Best Mortgage Rates in Edmonton
Compare current mortgage rates in Edmonton and find the best rate in seconds.
We compare the most competitive brokers, lenders and banks in Edmonton to bring you today's best mortgages rates, at no cost to you. Our comparison charts list current Edmonton 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 DisclosureRates 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|
Prime + 0.25CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
Prime - 0.95CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
Best mortgage rates in Edmonton (view all) +
Current Edmonton Mortgage Rate News
Best Edmonton mortgage rates
Edmonton mortgage rates are expected to remain low, although some economists believe a moderate rate hike could occur in 2017. Discounted 5-year variable rates from the big banks will likely stay close to 2.70% (Prime-0.0%).
As the fifth-largest city in Canada, Edmonton is known as Canada's festival city, hosting over 30 festivals each year. It is also home to many world-known attractions such as the West Edmonton Mall – the fifth largest mall in the world, along with various world-class restaurants and entertainment centers. With a population of over 1 million, it has one of the most diversified economies in Canada and one of the strongest labour markets.
The Edmonton housing market1
The Edmonton real estate market is one of the most affordable in the Canada, according to an RBC market survey. Edmonton homes cost 31.2% of the typical household income – considerably low relative to the rest of Canada – using RBC's housing affordability index. In recent years, affordability has decreased slightly as household income has dropped. Nonetheless, affordability and pricing has been relatively stable.
|MLS® Sales||MLS® Avg Price||Housing Starts|
Edmonton housing starts are expected to stay relatively the same over the next two years. The decrease in housing starts from 2015 to 2016 is largely due to the slowdown in employment growth and lower consumer confidence in Edmonton. Meanwhile, vacancy rates are expected to rise to 4.2% as demand lowers.
Edmonton mortgage brokers
Getting in touch with an Edmonton mortgage broker who has a firm understanding of the local housing and mortgage market can be beneficial if you're looking to buy a home in the city. A mortgage broker will handle all the rate negotiations so you can gain access to the best mortgage rates in Edmonton.
Edmonton mortgage rates: Frequently Asked Questions
Here are a few answers to the most common questions we receive.
How much can I save by comparing Edmonton mortgage rates?
Getting a mortgage in Edmonton 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 Edmonton mortgage rates with Ratehub.ca?
Ratehub.ca makes it easy to compare Edmonton mortgage rates, but pulling rates from the big banks, Edmonton mortgage brokers, and smaller lenders like credit unions, all in one place. By seeing what’s available in Edmonton, you’ll be able to make sure you get the best possible deal. We do this at no cost to you.
Are Edmonton mortgage rates higher than other cities?
Edmonton 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.
Is it worth getting a mortgage pre-approval?
When buying a new home in Edmonton 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 Edmonton?
No one bank has the best rates in Edmonton, or offers the best mortgage in Edmonton. 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 Edmonton mortgage broker is a good way to better understand this, if you’re worried.
Should I use a mortgage broker in Edmonton?
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.
References and Notes
- Data taken from CMHC