Skip to main content
Ratehub logo
Ratehub logo

Find the best mortgage rate in Alberta

We’ll find the best rates for you in less than 2 minutes

Current Alberta mortgage rates

The rate table shows 5-year fixed mortgage rates in Alberta. To compare other rate types and terms, click on the filters icon beside the down payment percentage.

As of:

RateProviderPayment

Big 6 Bank

$2,621

Bank of Montreal

$2,647

RBC Royal Bank

$2,669

Scotiabank

$2,741

CIBC

$2,741

TD Bank

$2,751

Alberta mortgage rates: FAQ

What are the current mortgage rates in Alberta in 2024?


What is the best bank rate in Alberta right now?


Will mortgage rates go down in 2024?


WATCH: June 5, 2024 Bank of Canada announcement

See today's best mortgage rates

Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.

4.64%

Best fixed rate in Canada

see my rates

Not sure where to start? Check out our tools to get started

Guide to mortgage rates in Alberta

Our rate tables allow you to view the most current mortgage rates in Alberta instantly, all in one place. By comparing the rates and products offered by the Big 5 Banks, top mortgage brokers, smaller banks and credit unions, you can find the best mortgage to suit your needs and save thousands of dollars.

Best mortgage rates in Alberta +

Alberta at a glance

  • Population: 4.5 million 
  • Average Household Income: $93,835
  • Percentage of Homeowners: 72%

Alberta housing market: June 2024 update

On June 17, 2024, the Canadian Real Estate Association (CREA) came out with the latest national housing market data for the month of May 2024. The most recent figures indicate that Alberta remains an extremely competitive housing market, albeit slightly less so than in previous months. Some 9,562 homes were sold over the course of May in Alberta, marking an annual increase of 6.8%.

Stiff competition drove the average home price in Alberta up to $502,625, representing a year-over-year increase of 8.3% and above the previous month’s figure of $494,150. A total of 13,485 residential properties came to market, well above April’s total of 11,756 and up by 8.5% annually. These new listings helped to alleviate buying conditions in the highly competitive Alberta housing market. May’s sales-to-new-listings ratio (SNLR) came in at 70.9% in May (the second highest of any Canadian province), but this was down by -1.1% annually and lower than the 75.6% recorded the previous month. This indicates a fairly hot sellers’ market, where buyers are more likely to encounter bidding war scenarios and may be pressured to drop conditions from their purchase offers. According to CREA, a ratio within 45-65% is a balanced market, with above and below that threshold indicating sellers’ and buyers’ markets, respectively.

Read more: National real estate market stagnates in May ahead of rate cut effect

June 5, 2024: Bank of Canada announcement highlights

On June 5, 2024, the Bank of Canada announced that it would be cutting the target for the overnight rate by -0.25%, taking it from 5.00% to 4.75%. This marks the first time in over four years that the Bank has lowered its policy rate.

  • In the commentary that accompanied its announcement, the Bank pointed to steadily falling inflation as the principal driver of its decision. It noted that April’s CPI had come lower than expected at 2.7%, while “core” inflation measures of trim and median had declined to 2.6% and 3.2%, respectively.
  • Holders of variable-rate mortgages and home equity lines of credit (HELOC) will no doubt be thrilled to finally see their rates and payments go down.
  • Although fixed rates are tied to the bond market rather than directly to the Bank of Canada’s rate decisions, in anticipation of a likely rate cut, bond yields had fallen approximately 30 basis points leading up to the announcement. With the rate cut now official, lenders are beginning to discount their fixed mortgage rates.
  • Despite the relatively small size of this rate cut and the fact that prices and rates remain high, it remains to be seen whether the prospect of entering a falling rate environment is sufficient to bring buyers back into the market. If some begin coming in off the sidelines, others may follow in order not to miss their ideal buying window.

How do I get the best mortgage rate in Alberta?

Alberta’s lucrative oil and gas industry, among other draws, beckons thousands of Canadians to move there every year. As such, it’s no surprise that it’s also home to a thriving mortgage industry, with numerous lenders vying for your business. In addition to the Big 5 Banks and other national banks and credit unions, Alberta is home to a number of its own financial institutions headquartered there, including ATB Financial, Canadian Western Bank and Servus Credit Union. Numerous smaller banks, credit unions and mortgage brokerages are also players in the Alberta market. 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. Be sure to shop around between lenders and consult with a mortgage broker. They can help you navigate the different mortgage products available, and can provide you with expert, personalized advice on the pros and cons of each, all at no cost to you.

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 lowest 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 the 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.

     

Historical trends in Alberta mortgage rates

Alberta mortgage rates rise and fall, as do rates across Canada. Check out this interactive chart showing the lowest mortgage rates in Canada over the last few years to get a sense of where we are today.

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 in 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.


Sources:

  1. Alberta.ca
  2. CREA
  3. Statistics Canada
  4. AREA

Jamie David, Director of Marketing and Head of Mortgages

Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio

Want to learn more? Check out our comprehensive education centre