Best Variable Rate
CanWise Financial

CanWise Financial

Term 5 Year
Type Variable Closed
Rate 2.55%
Best Fixed Rate
CanWise Financial

CanWise Financial

Term 5 Year
Type Fixed Closed
Rate 3.32%
Dash Mortgage

Dash Mortgage

Term 5 Year
Type Variable Closed
Rate 2.60%
Sigma Mortgage

Sigma Mortgage

Term 5 Year
Type Variable Closed
Rate 2.64%
True North Mortgage

True North Mortgage

Term 5 Year
Type Variable Closed
Rate 2.65%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Variable Closed
Rate 4.10%
Sigma Mortgage

Sigma Mortgage

Term 5 Year
Type Fixed Closed
Rate 3.33%
True North Mortgage

True North Mortgage

Term 5 Year
Type Fixed Closed
Rate 3.39%
Dash Mortgage

Dash Mortgage

Term 5 Year
Type Fixed Closed
Rate 3.44%

Alberta mortgage rates

Looking for the best mortgage rates in Alberta? LowestRates.ca can help — we bring Albertans the lowest rates from the top mortgage brokers and banks across the province. Our free, no obligation service lets you find and compare the best mortgage offers available in Alberta on any given day — just like that.

Lower rates = huge savings

Shopping around for a mortgage can save you big money in Alberta. This year, our 5-year fixed rates in Alberta are averaging less than 2.5%, while the same bank-posted rates average well over 4%.

On a $400,000 mortgage, that difference in rates would result in more than $100,000 of savings over the life of your loan.

Mortgage Interest Savings in Alberta:
5-year fixed from LR.ca vs. 5-year fixed posted bank rate
MonthAverage LR.ca 5-year fixed rateAverage bank 5-year fixed rate
Nov 2017 2.75% 4.99%
Dec 2017 2.70% 4.99%
Jan 2018 2.90% 5.14%
Feb 2018 3.00% 5.14%
Mar 2018 3.01% 5.14%
Apr 2018 3.00% 5.14%
May 2018 3.07% 5.34%
Jun 2018 3.09% 5.34%
Jul 2018 3.09% 5.34%
Aug 2018 3.15% 5.34%
Sep 2018 3.13% 5.34%
Oct 2018 3.29% 5.34%
Average LR.ca 5-year fixed rate Average bank 5-year fixed rate 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5%
  • Nov 2017
  • Dec 2017
  • Jan 2018
  • Feb 2018
  • Mar 2018
  • Apr 2018
  • May 2018
  • Jun 2018
  • Jul 2018
  • Aug 2018
  • Sep 2018
  • Oct 2018
On average, LR.ca rates are more than 2 full percentage points lower than posted bank rates.

On a $400,000 mortgage, that's an average savings of:

$437
Per month
$5,239
Per year
$130,974
Per lifetime

Variable or fixed: which is lower?

At LowestRates.ca, our variable rates in Alberta have been consistently lower than our fixed rates. In fact, borrowers who selected 5-year variable rate loans on our site have saved almost half a percentage point on average compared to 5-year fixed rate borrowers.

Mortgage Interest Savings in Alberta:
5-year variable vs. 5-year fixed from LR.ca
MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
Nov 2017 2.75% 2.01%
Dec 2017 2.70% 1.93%
Jan 2018 3.00% 2.18%
Feb 2018 3.00% 2.11%
Mar 2018 3.01% 2.16%
Apr 2018 3.00% 2.16%
May 2018 3.07% 2.18%
Jun 2018 3.09% 2.15%
Jul 2018 3.09% 2.33%
Aug 2018 3.15% 2.40%
Sep 2018 3.13% 2.41%
Oct 2018 3.29% 2.44%
Average LR.ca 5-year fixed rate Average LR.ca 5-year variable rate 1.5% 2.0% 2.5% 3.0% 3.5%
  • Nov 2017
  • Dec 2017
  • Jan 2018
  • Feb 2018
  • Mar 2018
  • Apr 2018
  • May 2018
  • Jun 2018
  • Jul 2018
  • Aug 2018
  • Sep 2018
  • Oct 2018
On average, our variable rates are almost half a percent lower than our fixed rates.

On a $400,000 mortgage, that's an average savings of:

$102
Per month
$1,222
Per year
$30,548
Per lifetime

Variable or fixed: which is more popular?

Of the thousands of Alberta borrowers who have shopped for a mortgage at LowestRates.ca, roughly half have taken variable rate loans.

5-Year Fixed Rates vs. 5-Year Variable Rates in Alberta: Who Takes What?✝
49.82%
of Alberta borrowers apply for 5-year variable mortgages
50.18%
of Alberta borrowers apply for 5-year fixed mortgages

✝Based on borrowers in Alberta who applied for a mortgage at LowestRates.ca since 2014

Alberta housing

After a string of banner years, Alberta’s housing market has slowed sharply in 2015 and 2016. According to the Canada Mortgage and Housing Corporation (CMHC), the average price of a resale home in Alberta has now fallen below $400,000. Plunging oil prices and surging unemployment will likely continue to exert downward pressure on Alberta home prices into 2017.

Resale Home Prices in Alberta
Alberta
Canada
2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 (F) 2015 Q4 (F) 2016 Q1 (F) 2016 Q2 (F) $200k $400k $600k $390,300 $441,800

Despite recent declines, prices for single-detached homes and condominiums in Alberta are roughly in line with the national average.

Two-Storey Home and Condo Prices by Province
ProvinceTwo-StoreyCondo
British Columbia $749,500 $319,400
Alberta $405,000 $255,100
Saskatchewan $384,500 $246,100
Manitoba $322,600 $207,500
Ontario $528,900 $280,800
Québec $323,700 $201,400
Canadian Average $466,100 $254,800
Two-Storey
Condo
$0k $200k $400k $600k $800k
British Columbia
Alberta
Saskatchewan
Manitoba
Ontario
Québec
Canadian Average

Average home prices by province and territory

Alberta vs. Canada
Province and territoryAverage home price (2016)*Year-over-year change
Alberta$395,648+2.7%
British Columbia$625,871-6.4%
Manitoba$282,511+4.2%
Newfoundland and Labrador$265,395-2.4%
New Brunswick$158,295+2.0%
Nova Scotia$218,332+1.7%
Northwest Territories$423,222-0.1%
Ontario$571,696+21.2%
Prince Edward Island$165,406+0.0%
Quebec$291,232+2.6%
Saskatchewan$292,303+0.4%
Yukon$289,312-15.9%

*Numbers courtesy of The Canadian Real Estate Association (CREA), November 2016

About Alberta

Jagged mountain peaks, vast parks, rolling grasslands, rodeos, oil — it's hard not to love Alberta. Arguably Canada's richest province, Alberta is home to more than three and a half million people and boasts a strong economy along with sunny weather, low taxes and great scenery. It offers a wide variety of physical landscapes for visitors and residents to explore and is the only place in North America where prairie, northern forest and mountain regions meet. Alberta's two largest cities, Calgary and Edmonton, are both vibrant yet laid-back urban centres with superb cultural institutions and much to see and do.

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