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Best mortgage rates in Alberta

Rates updated:

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mortgage rates for
RateTermTypeProvider
Featured
5 yearsFixed
Featured
5 yearsFixed
Featured
5 yearsFixed
Featured
5 yearsFixed

Best 5-year variable rates in Alberta

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Best big bank rates in Alberta

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Provider5 Year variable5 Year fixed3 Year fixed

Best market rate

5.55%

Prime -1.15%

4.39%
4.79%

6.49%

Prime -0.21%

inquire

5.14%

inquire

5.19%

inquire

6.25%

Prime -0.45%

inquire

5.04%

inquire

5.40%

inquire

6.40%

Prime -0.30%

5.14%

5.34%

6.65%

Prime -0.05%

5.74%

5.89%

6.54%

Prime -0.16%

inquire

5.49%

inquire

6.24%

inquire

Frequently asked mortgage questions

What are the current mortgage rates in Alberta in 2023?


What is the best bank rate in Alberta right now?


Will mortgage rates go up in 2023?


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A guide to mortgage rates in Alberta

Jamie David

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%

Current state of the Alberta housing market

  • Home sales in December 2022 were 3,296 units, down 32.2% from December 2021.
  • The average price for resale residential homes in December 2022 was $429,496, a 2.8% year-over-year increase from December 2021.
  • New listings in December 2022 were 3,498 units, a decrease of 17.5% from December 2021.
  • The sales to new listings ratio (SNLR), meaning the number of home sales compared to new listings, was 68.8%.
  • Months of inventory stood at 3 months in December 2022.
  • The dollar value of all home sales in Alberta in December 2022 was just shy of $1.42 billion, representing a year-over-year decline of 30.3%.


Alberta home sales and price forecast

Alberta’s housing market has fared somewhat better than others in Canada, despite a significant decline in home sales in the latter half of the year. Although December 2022 home sales plummeted by almost a third compared to December 2021, the average home price in Alberta actually increased by nearly 3% (in stark contrast to the national average home price, which declined 12% year-over-year in December 2022). 

While home prices remain robust in Alberta, the rising rate environment and market volatility has deterred many potential sellers. New listings in December 2022 fell by nearly 18% year-over-year, with just three months of inventory. As a result, Alberta's sales to new listings ratio (SNLR) stood just above the 68% mark in December, indicating that it remains firmly a seller's market. 

Home sales in Alberta in 2022 came in at 84,050 units, down just 1.8% from 2021. According to the Canadian Real Estate Association (CREA), home sales in Alberta are expected to rise by 2.7% in 2023. Alberta average home prices are expected to continue their upward trend in 2023 and 2024, but only slightly (increasing by 1.1% in 2023 and 1.8% 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 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.


Sources:

  1. Alberta.ca
  2. CREA
  3. Statistics Canada
  4. AREA

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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