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6.00%

5-Year Variable

4.79%

5-Year Fixed

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Compare mortgage rates in Calgary, Alberta.

As Canada’s fifth-largest metropolitan area, Calgary is one of the country’s largest housing markets. With average prices coming in at hundreds of thousands of dollars below other populous regions like Vancouver and Toronto, the area has become popular with young families and professionals.

The best way to capitalize on Calgary’s real estate market is to compare mortgage rates. At LowestRates.ca, we make it easy for you to see the lowest interest rates on Calgary mortgages, all in one place. We compare rates from banks and brokers across the country and bring them together to compete for your business.

Are you looking to buy, remortgage or refinance your home in Calgary? All you have to do is fill out the form to see the best mortgage rates in Calgary in one place.

Not ready to fill out a form? No problem. Keep reading to find out what type of mortgage you might need and learn more about Calgary’s housing market.

When you are ready, we’ll bring you today’s mortgage rates in Calgary, just like that.

The best current mortgage rates in Canada

Check out today's best mortgage rates in Canada by type and term.

Rates are based on an average mortgage of $300,000
 Insured ?

The rates in this column apply to borrowers who have purchased mortgage default insurance. This is required when you purchase a home with less than a 20% down payment. The home must be owner-occupied and the amortization must be 25 years or less.

80% LTV ?

The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.

65% LTV ?

The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.

Uninsured ?

The rates in this column apply to purchases over $1 million, refinances and amortizations over 25 years. More info on the differences between insured and uninsured rates.

Bank Rate ?

Bank Rate is the mortgage interest rate posted by the big banks in Canada.

 
1-year fixed rate
Insured
4.99%
80% LTV
5.6%
65% LTV
5.6%
Uninsured
6.69%
7.09%
 
2-year fixed rate
Insured
5.59%
80% LTV
5.14%
65% LTV
5.14%
Uninsured
6.04%
6.39%
 
3-year fixed rate
Insured
4.79%
80% LTV
4.94%
65% LTV
4.94%
Uninsured
4.94%
5.64%
 
4-year fixed rate
Insured
4.94%
80% LTV
4.89%
65% LTV
4.89%
Uninsured
5.04%
5.49%
 
5-year fixed rate
Insured
4.74%
80% LTV
4.79%
65% LTV
4.79%
Uninsured
4.89%
5.04%
 
7-year fixed rate
Insured
4.94%
80% LTV
5.29%
65% LTV
5.29%
Uninsured
5.09%
5.9%
 
10-year fixed rate
Insured
5.74%
80% LTV
5.84%
65% LTV
5.84%
Uninsured
5.84%
7.25%
 
3-year variable rate
Insured
6.1%
80% LTV
6.7%
65% LTV
6.7%
Uninsured
N/A
8.6%
 
5-year variable rate
Insured
5.9%
80% LTV
6.1%
65% LTV
6.1%
Uninsured
6.15%
6.59%
 
HELOC rate
Insured
7.2%
80% LTV
7.2%
65% LTV
7.2%
Uninsured
7.2%
N/A
 
Stress test
Insured
6.74%
80% LTV
6.79%
65% LTV
6.79%
Uninsured
5.25%
N/A

Variable Rates

As low as

6.00%

Fixed Rates

As low as

4.79%

Cha-ching! Our rates are always lower than the posted bank rates.

Current lowest posted bank rate

7.49%

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

You can start a quote for a number of different mortgage products on LowestRates.ca, with the two main types being conventional and high ratio mortgages. The key difference between the two is whether you’re able to put down 20% of the purchase price as a down payment. Conventional mortgages refer to mortgages with at least 20% down. Your mortgage is considered high-ratio if you put less than 20% down, which also means you 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. Keep in mind, high ratio mortgage rates are often lower because these mortgages are insured by the CMHC  and the premiums will get rolled into your monthly mortgage payments. It’s important to speak with a broker or adviser about which option — conventional or high-ratio — 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
05/23 4.85%4.54%
06/23 5.22%4.90%
07/23 5.46%5.14%
08/23 5.75%5.38%
09/23 5.97%5.56%
10/23 6.17%5.88%
11/23 6.15%5.75%
12/23 5.84%5.40%
01/24 5.57%5.22%
02/24 5.53%5.20%
03/24 5.29%5.09%
04/24 5.18%5.05%

Last Updated: May 1, 2024

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

Homeowners with a mortgage and potential home buyers have been in a tizzy since the Bank of Canada went on a rate hike spree in March 2022. Since then, the central bank has increased its overnight rate at least 10 times to add to the woes of mortgage owners and potential home buyers across Canada.

Historically speaking, variable rate mortgages in Calgary have generally beat out fixed rates on LowestRates.ca. But in 2019 the trend shifted, with fixed-rate mortgages in Calgary boasting lower interest rates than ones with variable rates.

In January 2021, both fixed and variable rates were on a par. Come January 2022, variable rates were significantly lower than fixed rate mortgages. However, as the Bank of Canada started increasing its overnight rate in March due to rising inflation, the trend in mortgage rates began to change. The fixed rate mortgages started easing compared with variable rate but were still higher.

By late 2022 and early 2023, fixed mortgage rates were hovering lower than variable rate by almost one percentage point. While many economists believe that we are at the peak of policy rate hikes and that a downturn in rates is imminent in 2024, we may not know what lies ahead for the mortgage industry until the time comes. Borrowers are reluctant to lock in these high mortgage rates at a higher term, like the 5-year term. Many borrowers are now also opting for the lower fixed mortgage rate as compared to variable rates, for a three- and four-year terms. So, whether you go with a fixed or variable rate on LowestRates.ca, you’re getting a great deal.

