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Alberta mortgage rates: FAQ
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Guide to mortgage rates in Alberta
Jamie David, Sr. Director of Marketing and Mortgages
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 2023 update
On May 15, 2023, the Canadian Real Estate Association (CREA) released the April data for the Alberta housing market. As has been the trend so far in 2023, homebuyer activity and overall housing supply remains well below last year’s levels, as the market absorbs dramatically higher borrowing costs following the Bank of Canada’s rake hiking cycle.
The numbers reveal a total of 7,170 homes sold over the month, marking a -27.6% year-over-year drop. The number of homes brought to market plunged to a similar extent, by -28.1% with 10,488 new listings in April.
However, the average Alberta home price has remained more resilient than in other provinces, given its overall lower price point; it remained flat on an annual basis, at $462,086. As well, Alberta remains a sellers’ market, with a sales-to-new-listings ratio of 64.4%; while that’s down -8.7% from last year’s conditions, it’s still a tightly competitive market where demand is outweighing supply. As per CREA, a ratio between 40 - 60% indicates balanced conditions, with above and below that threshold signalling sellers’ and buyers’ markets, respectively. The number of months of inventory – the amount of time it would take to fully sell off all available homes for sale – currently sits at 3.5, relatively unchanged from last year (+0.6).
Alberta home sales and price forecast
Alberta’s housing market experienced enormous gains over the course of the pandemic, with many out-of-province buyers locating to wild rose country due to its comparably affordable home prices. However, that demand unwound considerably once the Bank of Canada started increasing interest rates in early 2022. According to forecast updated by the Canadian Real Estate Association in April, these year-over-year sales declines are expected to continue through 2023, with a total of 75,278 sales forecast for the year, a drop of -10.4%. However, activity is expected to pick back up in 2024 with a total of 81,190 sales, an increase of +7.9%.
The average Alberta home price is expected to perform similarly, to end 2023 relatively flat to the year prior at $444,570 (-0.6%), before increasing to $450,921 (+1.4%) in 2024.
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.
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 home buying guides. read more