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Compare mortgage rates in Alberta.

We know that hunting for the best mortgage rates in Alberta can be a challenge.

Don’t worry, though — we’re here to save you time during your search and money on your mortgage payments. brings Albertans the best mortgage rates from the top brokers and banks in the province.

Our free, no-obligation service lets you find and compare the lowest current mortgage offers available in Alberta on any given day.

Keep reading to learn more about the state of Alberta’s housing market and how you can benefit from comparing Alberta mortgage rates on

Lower mortgage rates = bigger savings.

You can start a quote for a number of different mortgage products on, though the two main types are conventional and high ratio mortgages. The key difference between these two types of mortgages is whether you’re able to put down 20% of the purchase price of the home as a down payment. Conventional mortgages refer to mortgages with at least 20% down. High-ratio mortgages refer to those with less than 20% down, which also means homebuyers need to purchase mortgage insurance. Below, you’ll find a comparison of high ratio versus conventional mortgage rates in Alberta over the past several months. And keep in mind, high ratio mortgage rates are often lower because these mortgages are insured by the CMHC - but you’re also paying for additional mortgage insurance. It’s important to speak with an advisor about what works for you.

Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Alberta

DateAverage Conventional RateAverage High Ratio Rate

Last Updated: November 9, 2020

Variable or fixed rate: Which one lets me save more in Alberta?

Since 2015, variable rates have generally beat out fixed rates on In 2019, that trend was reserved, with fixed-rate mortgages boasting lower interest rates than ones with variable rates. However, since spring 2020, rates on variable mortgages are once again the cheaper option. 

Whether you go with a fixed or variable rate on, you’re getting a great deal. 

5-year fixed vs. 5-year variable mortgage rates in Alberta


Last Updated: November 9, 2020

Focus On

Alberta’s housing market.

While the housing market heats up in other parts of Canada, current home prices in Alberta remain relatively affordable.

In one year, the average price of a detached single-family home in regions like Calgary and Edmonton only fluctuated by a few thousand dollars.

The price of a single family home in Calgary ranged from $457,500 to $479,000 throughout 2020.

Prices are lower in Edmonton, with the value of a single family detached home ranging from $357,125 to about $388,750 throughout 2020.

Single-detached family home prices in Alberta year-over-year


Last Updated: September 11th, 2020

Source: Zolo, and CREA

Values for other forms of housing are seeing similar trends in Alberta. The average price of a condo in and townhouse Alberta fluctuated substantially over just the last few months.

Condo prices in Alberta year-over-year


Last Updated: September 11th, 2020

Source: Zolo, and CREA

Townhouse prices in Alberta year-over-year


Last Updated: September 11th, 2020

Source: Zolo, and CREA

Your Alberta mortgage questions, answered.

Looking for mortgage info? Check out our Home Buyers Guide

What’s the difference between a mortgage term and an amortization period?

Mortgage term: A mortgage term is the length of time you’re locked into your current mortgage contract. These include the rate, lender and other terms and conditions. At the end of your term, you’ll have the option to renew your mortgage contract at a new rate. This process repeats itself until you’ve paid off the principal of your mortgage loan. While the most common mortgage term in Canada is five years, terms can range from six months to 10 years.

Amortization period: The amortization period refers to the amount of time it will take you to pay off your entire mortgage loan. The maximum amortization period is 35 years in Canada, but many people don't have that long. If your down payment was less than 20%, your maximum amortization period is 25 years.

What’s the difference between variable and fixed mortgage rates?

When looking for the best mortgage rates in Alberta, you’ll need to decide whether you’d like to go with a fixed rate or a variable rate. But, what’s the difference? A fixed rate means that your interest rate doesn’t change for the duration of the mortgage term. A variable rate means that your rate will be adjusted according to market conditions. One isn’t better than the other. It all depends on your tolerance for risk, as variable rates may change, and which option yields you more savings at the time you’re looking to buy a home.

