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How comparing mortgage quotes works. Hint: it’s free!


Next, we’ll show you quotes from 50+ Canadian banks and brokers. It’s free, with no commitment.


When you find the best quote, secure your Alberta mortgage rate by talking to a licensed broker or agent.

Compare mortgage rates in Alberta.

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

Don’t worry — we’re here to save you time during your search for cheap mortgage rates in Alberta, and to save you money on your mortgage payments. brings Albertans the best mortgage rates from the 50+ banks and brokers across Canada.

Our free, no-obligation service does the legwork by comparing the market and bringing you a selection of the lowest rates currently offered in your area. In just a few minutes, you can see who has the best mortgage rates 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

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Conventional vs. high-ratio mortgages: which is cheaper?

You can get quotes for a number of different mortgage products on, but the two main types are conventional and high-ratio mortgages. The key difference between the two is whether you’re able to put down at least 20% of the home’s purchase price.

Conventional mortgages refer to mortgages with a down payment of at least 20%. High-ratio mortgages refer to those with a down payment of less than 20%, which means homebuyers need to purchase mortgage insurance from the Canada Mortgage and Housing Corporation (CMHC). If you default on your mortgage loan, CMHC insurance protects the lender. The 20% down payment rule for mortgages is standard across Canada.

Keep in mind that high-ratio mortgage rates are often lower because these mortgages are insured by the CMHC — but you’re also paying for additional mortgage insurance. On the other hand, contributing a down payment of more than 20% will reduce the overall amount of your mortgage.

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

DateAverage Conventional RateAverage High Ratio Rate
12/21 2.46%2.29%
01/22 2.55%2.32%
02/22 2.81%2.51%
03/22 3.09%2.79%
04/22 3.67%3.39%
05/22 4.02%3.77%
06/22 4.34%4.06%
07/22 4.89%4.54%
08/22 4.70%4.36%
09/22 4.70%4.38%
10/22 5.06%4.74%
11/22 5.43%5.19%

Last Updated: December 1, 2022

Fixed rate vs. variable rate mortgages: which is cheaper?

Customers can complete a quote for either a variable mortgage rate or a fixed mortgage rate on One isn’t better than the other — it all depends on your tolerance for risk, as variable rates may change, and which option gives you more savings at the time you’re looking to buy a home.

A fixed rate stays the same throughout the entire term of your mortgage, meaning you can expect to pay the same amount of interest on each payment. By contrast, a variable rate can fluctuate, depending on the state of the market. When the rate on a variable mortgage increases, more of your payment will go towards the interest. Conversely, more of your payment will be applied to the principal when the rate decreases. Variables rates are linked to your lender’s prime rate, which, in turn, fluctuates based on the Bank of Canada rate.

A fixed-rate mortgage is usually more expensive than a variable-rate mortgage but is also considered a safer bet during periods of rising interest rates. 

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

12/21 2.38%1.15%
01/22 2.44%1.16%
02/22 2.68%1.23%
03/22 2.96%1.47%
04/22 3.54%1.84%
05/22 3.91%2.22%
06/22 4.25%2.63%
07/22 4.70%3.20%
08/22 4.52%3.70%
09/22 4.55%4.14%
10/22 5.00%4.55%
11/22 5.23%5.01%

Last Updated: December 1, 2022

Factors that affect your Alberta mortgage rate

So, what’s considered the “average” mortgage rate in Alberta? There isn’t necessarily one answer. 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 and the amount of debt you owe. Though Alberta mortgage rates in 2021 are at the lowest they’ve been in a long time, it’s crucial to understand what lenders look for when they evaluate mortgage applications.

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Typical mortgage amounts in Alberta

The size of your mortgage will depend on the home’s price, your down payment amount and your mortgage interest rate.

The average price of a home in Alberta is $421,903 as of January 2021, according to the Canada Real Estate Association (CREA). If you put a down payment of 20% ($84,380), your mortgage would be $337,523. This amount doesn’t include the interest you’ll pay throughout the mortgage, which depends on the mortgage interest rate and amortization period.

