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Best Mortgage Rates in Calgary

Compare current mortgage rates in Calgary and find the best rate in seconds.

We compare the most competitive brokers, lenders and banks in Calgary to bring you today's best mortgages rates, at no cost to you. Our comparison charts list current Calgary rates, and are updated every few minutes. To learn more about a particular rate, simply click "Inquire" - an agent will contact you within 1 business day. Don't worry, there are no obligations when you choose to inquire. Advertising Disclosure

Rates updated:
1-yr 1.69% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
2-yr 1.64% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
3-yr 1.64% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
4-yr 1.69% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
5-yr 1.44% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
6-yr 2.74% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
7-yr 2.84% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
10-yr 2.89% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
3-yr 2.70%
Prime + 0.25
CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
5-yr 1.40%
Prime - 1.05
CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
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Best mortgage rates in Calgary (view all) +

A guide to getting a mortgage in Calgary

Content last updated: May 5, 2020

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. Getting a great deal on a mortgage that suits you will serve you lifestyle and finances for years to come.

Getting the best mortgage rates in Calgary

The comparison tables on this page list Calgary’s best current mortgage rates, sourced up to the minute from big banks, smaller lenders, and Calgary mortgage brokers. Comparing rates across multiple lenders is the best way to make sure you’re getting the best deal.

Of course, your personal rate will likely be different to 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.

The best way to get a personalized quote for a mortgage rate is to answer a few questions with us. In just a couple of minutes we’ll have a set of personal rates for you to choose from.

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.

Provincial sales tax (PST) on mortgage default insurance: If your mortgage requires mortgage default insurance, or CMHC insurance, the premium will be added to your mortgage. The PST, however, will need to be paid upfront.

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 - though this can generally be included in your mortgage, unlike other closing costs.

Learn more on our closing costs education centre 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.

Learn more about the GST/HST rebate here.

Calgary first-home buyer 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. However, new buyers can still be eligible for federal first-time home buyers programs.

Calgary mortgage rates: Frequently Asked Questions

Here are a few answers to the most common questions we receive.

How much can I save by comparing Calgary mortgage rates?

Getting a mortgage in Calgary is probably the biggest financial commitment you’ll make in your life, so it’s important to get a great deal. Comparing mortgage rates from different providers is one of the best things you can do to get a lower rate.

So how much can you save with a lower rate? On a $500,000 mortgage with a 25-year amortization, paying 2.50% instead of 3.0% could save you around $126 a month. Overall, you’d pay $11,767 less in interest over a 5-year term. You can use our mortgage payment calculator to input your own figures, and work out how much you could save by comparing mortgage rates.

Why compare Calgary mortgage rates with Ratehub.ca?

Ratehub.ca makes it easy to compare Calgary mortgage rates, but pulling rates from the big banks, Calgary mortgage brokers, and smaller lenders like credit unions, all in one place. By seeing what’s available in Calgary, you’ll be able to make sure you get the best possible deal. We do this at no cost to you.

Are Calgary mortgage rates higher than other cities?

Calgary mortgage rates can sometimes differ from other Canadian cities, but not just because of the city itself. Mortgage rates are determined by lots of factors, including competition among lenders to offer the lowest rates. Some cities have more competition than others, which generally leads to slightly lower rates. However, the differences are generally small.

What’s the difference between variable and fixed rates?

Variable rates can change over the course of your mortgage term (which can range from 1 to 10 years). On the other hand, fixed rates remain constant throughout your mortgage term, even if the prime rate changes.

The advantage of variable rates is that if rates fall across the market, then your rate will also drop. The downsides are that rates can go up. This would also cause your rate to rise, which means paying more on your regular mortgage payment.

The advantage of fixed rates is that your regular mortgage payments will stay the same for your entire term. However, if prime rates were to drop, you’d be missing out on the savings that a lower rate would offer.

Learn more about fixed and variable rates here.

Is it worth getting a mortgage pre-approval?

When buying a new home in Calgary it’s generally worth getting a pre-approval. A pre-approval is an in-principal commitment from a lender to offer you a particular rate for a given mortgage. This gives you confidence that the homes you’re looking at are within your budget, and lets you move faster when you’re ready to make an offer.

You can start the pre-approval process by going directly to a lender, or you can apply with the help of a mortgage broker. Remember that you’re not obligated to get a mortgage with a particular lender, even if you’ve been pre-approved by them. Also remember that your pre-approval is not a final guarantee of a particular rate. That’s only confirmed when you make your final application.

Which bank has the best mortgage rates in Calgary?

No one bank has the best rates in Calgary, or offers the best mortgage in Calgary. Mortgage rates change regularly, and different lenders will often run promotions that make them temporarily more competitive. The best way to get a lower mortgage rate is to compare current rates from multiple mortgage providers and brokers.

Remember as well that the best mortgage for you is not necessarily the one with the lowest rate. Your mortgage will be a big part of your life for years to come, and getting one with the right features and terms is sometimes more important than the rate. Getting advice from a Calgary mortgage broker is a good way to better understand this, if you’re worried.

Should I use a mortgage broker in Calgary?

A mortgage broker can connect you with mortgage products from a range of lenders, both big and small. As well as being connected with multiple lenders, brokers often have access to rates and deals that aren’t available to the public. Generally, getting a mortgage through a broker will help you secure a lower mortgage rate than going directly to your current bank. Mortgage brokers are free for you to use, so there’s no risk in approaching one for a chat.