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Find the best mortgage rate in Alberta

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Best mortgage rates Alberta - Pillow fight

Mortgage rates Alberta

Rates updated: October 26, 2020, 4:36 p.m.

Calgary, AB
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These are the best

All
fixed

mortgage rates for

buying a home
RateTermTypeProvider
1.54%5 yearFixedBrokersee if I qualify
1.69%2 yearFixedTrust companysee if I qualify
1.69%3 yearFixedTrust companysee if I qualify
1.74%1 yearFixedCredit unionsee if I qualify

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Frequently asked mortgage questions

How much can I save by comparing mortgage rates in Alberta?

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A guide to mortgage rates in Alberta

Getting the best mortgage rates in Alberta

Looking for a mortgage in Alberta? We can help you find and compare the lowest rates from the Big 5 Banks and Alberta’s top mortgage brokers, at no cost to you. Using our rate tables, you can compare the most current mortgage rates instantly, all in one place. By shopping around for the best mortgage rates in Alberta, you could save yourself thousands of dollars.

Best mortgage rates in Alberta +

What’s the best mortgage rate in Alberta? 

The best mortgage rates in Alberta are in the table above, updated in real time. However, the lowest rate is not always the best rate for you - your ideal mortgage is one that meets your needs and best fits your financial situation. You also need to consider how much you can afford to pay in cash (your down payment), your current income and employment status, as well as any future changes to your household.

 

What factors affect your mortgage rate?

It’s great to see the lowest rates on offer in Alberta, but the rate you’ll actually qualify for is likely to be different than the best advertised rates. Some personal factors that influence your personal rate are:

  • Your down payment: Every Canadian home purchase requires a cash down payment. The minimum is from 5% to 20% depending on purchase price. If your down payment is less than 20%, you’ll have what’s called an insured mortgage, and you’ll be charged for mortgage default insurance. This covers your lender if you don't make your payments. While this costs you more, your bank will probably offer a lower rate, because your insurance reduces the risk.
  • Your amortization period: You won’t be able to get insurance on a mortgage with an amortization period of over 25 years, so you’ll be charged a higher rate. That said, most mortgages in Alberta have amortization periods of 25 years or less.
  • The purpose of the property: Your mortgage rates will be different if you plan to live in the new home. Rates are generally higher for mortgages on rental or investment properties.
  • Mortgage type: You’ll be offered a higher rate if your mortgage is a refinance, rather than buying a new home or renewing your mortgage.
  • Credit score: The best rates typically come from A lenders, which includes big banks and many credit unions. However, A lenders often won’t work with you if you have bad credit. If your credit forces you to borrow from a B lender, expect a higher rate.

 

Alberta mortgage rates historical trends

Alberta mortgage rates rise and fall, as do rates across Canada. Here’s a snapshot of the lowest mortgage rates in Canada over the past few years, to give you an idea of where we are today.

2016201720182019
5-year fixed 2.09%2.24%2.79%2.29%
5-year variable 1.92%1.69%1.85%2.36%

Source: Ratehub Historical Rate Chart

 

Alberta land transfer tax

Unlike other provinces like Ontario and British Columbia, Alberta doesn’t have a land transfer tax. This makes the closing costs associated with buying a house in Alberta significantly lower than other provinces.

In Ontario and BC, land transfer taxes add between 0.5% and 2.0% to the cost of every home, which can quickly get into the tens of thousands of dollars.

 

Alberta first-time home buyer programs

With no land transfer tax in Alberta, there aren’t any first-home buyer tax rebates at the provincial level. However, first-time home buyers in Alberta can access a range of federal government programs, including the first-time home buyer tax credit and the first-time home buyer incentive.

Read about those programs in our guide to Canadian first-time home buyer programs.

 

The Alberta housing market

The Alberta housing market varies significantly across the province. The two major cities of Calgary and Edmonton are more expensive than the rest of the province, though both cities are significantly cheaper than the Canadian average, Edmonton especially so.

20162017201820192020
Calgary $443,900 $433,600 $432,700 $415,200 $411,500
Edmonton $337,000 $331,600 $326,700 $317,300 $312,400
Canada $481,900 $553,000 $592,600 $597,000 $624,400

Source: Canadian Real Estate Association

 

Homeownership rates in Alberta differ significantly between the major cities and the rest of the province. In Calgary, 67% of families own their principal residence, while in Edmonton only 61% of families own their home. The rest of the province fares better, with 69% of families owning. This compares to the national average of 63% ownership. (Source: Statistics Canada)

Author Bio

Jamie David, Business Director of Mortgages

Jamie David is the Business Director of Mortgages at Ratehub.ca. A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education, and business strategy brought her to Ratehub.ca where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.

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