Montreal mortgage calculator
Payments and CMHC insurance with Quebec’s 9% tax on the premium. Plan for Montreal’s welcome tax and notary fees at closing.
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Example costs at three prices
Example prices, not market averages. Minimum down payment, 4.49% rate and 25-year amortization; transfer tax is before any first-time buyer rebate.
| Home price | Minimum down payment | CMHC premium | Total mortgage | Monthly payment | Transfer tax |
|---|---|---|---|---|---|
| $400,000 | $20,000 | $15,200 | $395,200 | $2,185 | Not calculated |
| $500,000 | $25,000 | $19,000 | $494,000 | $2,731 | Not calculated |
| $700,000 | $45,000 | $26,200 | $681,200 | $3,766 | Not calculated |
Buying a home in Montreal: what’s different
- Transfer duties (the “welcome tax”) are set on municipal brackets indexed every year, and Montreal adds higher brackets for expensive homes. Your notary will give you the exact amount. This calculator doesn’t include it yet.
- 9% tax on the CMHC premium, paid in cash at closing.
- Closings go through a notary, usually $1,500 to $2,500.
On a $500,000 home with the minimum down payment of $25,000, the tax on the CMHC premium is $1,710. See the Quebec mortgage calculator for the provincial rules.
Frequently asked questions
Is Montreal’s welcome tax included in this calculator?
Not yet. Transfer duties are indexed every year and differ by municipality. We will add them once we have verified the official tables. Ask your notary for the exact amount.
Is CMHC insurance taxed in Quebec?
Yes, at 9%, payable at closing. It can’t be added to the mortgage.
What is the minimum down payment on a $500,000 home?
$25,000, which is 5% of the price.
Other cities
Vancouver
Property transfer tax, and why the first-time exemption often runs out.
Calgary
No land transfer tax: mostly your down payment and legal fees.
Edmonton
No land transfer tax and no sales tax on the CMHC premium.
Ottawa
Ontario land transfer tax only, with no municipal tax.
Mississauga
Close to Toronto, but without Toronto’s second land transfer tax.
Hamilton
Ontario land transfer tax and 8% sales tax on the CMHC premium.