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Find the best mortgage rate in Alberta

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Current Alberta 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:


Big 6 Bank


Bank of Montreal




RBC Royal Bank


TD Bank


Canadian Lender


Alberta mortgage rates: FAQ

What are the current mortgage rates in Alberta in 2024?

What is the best bank rate in Alberta right now?

Will mortgage rates go down in 2024?

WATCH: April 10, 2024 Bank of Canada announcement

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Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.


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Guide to mortgage rates 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.

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: May 2024 update

On May 15, 2024, The Canadian Real Estate Association (CREA) came out with the latest national housing market data for the month of April 2024. The most recent figures indicate that Alberta remains an extremely competitive housing market. Some 8,884 homes were sold over the course of April in Alberta marking a major annual increase of 23.3%.

Stiff competition drove the average home price in Alberta up to $494,150, representing a year-over-year increase of 7.5% and above the previous month’s figure of $491,962. A total of 11,756 residential properties came to market, well above March’s total of 10,566 and up by 10.9% annually. These new listings were not enough to improve buying conditions in the highly competitive Alberta housing market, however. April’s sales-to-new-listings ratio (SNLR) came in at 75.6% (the highest of any Canadian province), up by 7.6% annually and higher than the 72.6% recorded the previous month. This indicates a very 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 45-65% is a balanced market, with above and below that threshold indicating sellers’ and buyers’ markets, respectively.

Read more: National home sales fall in April as buyers stick to the sidelines

April 10, 2024: Bank of Canada announcement highlights

On April 10, 2024, the Bank of Canada announced that it would keep the target for the overnight rate unchanged at 5.00% for the sixth time in a row.

  • In the commentary that accompanied its announcement, the Bank pointed to several key economic indicators that drove its decision, notably a stalled economy and softening labour market conditions. Nevertheless, the Bank noted that despite the progress made in the struggle to tamp down inflation, February’s CPI of 2.8% indicated that rates need to stay high for longer in order to continue reining in inflation to the Bank’s goal rate of 2%.
  • Anyone with a variable-rate mortgage or a home equity line of credit (HELOC) will need to stay patient, as the Bank did not indicate that the timing of any future rate cuts would be moved up at all.
  • Canadians with fixed-rate mortgages are not directly affected by this announcement, as fixed mortgage rates are tied to the bond market rather than to the Bank of Canada’s rate decisions. While the Bank’s decisions and commentary can certainly provoke bond yields to rise or fall, with this rate hold largely expected, the bond market has shown virtually no reaction. Given that, lenders will most probably keep their fixed mortgage rates where they are for the moment.
  • With the Bank sticking to its “wait and see” approach and its timetable of no rate cuts until at least the end of 2024, this announcement is unlikely to have much effect at all on home prices. Buyers and sellers are already out in force due to the prospect of rate cuts on the horizon, and are unlikely to react to this continuation of the status quo.

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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