Best Mortgage Rates in Alberta
Compare the most current mortgage rates instantly
Looking for a mortgage in Alberta? We can help you find and compare the lowest rates from the Big 6 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.Advertising Disclosure Rates updated:
|1-yr||3.19% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|2-yr||2.99% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|3-yr||2.76% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|4-yr||2.94% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|5-yr||2.62% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|6-yr||3.42% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|7-yr||2.94% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|10-yr||3.04% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
Prime - 0.25CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
Prime - 1.20CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
|1-yr||3.29% RBC Royal Bank Compare all rates|
|2-yr||2.84% HSBC Compare all rates|
|3-yr||3.09% Scotiabank Compare all rates|
|4-yr||3.09% Bank of Montreal Compare all rates|
|5-yr||2.49% HSBC Compare all rates|
|10-yr||2.99% HSBC Compare all rates|
Prime - 0.00CIBC Compare all rates
Prime - 1.20Peoples Bank Compare all rates
Best mortgage rates in Alberta (view all) +
Getting the best mortgage rates in Alberta
At Ratehub.ca, we compare banks, brokers, and credit unions to bring you Alberta’s best mortgage rates. Our mortgage rate comparison table above showcases today’s lowest mortgage rates in Alberta, at no cost to you. If you want to learn more about any rate in particular, just click on the ‘Inquire’ button and fill out the contact form - a mortgage specialist will then be in touch with more details within 1 business day. Don’t worry, there’s no obligation of any kind when you inquire!
Frequently asked questions about Alberta mortgage rates
We’ve been in the mortgage business for a long time. Here are the answers to the most frequently asked questions about mortgage rates in Alberta.
Why should I compare mortgage rates in Alberta?
Mortgages can vary widely on rates, terms, and conditions as banks, credit unions, and other mortgage providers all have different solutions that cater to specific financing needs. Comparing not just the rate but also the rate features and service of the provider is the best way to get the best mortgage rate that suits your needs.
Why compare Alberta mortgage rates on Ratehub?
Comparing rates is a daunting task. There are dozens of lenders, each with different offers, that come with different terms and conditions. We’re here to help you choose better by instantly showing you Alberta’s best mortgage rates, all in one place. We compare rates from the Big 6 banks, credit unions, trust companies, smaller banks, and top mortgage brokers in Alberta.
What’s the difference between a variable vs. fixed mortgage rates?
Variable mortgages normally have lower rates than fixed mortgages at the beginning of the mortgage term. However, variable rates can rise and fall over the term of your mortgage contract, because their interest rates are tied to prime. Fixed-rate mortgages offer set rates for your entire term. Fixed rates are a great option if you want predictable mortgage payments.
In Alberta, fixed rates are more popular, used on the overwhelming majority of mortgages. In Calgary and Edmonton in particular, around 80% of mortgages use fixed rates. (Source: Statistics Canada).
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 you to make changes to your mortgage payments without restriction. An open mortgage also allows you to make unrestricted lump-sum payments to reduce the principal of your mortgage.
Closed mortgages generally have lower interest rates than their open counter parts. They are the most 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 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. This protects you if rates rise, and if rates fall, your lender will typically honour the lower rate. Keep in mind that for variable rates, you won’t be locking in the rate itself but the rate’s relation to prime.
Should I use a mortgage broker in Alberta?
It’s easy to be skeptical about the rates offered by some mortgage brokers, as they are often significantly lower than the banks. This is generally because mortgage brokers have access to many different financial institutions, and can often negotiate better rates and terms.
Brokers can also help by giving you advice on current mortgage deals, your credit history, and can help you access HELOCs together with your mortgage, if you need them. If you want current and personal advice, inquire about a rate from an Albertan mortgage broker in our mortgage rate comparison table above. Remember, there’s no obligation of any kind when you inquire.
Alberta Housing Market
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).
Alberta total housing starts
|Q4 2018||Q1 2019||Q2 2019||Q3 2019||Q4 2019|
|Apartment and other unit type||1,140||1,432||2,335||3,607||2,984|
Calgary housing market forecast
Population growth in the Calgary area - primarily from in-migration - will increase the demand for housing. This is predicted to result in increased MLS Sales over 2020 and 2021. This strong growth will support the pace of new home construction, which is expected to increase over the next two years, after a small activity drop in 2019. Rental vacancy rates will trend lower through 2021, though average 2-bedroom rents are likely to increase slightly.
Senior Economics Analyst at CMHC, Taylor Pardy says “Housing starts are projected to decline before posting a moderate recovery as market fundamentals improve in 2020-21. Stronger demand in the resale market will support an increase in sales, while house prices will stabilize in 2019 before seeing modest increases over the next two years.”
Edmonton housing market forecast
Overall housing starts in Edmonton are expected to moderately increase in 2020, then drop slightly through 2021. This loss in momentum will be partially due to the higher number of current completed and unabsorbed inventory. Existing home sales and prices are expected to stabilize in the short term, and then to slow down after 2020. Vacancy rates will likely trend lower before loosening up in 2021, while growth in rents continues over 2020 and 2021.
Senior Economics Analyst at CMHC, Pershing Sun says “Housing activities are projected to increase over the short term by 2020 in construction, resale and rental market, before entering into a moderate state in 2021 as resale price and vacancy rate reflect economic outlooks in Edmonton.”