Best Calgary mortgage rates
The rate table shows 5-year fixed mortgage rates in Calgary. To compare other rate types and terms, click on the filters icon beside the down payment percentage.
What are the current mortgage rates in Calgary?
On February 1, 2024, the best high-ratio, 5-year variable Calgary mortgage rate that you can get is 5.95%, while the best high-ratio, 5-year fixed mortgage rate available is 4.84%.
For the most up-to-date Calgary mortgage rates, consult our rate table above. It is updated automatically throughout the day, ensuring that they are always displaying the current mortgage rates available.
Will mortgage interest rates go down in 2024?
With the cost of borrowing in Canada having soared over the last two years, it’s no surprise that Canadians are anxious to find out whether there is any relief on the horizon. In some welcome news for borrowers and aspiring homeowners, the Bank of Canada – whose mandate it is to control inflation growth, amongst other things - has indicated that it does not need to hike its Overnight Lending Rate in order to tamp down excessively high inflation. In its first announcement of 2024 on January 24, the Bank held the target for the overnight rate at 5% for the fourth time in a row, citing multiple key economic indicators, including softening GDP, cooling consumer spending and weakening business investment, as among the main factors behind its decision.
That said, the Bank pointed out that December’s inflation reading of 3.4% was well above its target of 2%, and stated that rates would need to remain higher for longer so as to rein in inflation. However, so long as the various key economic indicators trend in line with the Bank’s expectations, expert observers expect that the Bank will start to cut rates near the end of 2024 and into 2025, with a total reduction of as much as 200 basis points. Should that come to pass, the prime rate in Canada will lower in response, taking variable mortgage rates down with it.
Fixed mortgage rates are not directly tied to the Bank of Canada’s rate decisions, but rather to the bond market, which is highly responsive to investor sentiment. When the Bank of Canada raises its benchmark interest rate, it devalues existing bonds, which in turn leads bond investors to effect sell-offs. This results in soaring yields, which are the funding floor that lenders use to price their fixed-rate mortgage products. Bond yields reached a 16-year high of 4.42% in October 2023, and fixed mortgage rates rose sharply in response. Then, falling November inflation and the prospect of rate cuts on the horizon sent bond yields tumbling to the low 3% range in late December and early January, permitting lenders to discount their fixed-rate mortgage products. In light of December’s elevated CPI figure, however, bond yields crept back up to about 3.5% before tumbling back to the 3.3% range in response to the US Fed's dovish January 31 announcement. In the long term, as the effects of the Bank’s rate hiking cycle continue to make their way through the economy, we can reasonably expect that both inflation and bond yields will come down, bringing fixed mortgage rates lower with them.
What type of mortgage has the lowest interest rate?
The most popular type and term of mortgage in Calgary and the rest of Canada is the 5-year fixed-rate mortgage. Due to its popularity, lenders compete vigorously to offer the best terms, and 5-year fixed mortgage rates are thus nearly always the lowest interest rates on offer. Be sure to consult our rate tables and shop around for the best rates available.
Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.
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Jamie David, Sr. Director of Marketing and Mortgages
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.
Best mortgage rates in Calgary +
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Calgary at a glance
- Population: 1.4 million - largest city in Alberta, 3rd largest city in Canada
- Average Home Price: $572,300 in January 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.
February 2024 Calgary housing market update
On February 1, 2024, the Calgary Real Estate Board (CREB) released the most recent housing market numbers for the month of January 2024. The latest figures from CREB indicate that 2024 has started off with a bang for the Calgary housing market. A total of 1,650 residential properties changed hands over the course of January, outpacing December’s total of 1,366, and up by a whopping 37.7% from the same time last year.
The 2,137 homes newly listed in January mark a 15.4% annual increase (and well above December’s 1,248), but this new supply wasn’t enough to address the chronic lack of inventory in Calgary. “This month's gain in new listings has helped provide options to potential purchasers, supporting sales growth. However, the growth in sales prevented any significant adjustments in supply, keeping conditions tight and supporting further price growth,” says Ann-Marie Lurie, Chief Economist at CREB. As a result, competition in the Calgary market remains extremely fierce. The sales-to-new-listings ratio (SNLR) stood at a blistering 77%, while months of supply was a mere 1.3 months, down by -36.3% on an annual basis. According to the Canadian Real Estate Association (CREA), a ratio within 40- 60% is a balanced market, with above and below that threshold indicating sellers’ and buyers’ markets, respectively.
The average home price in Calgary in January 2024 was $572,300, slightly higher than December, but 10% higher than the same month in 2023.
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.
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.
Jamie David, Director of Marketing and Head of Mortgages
Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio
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