Current Mortgage Rates in Calgary
Browse our aggregated Calgary mortgage rates to find the lowest rates possible. Click “See all” to compare.
|1-yr||2.59% MortgagePal.ca Compare all rates|
|2-yr||2.69% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|3-yr||2.48% Butler Mortgage Lic. 12118 Compare all rates|
|4-yr||2.79% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|5-yr||2.74% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|6-yr||3.39% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|7-yr||3.39% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|10-yr||3.69% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
Prime - 0.90MortgagePal.ca Compare all rates
Prime - 1.25Butler Mortgage Lic. 12118 Compare all rates
Current Calgary Mortgage Rate News
Best Calgary mortgage rates
Calgary mortgage rates are expected to remain low, although there could be a moderate increase in 2017. Discounted 5-year variable rates from the big banks will likely stay close to 2.70% (Prime-0.0%).
Calgary is home to an economy centered on the oil industry, agriculture, tourism, and the high-tech sector. Although Calgary has been considered as one of Canada’s fastest growing cities in previous years, recent years have shown weakness in the economy due to low oil prices and a number of job losses. Since 2014, Calgary has seen a drop in MLS home sales, and the city’s investment prospects are facing greater speculation. However, if oil prices begin to stabilize, Calgary’s housing demand might significantly improve.
The Calgary housing market
Calgary’s housing market is expected to continue seeing a decline in housing starts in 2016 for the second year in a row. While mortgage rates are at historical lows and the average home price in Calgary continues to drop, housing demand has yet to be elevated. MLS residential home prices fell from $460,584 in 2014 to $453,814 in 2015, according to the CMHC.
Calgary’s housing starts faced a significant drop from 13,033 total units in 2015 to approximately 9,000 expected total units in 2016. In particular, Calgary’s multi-unit housing starts have experienced a similar drop.
Overall, Calgary’s housing market has taken a heavy toll from the weaknesses in Calgary’s economy. As income growth and population growth both slow down, housing demand has become much more moderate than in pervious years.
Calgary mortgage brokers
Locating a Calgary mortgage broker with a solid understanding of the local housing and mortgage market can be beneficial if you're looking to purchase a property in the city. They can handle all rate negotiations to ensure you receive the best mortgage rate in Calgary.