Customers can complete a quote for either a variable mortgage rate or a fixed mortgage rate on In 2019, our fixed rates averaged out to be slightly lower. Overall, our fixed rates and our variable rates were largely equal in terms of savings.

What factors determine my Alberta mortgage rate?

A number of factors go into determining what interest rate Alberta lenders may offer you on your mortgage. These include the size of your down payment along with your debt service ratios.

Your down payment: Your down payment will be the primary factor Alberta lenders will look at to determine whether you’ll be able to pay back your mortgage. When it comes to your down payment, more is better.

Your debt service ratios: While your down payment is significant, it’s not the only factor that matters when determining your mortgage rate. Alberta lenders will also look at your debt service ratios to determine whether you’ll be able to handle your monthly mortgage payments.

Gross Debt Service Ratio (GDS): Your GDS ratio represents the ratio of your salary to your housing costs. This metric gives lenders an idea of whether your housing costs will be more than you can handle. Housing costs include your mortgage, property taxes, heating and 50% of your condo fees (if applicable). The lender will then divide the sum of these payments by your current annual gross income. If the result is more than 35%, this indicates to your lender that you’re able to handle your housing costs.

Total Debt Service Ratio (TDS): Your TDS ratio is another metric that comes into play when determining your mortgage rate. Since your GDS is calculated using your housing costs, your TDS ratio is calculated using everything else. Your TDS ratio comprises the costs included in your GDS ratio, as well as other monthly payments you’re locked into. These may include credit card debt, loan payments, and car payments. The total is then divided by your gross annual income. If the result is less than 42%, your lender will assume you can make your monthly payments.

How can I get the best mortgage rate in Alberta?

Shop around: Shopping around and comparing the market is one of the most effective ways to secure the lowest mortgage rates in Alberta. While the bank you’ve been with for years may be the first place you go in your search for the best Alberta mortgage rates, you shouldn’t stop there. Lenders you haven’t worked with before will be trying to win your business, and have an incentive to give you a better deal.

Reduce your other debts: Your TDS ratio calculates whether your income can support the full weight of your debt obligations. Paying off debt before applying for a mortgage will help you secure a better mortgage rate. Debt repayments should be less than 42% of your monthly expenses.

Use a broker: While many prospective homeowners go to their bank, using an Alberta-based mortgage broker can help you navigate the housing market. A broker will know the local market, and on top of that, they’re not tied to an institution. This means they can show you rates from several different lenders in Alberta, which also gives them a leg up when they’re negotiating your mortgage contract. will connect you with an Alberta mortgage broker when you compare quotes on our site.

How much does getting the best mortgage rate in Alberta matter?

Securing a low mortgage rate in Alberta is a great way to save money on your housing costs in the long term. However, the lowest mortgage rate isn’t the only thing to look for in your mortgage contract.You’ll want to think about features such as prepayment privileges, penalties and portability when finalizing your contract.

What if I want to pay off my mortgage early? Or break it?

The flexibility of your mortgage contract is something to be aware of during negotiations. Features such as prepayment privileges, penalties and portability can make a big difference. After all, this is a decades-long commitment.

Prepayment privileges: What if you want to pay off your mortgage early? Not all banks and lenders offer the same prepayment terms, so it’s important to address this early in your negotiations if it’s important to you.

Penalties: If you ever need to break your mortgage, you may wind up paying thousands of dollars in penalties. To avoid getting caught off guard, it’s important to discuss penalties early in the negotiation process.

Portability: It’s possible you won’t live in your current house for the full duration of your amortization period. This is where mortgage portability comes in. A portable mortgage is one that can be transferred to a new home and combined with an additional mortgage loan.

What else should I know about getting a mortgage in Alberta?

Land title transfer fee: Alberta is subject to Canada-wide mortgage regulations. Unlike many other provinces, however, Alberta charges residents a land title transfer fee instead of a land transfer tax when buying a home. This fee is significantly smaller than the land transfer taxes imposed on homebuyers in other provinces. The fee is charged in two places: on the property value and on the total mortgage amount.

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