Find the best mortgage rate 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.

Alberta at a glance

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

Alberta housing market: May 2025 update

On March 15, 2025, the Canadian Real Estate Association (CREA) released the data on Alberta’s housing market for April, covering sales activity, average price trends, and overall supply and inventory. Home sales in the province decreased by -11.7% year over year, with 7,715 properties changing hands in April. Despite the decrease in activity, Alberta’s average home price increased by 5.6% annually, bringing it to $524,622.

At the same time, new listings increased by 7% year-over-year, with 12,284 homes hitting the market in April. The months of inventory (an indicator of how long it would take to sell all active listings at the current pace) rose from 1.8 months in April 2024 to 2.4 months this April, suggesting that demand is not able to keep up with supply.

The sales-to-new-listings ratio (SNLR) dipped to 62.8% from 76.1% last year, indicating a shift toward a buyer’s market. CREA considers a ratio between 45% and 65% to represent a balanced market, with anything above 65% signalling a seller’s market and anything below 45% a buyer’s market. Since Alberta’s ratio is within the balanced range, both buyers and sellers can expect relatively stable conditions without extreme competition, at least for now.

Read more: April Canadian home sales flat as buyers stick to the sidelines

April 16, 2025: The Bank of Canada announcement highlights

On April 16, 2025, the Bank of Canada (BoC) decided to keep its benchmark overnight lending rate at 2.75%, marking a pause after what would have been the eighth consecutive rate cut. The Bank had previously cut rates a total of 225 basis points from a high of 5% since June 2024.

• The BoC’s choice to hold rates was driven by the need to balance economic growth with price stability. Although inflation slowed to 2.3% in March, it remains above the Bank's 2% target. As such, the BoC continues to focus on keeping inflation in check despite global economic challenges.
• As a result of the rate hold, the prime rate at most lenders remains at 4.95%, meaning variable-rate mortgages and other variable-rate products, such as personal loans and HELOCs, will see no changes to their rates.
• For fixed mortgage rates, which are influenced by government bond yields, recent stabilization in bond yields around 2.6% — due to tariff uncertainties — has allowed lenders to offer more competitive rates. The lowest available five-year insured fixed mortgage rate is now 3.79% (3.74% in Quebec).
• The rate hold also ensures stability for savers with high-interest savings accounts (HISAs) and Guaranteed Investment Certificates (GICs), with no changes to their returns.
• Looking forward, the BoC’s policy outlook remains uncertain. Future rate decisions will depend on how trade disruptions, inflation, and other global factors evolve in the coming months.

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