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Jamie David, Business Director Mortgages
Calgary is one of Canada’s most important cities, with a mixed population of locals, newcomers, and those staying for a temporary period of work. Add to that a healthy tourism industry, and Calgary keeps itself pretty busy. With any busy city, of course, comes a busy housing market.
If you’re looking to get a new mortgage in Calgary, or it’s time to renew your current mortgage, comparing mortgages should be a high priority. Taking the time to get a mortgage with a great rate and features that suit your lifestyle is a good investment, and will pay off for years to come.
Best mortgage rates in Calgary +
Comparing the best mortgage rates in Calgary
The comparison tables on this page list Calgary’s best mortgage rates sourced up to the minute from big banks, smaller lenders, and Calgary mortgage brokers. Comparing rates from multiple lenders helps ensure you’re getting the best deal.
Of course, your personal rate will likely be different from the ones shown above. Factors including your credit score, your down payment, the home purchase price, as well as what the property will be used for can all impact the rate you’ll receive.
To understand what you're actually eligible for, you'll need to get personalized quotes. We can help you get personalized quotes from multiple mortgage providers for free, in just a couple of minutes. You can get started with the tools at the top of this page.
Calgary closing costs
In Calgary, closing costs are fairly minimal, thanks to the lack of any land transfer tax. However, there are still some closing costs to consider, some of which cannot be added to your mortgage. Make sure you have enough saved to cover these in addition to your down payment.
- Land transfer and mortgage fees: While Alberta doesn't have a land transfer tax, there are land transfer and mortgage fees to pay with every property purchase. Luckily, these fees are still less than land transfer taxes in some other provinces. Learn more on our page about Alberta land transfer fees.
- Mortgage default insurance: If your down payment is less than 20% of the purchase price, you'll need to pay for mortgage default insurance, also called CMHC insurance. The premium will be added to your mortgage, so you won't need to pay it upfront. Regardless, you'll have to account for it on top of your new home purchase. Note that unlike some provinces, PST does not apply to CHMC premiums in Alberta.
- GST: GST only applies to newly built properties, or on construction work you have done yourself. If you are buying a brand new property, Calgary’s 5% GST will apply. This can generally be included in your mortgage.
- Legal fees: All property transactions require changes to the land title, which must be done by a real estate lawyer licensed to practice in Alberta.
- Adjustment costs: Some taxes and fees may have been prepaid by the seller. You'll need to reimburse them for these costs when you settle the sale.
Learn more on our closing costs education center page.
Calgary GST rebate
There is a national rebate available for the GST charged on some new buildings, which you can use in Calgary. For new homes up to $350,000 in value, you can claim 36% of the GST. For homes between $350,000 and $450,000, there are partial rebates available.
Calgary first-time homebuyer programs
There are no first-home buyer programs specific to Calgary. This is because most provincial first-home buyer programs come in the form of land transfer tax rebates, but Calgary has no land transfer tax.
That said, new home buyers in Calgary are still eligible for federal first-time homebuyers programs.
Jamie David is the Business Director 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.
We help you find better financial products for your specific needs. Whether you need a mortgage, credit card, savings account, or insurance coverage, we get you the information you need to choose better.
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Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.
How are CanWise Financial and Ratehub.ca connected?
Both Ratehub.ca and CanWise Financial are owned and operated by Ratehub Inc. When comparing mortgage rates on Ratehub.ca, you’ll see rates from a number of lenders and mortgage brokers, including CanWise Financial. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us.
We’re happy to send users to CanWise because of their great rates, trusted advice, and experienced mortgage team. Read any of their 3,300 five-star Google and Facebook reviews and you’ll see what we mean.