator gives you your exact payment in 30 seconds.
Calculate my payment →🧮 Payment Calculation: $500,000 Home in Quebec
Let’s use a realistic example: a $500,000 home with a 20% down payment ($100,000), meaning a $400,000 mortgage, amortized over 25 years.
5-YEAR FIXED — 3.69%
$2,031
per month
Interest over 5 years: ~$62,900
VARIABLE — 3.35%
$1,946
per month
Interest over 5 years: ~$57,200*
💰 Variable vs Fixed Savings
By choosing variable, you save $85 per month, or $1,020 per year and potentially $5,100 over 5 years — if the rate stays constant. Note: a 0.50% increase would bring the variable payment to $2,043, which is more than the fixed option.
This calculation excludes the welcome tax (land transfer duties), notary fees, home insurance, and property taxes. For a complete budget breakdown, see our guide on home buying costs in Quebec.
* Estimate based on a constant variable rate. The variable rate can change with each BoC decision. Formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P = $400,000, r = monthly rate, n = 300 months.
🤔 Lock In Now or Wait Until June?
This is the question most buyers are asking in April 2026. Here are the scenarios to consider:
✅ Lock in now if:
• You need budget predictability (first-time buyer, family)
• Your pre-approval is expiring soon
• You’ve found a property that meets your criteria
• 3.69% fixed 5-year is already well below the 5% levels of 2023
⏳ Wait until June if:
• You can tolerate risk and absorb a potential increase
• You haven’t found a property yet
• Economic indicators point to a slowdown (BoC cut likely)
• You’re renewing and can negotiate a deferral
Our recommendation: if you’re ready to buy, don’t delay your decision to save 0.10 or 0.20%. The cost of waiting (spring price increases, losing a good property) often exceeds the potential rate savings. You can always choose variable and convert to fixed later if rates drop.
For a detailed comparison of fixed vs variable options, see our article on Fixed vs Variable Mortgage in 2026.
Take advantage of April rates to calculate your capacity
Calculate your borrowing capacity for free with April 2026 rates.
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