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Find the best mortgage rate in Alberta

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Current Alberta mortgage rates - Fixed 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:


ATB Financial


Canadian Lender


Big 6 Bank



A Ratehub Company


ICICI Bank Canada


Equitable Bank


Current Alberta mortgage rates - Variable mortgage rates

As of:


Canadian Lender



A Ratehub Company


CMLS Financial


First National


Equitable Bank


ICICI Bank Canada


Alberta mortgage rates: FAQ

What are the current mortgage rates in Alberta in 2023?

What is the best bank rate in Alberta right now?

Will mortgage rates continue to go up in 2023?

WATCH: September 6, 2023 Bank of Canada announcement

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Guide to mortgage rates in Alberta

Jamie David

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: September 2023 update

On September 15, 2023, the Canadian Real Estate Association (CREA) published the latest Alberta housing market information for the month of August. The latest figures show that Alberta continues to be a highly competitive housing market, as August’s 8,050 home sales represented an eye-popping increase of 21.6% on an annual basis, more than any other province or territory in Canada.

In consequence, the average Alberta home price continued to climb, coming in at $440,818 in August, an increase of 5.5% from the same time last year. In a bit of good news for would-be home buyers in Alberta, buying conditions have continued to ease slightly over the summer, with 11,046 new listings coming on the market in August, up by 3.9% on an annual basis. As a result, the sales-to-new-listings ratio (SNLR) has dropped to 65.8%, which is down by -3.1% on an annual basis and lower than July’s figure of 67.8%. However, this still indicates a 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 40- 60 % is a balanced market, with above and below that threshold indicating sellers’ and buyers’ markets, respectively.

Alberta home sales and price forecast: July update

Home sales in Alberta will continue to decline this year, according to an updated forecast from the Canadian Real Estate Association. The projections call for a total of 73,122 homes to trade hands over the course of 2023, marking a -13% drop from 2022’s total. However, as the impact of steeper mortgage rates starts to fade in 2024, buyer demand will rebound, with CREA calling for 79,856 sales that year – a 9.2% increase from 2023.

The average home price, meanwhile, will remain largely unchanged this year from last, coming in at $448,015 (0.1%). However, CREA expects this to increase by 6,8% to $478,485 next year, as buyers adjust to higher borrowing costs, and the Bank of Canada stabilizes its benchmark interest rate.


September 6, 2023: Bank of Canada announcement highlights

On September 6, 2023, the Bank of Canada announced that it would be maintaining its target for the overnight rate at 5.00%.

  • This rate hold will be welcome news to variable-rate holders and those with home equity lines of credit, who will be relieved to see their rates remain unchanged. Anyone looking to get a mortgage this fall will certainly be pleased as well.
  • Canadians with fixed-rate mortgages are not directly affected by this announcement, as they are tied to the bond market. However, the rate hold is unlikely to provoke a jump in bond yields, so fixed mortgage rates can be expected to remain stable. Anyone who is looking to buy a home should get a pre-approval to hold today’s rates for up to 120 days and protect themselves from any rate increases during this period.
  • The Bank’s accompanying commentary laid out a number of key economic indicators that supported a rate hold, but noted that inflation remained stubbornly high and above the Bank’s 2% target. The Bank reiterated its iron-clad commitment to reining in inflation, and did not rule out further rate hikes to do so if needed. As such, Canadians should continue to budget for possible future rate increases.


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.


  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

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