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Rate	Term	Type	Provider
Featured4.24%	5 year	Fixed	CanWise A Ratehub Company
Featured4.24%	5 year	Fixed	Canadian Lender
Featured4.59%	5 year	Fixed	Equitable Bank
Featured4.59%	5 year	Fixed	CMLS Financial
Featured4.79%	5 year	Fixed	MCAP
Featured5.04%	5 year	Fixed	ATB Financial
Featured5.04%	5 year	Fixed	First National
Featured5.09%	5 year	Fixed	Big 6 Bank
Featured5.17%	5 year	Fixed	CIBC
Featured5.24%	5 year	Fixed	Bank of Montreal
Featured5.24%	5 year	Fixed	TD Bank
Featured5.29%	5 year	Fixed	Tangerine
Featured5.39%	5 year	Fixed	Scotiabank
Featured5.39%	5 year	Fixed	motusbank
4.49%	5 year	Fixed	Laurentian Bank
4.79%	5 year	Fixed	HSBC
5.24%	5 year	Fixed	Simplii Financial ™
5.54%	5 year	Fixed	RBC Royal Bank

see what rates I can qualify for

Rate	Term	Type	Provider
Featured3.50%	5 year	Variable	Canadian Lender
Featured3.50%	5 year	Variable	CanWise A Ratehub Company
Featured3.80%	5 year	Variable	First National
Featured3.80%	5 year	Variable	Equitable Bank
Featured3.80%	5 year	Variable	CMLS Financial
Featured4.00%	5 year	Variable	MCAP
Featured4.15%	5 year	Variable	Big 6 Bank
Featured4.15%	5 year	Variable	ATB Financial
Featured4.24%	5 year	Variable	Bank of Montreal
Featured4.30%	5 year	Variable	TD Bank
Featured4.39%	5 year	Variable	CIBC
Featured4.40%	5 year	Variable	Tangerine
Featured4.45%	5 year	Variable	Scotiabank
Featured4.55%	5 year	Variable	motusbank
4.19%	5 year	Variable	HSBC
4.35%	5 year	Variable	Laurentian Bank
4.35%	5 year	Variable	Simplii Financial ™
4.50%	5 year	Variable	RBC Royal Bank

see what rates I can qualify for

Provider	5 Year variable	5 Year fixed	3 Year fixed
Best market rate	3.50% Prime -1.20	4.24%	4.49%
Bank of Montreal	4.24% Prime -0.46 inquire	5.24% inquire	5.09% inquire
TD Bank	4.30% Prime -0.40	5.24%	5.24%
Scotiabank	4.45% Prime -0.25	5.39%	5.29%
CIBC	4.39% Prime -0.31 inquire	5.17% inquire	5.39% inquire
RBC Royal Bank	4.50% Prime -0.20 inquire	5.54% inquire	5.20% inquire

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FAQs

Frequently asked mortgage questions

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

Getting a great rate is the best thing you can do to save money on your mortgage over time. A rate of just 0.3% more can cost you an extra $60 to $100 per month on a typical mortgage. That’s $3,600 to $6,000 over a 5-year term.

Mortgages can also vary widely on rates, terms, and conditions. 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 providers is the best way for you to get the best mortgage rate that suits your needs.

Why compare Alberta mortgage rates on Ratehub?

It's hard to get the best mortgage rate when you don't know what rates are available across the different providers. Moreover, connecting with each provider to find out what rate you qualify for can be tedious and time-consuming. At Ratehub.ca, we makes it easy for your to choose better by showing you the best mortgage rates in Alberta all in one place. We compare rates and mortgage options from the Big 6 banks, smaller banks, credit unions, as well as the top mortgage brokers in Alberta, all at no cost to you.

Are fixed rates better than variable rates?

It depends. Fixed rates suit some people, while variable rates suit other people. Fixed rates are popular due to the stability they offer, but variable rates can offer more savings over time, depending on market conditions. When deciding, consider your appetite for risk, your financial situation, the market conditions, and the length of your mortgage term.

If you're worried about rates rising, then fixed rates might be the right choice for you. However, if you're sure rates will go down during your mortgage term - and your household budget can manage increases in your monthly payment - then variable rates could be more appealing.

What’s the difference between variable vs. fixed mortgage rates?