If your down payment is less than 20%, your lender will issue you a non-conventional mortgage, which means it needs to be insured through the CMHC. The insurance will add to the cost of the mortgage. The size of your down payment determines CMHC mortgage insurance rates; the larger it is, the lower the insurance fee you’ll have to pay. If you choose to get a zero-down mortgage in Alberta by financing your down payment with a loan, expect to pay the highest fees, as insurers will consider you a high-risk borrower.

If you’re unsure about how much house you can afford in Alberta, a mortgage affordability calculator can provide you with a rough estimate of what you can expect your monthly payments to be. You can enlist the help of an Alberta-based real estate agent and mortgage broker to help you find your ideal property with affordable financing.

Alberta housing market and home prices

While the housing market heats up in other parts of Canada, current home prices in Alberta remain relatively affordable. The average price for existing homes and properties across Alberta is $421,903 as of January 2021, according to CREA.

Individual home prices will vary based on where you choose to live and the type of home you purchase. For example, the benchmark price for a single-detached family home as of January 2021 is $376,800 in Edmonton, but slightly higher in Calgary at $473,500.

In Edmonton, the benchmark price for townhouses is $210,900 as of January 2021, while prices for condominiums are at $176,700.

In Calgary, the benchmark price for a townhouse is $282,400, while the benchmark price for a condo is $247,200.

Average residential prices in other Alberta cities saw moderate year-over-year price fluctuations between January 2020 and January 2021:

Alberta closing costs and land transfer tax

Closing costs are one-time expenses you must pay after you purchase your home. The amount you can expect to spend will depend on various factors, such as the type of home, the location, whether the home is an existing property or new construction, and the size of your mortgage.

A general rule of thumb is to set aside funds equal to 2-4% of your home’s sale price to cover these extra expenses. Closing costs may include:

Unlike other provinces, Alberta doesn’t charge a land transfer tax. Instead, homebuyers must pay a land transfer fee and mortgage registration fee. The two fees are calculated in the following way:

Example: on a home worth $400,000 where you put down a 20% down payment, you’d pay $356 in land transfer registration fees and mortgage registration fees.


Information for first-time home buyers in Alberta

It’s a good idea to familiarize yourself with the extra costs associated with buying a home in Alberta, as well as ways you can save money.

Banks vs. brokers: Securing the best mortgage rate in Alberta may depend heavily on whether you seek financing from a bank or choose to work with a broker. The main difference is that a bank is restricted to selling its own mortgage products, while a broker works with multiple financial institutions to find you the best rate possible. While you may be more comfortable obtaining a mortgage from your bank, a broker has the distinct advantage of having direct access to virtually the entire mortgage market — they’re in a better position to find you an affordable rate. However, if you’ve been a loyal customer to a particular bank for many years, you may be able to leverage that relationship to negotiate a favourable rate. As always, be sure to conduct your research before selecting an agent or bank to mortgage in Alberta — you want to be sure whoever is helping you is acting in your best interest.

Tax credits: When you purchase a home, you may qualify for certain tax credits and rebates that can help reduce the amount of tax you pay or put money back into your pocket. Some of these include:

  • First Time Home Buyers’ Tax Credit: This is a $5,000 federal non-refundable tax credit that eligible first-time homebuyers can claim on their tax return. The credit translates to $750 in federal tax savings.
  • GST/HST New Housing rebate: This is a rebate that allows you to recover some of the GST paid on a newly built home or one that has undergone significant renovation. You can receive a reimbursement for 36% of the GST you paid on your home, up to a maximum of $6,300. The rebate is available to everyone, not just first-time homebuyers, but you’ll have to apply for it by filling out a form when you file your taxes.
  • Federal Home Accessibility Tax (HATC) for Seniors and Persons with Disabilities: This is a $10,000 non-refundable tax credit designed to provide financial relief for homeowners who renovate their property to accommodate seniors or persons with disabilities. To qualify, you must be either 65+ years old before the end of the tax year or have a disability.

Home Insurance: While home insurance is not mandatory in Alberta (or anywhere else in Canada), most lenders will request that you obtain insurance coverage for your home before granting you a mortgage. If you default on your mortgage, the lender can foreclose your home and sell it to cover their loss. As a result, they want to know it’s protected from disaster.

