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Best Mortgage Rates in Alberta

Compare the most current mortgage rates instantly

Looking for a mortgage in Alberta? We help you find and compare the lowest rates from the Big 6 Banks and top Alberta mortgage brokers. By shopping the best rates in Alberta, you could save thousands on your mortgage. Our comparison charts are free to use and list current rates that are updated twice daily.

Rates updated:
Broker Mortgage Rates Minimize Table Maximize Table
TERM FIXED
1-yr 2.78% CanWise Financial A Ratehub Company
(2822)
Lic. 12530 Compare all rates
2-yr 2.79% CanWise Financial A Ratehub Company
(2822)
Lic. 12530 Compare all rates
3-yr 2.74% Butler Mortgage
(500)
Lic. 12118 Compare all rates
4-yr 2.79% CanWise Financial A Ratehub Company
(2822)
Lic. 12530 Compare all rates
5-yr 2.52% CanWise Financial A Ratehub Company
(2822)
Lic. 12530 Compare all rates
6-yr 3.75% CanWise Financial A Ratehub Company
(2822)
Lic. 12530 Compare all rates
7-yr 2.94% MortgagePal.ca
(318)
Compare all rates
10-yr 2.99% MortgagePal.ca
(318)
Compare all rates
TERM VARIABLE
1-yr
2-yr
3-yr 3.70%
Prime - 0.25
CanWise Financial A Ratehub Company
(2822)
Lic. 12530 Compare all rates
4-yr
5-yr 2.61%
Prime - 1.34
Butler Mortgage
(500)
Lic. 12118 Compare all rates
6-yr
7-yr
10-yr
  Show more   Show fewer
Bank Mortgage Rates Minimize Table Maximize Table
TERM FIXED
1-yr 2.79% Canadian Western Bank Compare all rates
2-yr 2.49% motusbank Compare all rates
3-yr 2.69% Tangerine Compare all rates
4-yr 2.82% motusbank Compare all rates
5-yr 2.59% HSBC Compare all rates
10-yr 2.99% HSBC Compare all rates
TERM VARIABLE
1-yr
2-yr
3-yr 3.95%
Prime - 0.00
Laurentian Bank Compare all rates
4-yr
5-yr 2.84%
Prime - 1.11
HSBC Compare all rates
10-yr
  Show more   Show fewer
Open mortgage rates Minimize Table Maximize Table
TERM FIXED
1-yr 6.30% Laurentian Bank Compare all rates
3-yr
5-yr
TERM VARIABLE
1-yr
3-yr 5.15%
Prime + 1.20
Bank of Montreal Compare all rates
5-yr 4.75%
Prime + 0.80
CanWise Financial A Ratehub Company
(2822)
Lic. 12530 Compare all rates
  Show more   Show fewer
Cash back mortgage Minimize Table Maximize Table
5-yr 4.64%
5% Cash Back
CanWise Financial A Ratehub Company
(2822)
Lic. 12530 Compare all rates
7-yr 6.64%
5% Cash Back
Simplii Financial ™ Compare all rates
10-yr 7.55%
5% Cash Back
Simplii Financial ™ Compare all rates
  Show more   Show fewer
HELOC Rates Minimize Table Maximize Table
HELOC 3.75%
Prime - 0.20
motusbank Compare all rates
ALL-IN-ONE 4.45%
Prime + 0.50
Manulife Bank Compare all rates

Lowest Mortgage Rates in Alberta

Ratehub.ca shops banks, brokers and credit unions to bring you Alberta’s best mortgage rates. Our Mortgage Rate Comparison chart above showcases today’s cheapest mortgage rates in Alberta. To compare all rates within a certain category, click on the "See All" button for more details.

Why should I compare mortgage rates in Alberta?

Mortgages can vary widely based on rates, terms and conditions. Banks, credit unions, and private lenders all have specialized mortgage solutions that cater to specific financing needs. Use our best rates section and education centre to compare and learn about the best mortgage for you at current rates.

Should I get an open or closed mortgage rate in Alberta?

Open and closed mortgages vary both in their interest rates and their terms and conditions. Open mortgages often have higher interest rates, but allow borrowers to make changes to their mortgage payments without restriction. An open mortgage also allows borrowers to make unrestricted lump-sum payments to reduce the principal of their mortgage.

Closed mortgages generally have lower interest rates than their open counter parts. They are the more popular choice in Alberta. You can usually make some increases to monthly payments, or make lump sum payments, however the amounts are restricted and penalties for overpayment will apply.

What is the difference between a variable vs. fixed mortgage rate in Alberta?

Variable mortgages have lower rates than fixed mortgages at the beginning of the mortgage term. Variable interest rates will rise or fall over the term of the mortgage contract because their interest rates are tied to prime.

Fixed mortgages offer the stability of a set mortgage rate for the entire mortgage term. This stability is attractive to many homeowners who rely on the predictable mortgage payments for household budgeting. Historically, 66% of all mortgages in Alberta are fixed.

What is the mortgage ratehold?

Rateholds allow you to lock in Alberta’s current mortgage rates for a certain number of days to benefit from today’s low rates. For example – a 90-day ratehold would allow you to lock in the current mortgage rate for 90 days before your mortgage renewal date or mortgage closing date.

Alberta Housing Market Update1

The Alberta economy is ramping up with the recovery of oil prices. Drilling and energy exploration will increase in 2011 as a result of the provincial crown petroleum and natural gas rights being auctioned off at record levels. The increasing investment in the oil sands projects will also lead to an increase in the Albertan economy. These economic increases will lead to a decrease in the unemployment rate, and both interprovincial migration and international migration will continue to grow throughout 2011 and 2012. These positive increases in the economy and migration will positively affect the Alberta real estate market overall.

Metropolitan Area Year Housing Starts MLS Total Sales MLS Average Sale Price
Edmonton
2016(*) 9100 16,500 $310,050
2017(*) 9100 16,800 $314,500
Calgary
2016(*) 8900 21,000 $447,000
20127 8900 21,400 $447,000
(*)forecast

Alberta Mortgage Brokers

If you want current, personal, advice simply click on the link above to connect with an Albertan mortgage broker near you. Brokers can help by giving you advice on current mortgage deals, your credit history, or help you with a special type of mortgage like cash back or HELOC. Brokers can also help with information on home purchases, lenders, current interest rates , and great mortgage solutions

References and Notes

  1. CMHC

Current Mortgage Rates by Province