A fixed-rate mortgage will have the same rate locked in for your entire contract, while variable-rate mortgages can change over the course of your term. Variable rates will change alongside your lender’s prime rate.

To account for the risk of a rate rise, variable mortgages normally have lower rates than fixed mortgages at the start of a mortgage term. Fixed rates, though higher at the start of a term, 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).

Learn more by reading our guide to fixed and variable mortgages.

What are pre-payment options?

Pre-payment options let you increase the size of your monthly payments, or make additional payments towards your mortgage principal (thereby decreasing your amortization period). Depending on the type of mortgage you get, your lender may allow you to increase your monthly payments by a set percentage, make a lump sum payment towards your principal, or both. The percentage by which you can make a lump sum repayment is based on your mortgage’s initial principal value.

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

Open mortgages often have higher 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 rates than their open counterparts. They are the most popular choice in Alberta. You can usually make some increases to monthly payments or make lump-sum payments, but the amounts are restricted and penalties for overpayment could apply.

What is a mortgage rate hold?

Rate holds allow you to lock in Alberta’s current mortgage rates for a certain number of days, to benefit from low rates. For example, a 90-day rate hold would allow you to lock in your current mortgage rate offer for 90 days before your mortgage renewal date or mortgage closing date.

If rates fall, your lender will typically honour the lower rate. Keep in mind that for variable-rate mortgages, you won’t be locking in the rate itself, but the rate’s relation to prime.

Should I use a mortgage broker in Alberta?

Mortgage brokers are free to you, and can help you get a better mortgage rate, so you don’t have anything to lose by speaking to one. A mortgage is one of the largest financial commitments you’ll ever make, so getting a great deal can save you thousands of dollars over time.

One of the great benefits of using a mortgage broker to find a mortgage is that brokers often have access to lower rates than those that are advertised. This is thanks to special arrangements they have with lenders, as well as bulk discounts.

Not only does a mortgage broker offer their expertise and knowledge of what mortgages are on the market, they can also offer personalized advice on things like your down payment, credit score and financial situation, as well as what size mortgage you can afford.

Let us help you determine which rate best suits your individual needs by answering a few short questions about your home and financial history.

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A guide to mortgage rates in Alberta

Jamie David, Director of Marketing & Mortgages

May 10, 2022

Getting the best mortgage rates in Alberta

Alberta is a big province, with a massive range of mortgage products available. If you're looking for a mortgage in Alberta, one of the best things you can do is to try to find the best mortgage rate you can.

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 +

Rate	Term	Type	Provider
4.24%	5 year	Fixed	Canadian Lender
4.49%	3 year	Fixed	Canadian Lender
4.54%	2 year	Fixed	Canadian Lender
4.59%	1 year	Fixed	RBC Royal Bank
4.79%	7 year	Fixed	HSBC

Alberta at a glance

Population: 4.5 million
Average House Price: $472,746 in Q1 of 2022, a 7.1% year-over-year increase
Average Household Income: $93,835
Percentage of Homeowners: 72%

Fun Facts About Alberta

Alberta is home to Canada’s top two most visited national parks, Banff National Park and Jasper National Park. Banff National Park is also the oldest national park in the country.
Drumheller, Alberta, is nicknamed “The Dinosaur Capital of the World”, and its Royal Tyrrell Museum of Paleontology is considered the world’s best dinosaur museum.

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 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. Understanding whether we're currently in a high or low rate environment is important in helping you make the best product choices.

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.

	2018	2019	2020	2021
5-year fixed	2.79%	2.29%	1.39%	1.39%
5-year variable	1.85%	2.36%	0.99%	0.85%

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 homebuyer 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 homebuyer 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.

	2017	2018	2019	2020	2021
Calgary	$433,600	$432,700	$415,200	$411,500	$429,300
Edmonton	$331,600	$326,700	$317,300	$312,400	$333,300
Canada	$553,900	$592,600	$597,000	$624,400	$715,596

Source: Canadian Real Estate Association

Homeownership rates in Alberta differ significantly between the major cities and the rest of the province. In Calgary, 74% of families own their principal residence, while in Edmonton only 64% of families own their home. The rest of the province fares better, with 72% of families owning. This compares to the national average of 68% ownership.

Sources:

Jamie David, Director of Marketing and Head of Mortgages

Jamie David is the Director of Marketing and Head 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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