September 29, 2026
A plain-language guide to fixed and variable rates, terms and amortization for Quebec buyers.
Choosing a mortgage can feel confusing. Here’s a simple explanation of the main choices.
Fixed rate
Your rate and payment stay the same for the whole term, often five years. It’s predictable and easy to budget for.
Variable rate
Your rate moves with your lender’s prime rate. Payments or the share going to interest can change, but variable rates are sometimes lower to start.
Term and amortization
The term is how long your rate is locked in. The amortization is how long it takes to pay off the whole mortgage, usually 25 years, or up to 30 years for some first-time buyers and new builds.
Try our mortgage calculator to compare payments, then speak with a mortgage professional for advice on your situation.
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