Refinancing a Quebec City home

Québec City (Agglomeration) median price, single-family homes — Centris (APCIQ) put the Quebec City median at <strong>$485,000</strong> for Q2 2026. For a mortgage refinance that makes the equity reachable at 80% ltv about <strong>$145,500</strong> (above an assumed 50%-LTV first mortgage). The same board counted 1,031 Quebec City sales in Q2 2026, with an average days on market of 14 days. Your own property and balance replace these numbers on the file.

Quebec City's board publishes each segment separately, and the gap is the point. At the condominium median of $335,000 the equity reachable at 80% ltv is about <strong>$100,500</strong>; at the plex (2–5 units) median of $580,000 it is about <strong>$174,000</strong>. The table on this page carries every row from the same Q2 2026 release.

On a Quebec City home valued at the $485,000 median, a typical refinance client can access up to $145,500 of usable equity, assuming an existing first-mortgage balance around 50% LTV.

On a Quebec City home valued at the $485,000 median with an assumed first mortgage near 50% LTV, a refinance can unlock about $145,500 at 80% LTV — roughly $716/mo at 4.29% on a full draw. The figure scales with your actual value and existing balance.

Because the lender decides more than the rate: how Capitale property types are read, how much of your income counts, and what the file costs to move. In Quebec the file is placed by a mortgage professional licensed in Quebec, through our partner network.

Up to <strong>80% of appraised value, less what you still owe</strong>. A refinance cannot be default-insured, so 80% is a hard ceiling rather than a pricing tier. On a Quebec City home at the $485,000 average that ceiling is $388,000; against a $242,500 balance — the 50%-LTV position we model here — that is $145,500 reachable before the penalty and roughly $1,750-$2,800 of closing costs come out of it. Two things move the figure and neither is your purchase price: how much principal you have repaid, and today's appraisal. If your balance already sits above 80% of current value there is nothing to draw, regardless of what the home was worth when you bought. A stand-alone HELOC caps lower at 65% — about $72,750 here — but can reach the same 80% combined when bundled with a first mortgage.

Non-penalty costs run roughly <strong>$1,750 to $2,800</strong>: appraisal $300-$500, legal or notary $1,000-$1,500, your current lender's discharge fee $200-$400, and title insurance $250-$400. There is no land transfer tax, because ownership isn't changing hands. On top of that sits the prepayment penalty — $3,395 on the illustration used throughout this page — which is usually the largest line by a wide margin. In most cases none of it is cash out of pocket: the costs and the penalty are deducted from the equity at closing by the solicitor. Some lenders cover legal and appraisal on a refinance, which is often worth more than a small rate difference. The proportion is what should drive your decision: $2,275 against the full $145,500 available here is about 1.6%, but the same $2,275 against a $50,000 draw is 4.6% — which is why small draws belong on a HELOC or a second mortgage.

Mortgage brokering in Quebec is regulated by the AMF (Autorité des marchés financiers). Mortgage Squad Advisors is licensed by FSRA in Ontario (Brokerage #13737) and serves clients across Canada: Quebec files are processed by licensed mortgage professionals in your jurisdiction through our partner network, in compliance with AMF requirements. All advisors are FINTRAC-trained. Ask us for the registration details that apply to your file.