Your questions about Alberta mortgages, answered.

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

Some people use the word “term” interchangeably with “amortization period” when discussing mortgages, but the two refer to entirely separate things.

Mortgage term: The time in which the interest rate agreed to by you and your lender remains in effect. Once the term ends, you can renew your mortgage contract at a new rate. Mortgage terms vary in length. For example, you can look for 6 month mortgage rates in Alberta, or in yearly increments up to 10 years. The most popular term in Canada is 5 years. In general, the longer the term of your mortgage, the higher the rate you can expect to pay.

Amortization period: The length of time it will take for you to pay off your mortgage in full, both the principal and interest. The maximum amortization period allowed in Canada is 35 years. However, it’s only available for homebuyers who contribute a down payment of at least 20% (and are thus not obligated to purchase CMHC mortgage insurance). Homebuyers who put down less than 20% can only acquire a mortgage with a maximum amortization period of 25 years. A 5-year fixed term with a 25-year amortization period is the most popular combination in Canada.

What’s the difference between an open mortgage vs. a closed mortgage?

Understanding the difference between an open mortgage and a closed mortgage is crucial, especially if you’re keen on having flexibility in your payment schedule.

Open mortgage: An open mortgage provides Alberta homebuyers with the option to pay off the entire mortgage balance at any time without incurring a penalty. Open mortgages are ideal for homeowners who wish to pay off debts quickly and have the financial resources to do so, as well as those who expect to live in their home for only a brief period before selling it. Open mortgage rates charged by Alberta banks are generally higher than the rates on closed mortgages, which is something to keep in mind if your goal is to keep your payments low.

Closed mortgage: A closed mortgage commits you to making regular fixed payments for the duration of the mortgage term. If you wish to pay off your mortgage before the term ends or refinance to take advantage of lower rates, you’ll be charged a penalty. The penalty can be substantial, particularly if you’ve opted for a fixed-rate mortgage. The rates on closed mortgages in Alberta are typically lower than those on open mortgages. To compensate for the rigidity of a closed mortgage, most lenders permit homeowners to make extra payments up to a predetermined maximum without penalty.

How much does it cost to live in Alberta?

The cost of living in Alberta varies and will depend on the lifestyle you wish to lead. There are some key factors you need to take into consideration if you’re thinking about relocating to Alberta.

Alberta’s economy is heavily dependent on the energy and forestry industries. Known as “Canada’s energy province,” it provides ample employment opportunities and boasts a high standard of living. The average income is also the highest in the country. However, due to the cyclical nature of the energy industry, the economy is also overly sensitive to recessions and, as a result, can experience periods of high unemployment (the unemployment rate as of January 2021 is 10.7%).

There’s no provincial sales tax in Alberta, and it has one of the lowest income tax rates in Canada, which means more disposable income in your pocket.

Alberta offers some of the country’s most affordable housing. Renting an apartment is also cheap compared with other provinces, making the province a great place to live if you’re firm on keeping your housing costs low. As with most of Canada, fixed and variable mortgage rates are falling in Alberta, making the province an ideal place to live without putting a strain on your wallet.

When it comes to car insurance, Alberta’s premiums are among the highest in Canada. The cost of home insurance is also significant, with Albertans paying the country's second-highest rates.

How much does getting a lower interest rate matter in Alberta?

Getting the lowest mortgage rate is just one factor. 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.

Your questions about, answered.

How are mortgage rates determined on works with 50+ banks and brokers to bring you competitive mortgage rates from lenders in Canada, and we’re always adding new ones. We work with our partners to obtain their best deals and offers, and then we let them compete for your business. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage interest rates for Alberta. There’s no obligation, but you can choose to speak with our broker partner to secure your best rate and see if you're eligible for more savings.

Is it safe to get a mortgage online?

Yes, it’s safe — you no longer need to visit a bank branch or mortgage broker’s office in person to apply for a mortgage in Alberta, or across Canada. It’s becoming increasingly common for Canadians to apply for mortgages online. only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.

How do I know I’m getting the lowest rate?

We have a strong selection of lenders on including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research (it’s totally free, and you’re under no obligation).

The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most. Staff Staff

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