Find the best mortgage rate in Calgary

Calgary is one of the largest cities in Western Canada, and among the nation’s most important economic drivers. Located in the foothills of the Rocky Mountains, the city is popular among locals and newcomers alike for its outdoor lifestyle opportunities, as well as being a business centre, with many oil and gas companies headquartered there. Calgary real estate has also historically been more affordable than in other major Canadian city centres.

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.

Calgary at a glance

• Population: 1.4 million - largest city in Alberta, 3rd largest city in Canada
• Average Home Price: $606,700 in July 2024
• Average Household Income: $99,388
• Percentage of Homeowners: 74% 

Fun Facts About Calgary 

• Calgary is the sunniest major city in Canada, with 333 days of sunshine per year.
• Calgary is famous for hosting the annual Calgary Stampede, which is the world's largest rodeo.
  
  

August 2024 Calgary housing market update

On August 1, 2024, the Calgary Real Estate Board (CREB) released the latest housing market numbers for the month of July 2024. The latest figures from CREB indicate that, with the typically busy spring market now in the rearview mirror, July was a slightly more subdued month in terms of activity. A grand total of 2,380 residential properties were sold over the course of July, down by -10% on an annual basis, and fewer than the 2,738 homes sold in June.

Some 3,604 homes were newly listed in July, marking an annual increase of 11%, though this figure is somewhat less than the 3,798 homes that came to market the previous month. With sellers still coming out in force and reduced buying activity, buying conditions loosened noticeably. The sales-to-new-listings ratio (SNLR) fell by -6%, declining to 66% in July. Months of supply, meanwhile, are now at 1.75 months (a whopping 32.1% annual increase). According to the Canadian Real Estate Association (CREA), a ratio within 45 - 65% is a balanced market, with above and below that threshold indicating sellers’ and buyers’ markets, respectively.

“While we are still dealing with supply challenges, especially for lower-priced homes, more options in both the new home and resale market have helped take some of the upward pressure off home prices this month,” said Ann-Marie Lurie, Chief Economist at CREB. “This is in line with our expectations for the second half of the year, and should inventories continue to rise, we should start to see more balanced conditions and stability in home prices.”

The average home price in Calgary in July 2024 stood at $606,700, up by 7.7% year over year, but a slight decrease from June’s figure of $608,000.

Resources for buying a home in Calgary

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 up-front. 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 mortgage default insurance 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 pre-paid by the seller. You'll need to reimburse them for these costs when you settle the sale. 

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 that 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-time home buyer programs

There are no first-time home buyer programs specific to Calgary. This is because most provincial first-time home buyer programs come in the form of land transfer tax rebates, but Calgary has no land transfer tax.

That said, new homebuyers in Calgary are still eligible for federal first-time home buyers' programs.

 

Sources:

1. Alberta.ca
2. Fun World Facts
3. CREA
4. Statistics Canada