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

MonthFixedVariable
05/23 4.63%5.93%
06/23 5.02%6.08%
07/23 5.29%6.28%
08/23 5.53%6.39%
09/23 5.68%6.43%
10/23 5.91%6.44%
11/23 5.81%6.50%
12/23 5.53%6.49%
01/24 5.30%6.44%
02/24 5.26%6.45%
03/24 5.08%6.59%
04/24 5.04%6.57%

Last Updated: May 1, 2024

Factors that affect your Calgary, Alberta mortgage rate

Lenders look at the big picture when assessing your eligibility for a mortgage. Here are some of the key things lenders evaluate when looking over your application and proposing a mortgage rate for a Calgary home.

Read More

Typical mortgage amount in Calgary

According to a CMHC report, the average scheduled monthly payment for new mortgage loans in Calgary in Q1 2022 was $1,543 which increased to $2,033 in Q1 2023. In Q2 2022 it was $1,692, which increased to $2,036 in Q2 2023. The average value of new mortgage loans in Calgary in Q2 2023 was $339,372, which was lower than $358,516 in Q2 2022. In Q1 2022, the average value of a new mortgage loan in Calgary was $342,042, which is higher than Q2 2023 of $331,194.

The trend we see here is that despite the value of mortgage loan being lower in 2023 vs. 2022, the monthly payment is higher is due to the rising mortgage interest rates. Home buyers are paying higher amount towards interest than the principal for their homes.

Calgary housing market and home prices

As an exception, Calgary home sales are up 9% since the Bank of Canada resumed its rate hike in 2023 as opposed to other provinces like B.C. and Ontario where home sales declined.

According to Calgary Real Estate Board, the Bank of Canada rate hike had little impact on home sales in Calgary. A big cause for this is continued migration to the province, along with relative housing affordability. Despite higher lending rates, Calgary has seen a stronger demand for housing. However, the city continues to struggle with supply in the resale, new home and rental markets resulting in further high pressure on home prices.

In July, the unadjusted total residential benchmark price reached $567,700, marking the seventh consecutive monthly gain for Calgary housing market. An average detached home in Calgary sold for $690,500 in July, while a semi-detached sold for $616,800, reporting no shift in the seller's market conditions. The price of an average townhome in Calgary was $407,500, nearly 14% higher than prices reported last July. While the benchmark price for an apartment condominium reached $305,900, over 12% higher than last July.

Calgary, Alberta closing costs and land transfer tax

To seal the deal when it comes to a new home, you’ll need to pay some closing costs and a land transfer tax. To avoid any unexpected financial expenses, it’s best to budget 1.5% of the home’s purchase price (not including the down payment) so you can handle any additional costs that come your way.

Some of these costs might include:

Alberta also had a land transfer tax, which means that when you purchase a property or piece of land, you’re required to pay a fee upon closing of the sale. The amount you’ll have to pay depends on the value of your property.

 

Information for first-time homebuyers in Calgary, Alberta

By now, you’ve learned that mortgage interest rates in Calgary won’t be your only financial consideration. Here are some other costs to factor into your financial planning:

Bank vs. broker mortgage rates in Calgary: To find the cheapest mortgage interest rates in Calgary, you’ll have to decide whether to get your mortgage from a bank or broker. Brokers usually are a bit more competitive because they’re not tied to any financial institution’s products (unlike banks). For instance, if you visit one of the Big Five banks in Canada, they will only be able to offer their own mortgage products.

That said, loyalty occasionally pays off. If you’ve been a long-term customer and a responsible borrower, you might be able to negotiate for some of the lowest mortgage rates Calgary has to offer from your current institution.

First-Time Home Buyers’ Tax Credit: To encourage more Canadians to enter the housing market, Canada has a $5,000 non-refundable tax credit to help offset some of the closing costs.

GST/HST new housing rebate: This rebate allows individual homeowners to recover some of the GST and HST paid on a new or substantially renovated home. To qualify, the new home needs to be the buyer’s primary place of residence. So, for instance, if you purchase a condo as an investment property, you won’t be eligible for this rebate.

The Federal Home Accessibility Tax (HATC) for Seniors and Persons with Disabilities: The federal government recognizes how expensive it can be for seniors (65+) and persons with disabilities to make their homes accessible. To help with costs, they allow you to claim up to $10,000 in renovation expenses.

Your questions about Calgary, Alberta mortgages, answered.

How can I find the best mortgage rates in Calgary?

The best way to find the lowest mortgage rate in Calgary is to compare quotes. Lowestrates.ca connects you with 50+ financial institutions and mortgage providers across Canada who will evaluate your financial health and get the lowest rate available for you. No two banks or mortgage providers will give the same rate, so it is best to compare and find the lowest rate available in the market.

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

Mortgage term: This is the length of time you’ll be committed to both your lender and the mortgage contract. Mortgage terms typically run from six months to 10 years, but on average last five years in Canada. When the term ends, you will have the option to renew the contract at a new rate.

Amortization period: This refers to the length of your mortgage, meaning the total amount of time it will take you to pay down your loan. The maximum amortization period in Canada is 35 years, but if you’re required to buy CMHC mortgage insurance (because your down payment was less than 20%), then your maximum amortization period will be 25 years.

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

Open mortgage: Open mortgages are appealing for their flexibility — they’re designed for homeowners who want to increase their mortgage payments, pay down their mortgage early, or shortly relocate. Open mortgages can be considered advantageous because they can be paid off early without incurring any fees. One hitch? By comparison, mortgage rates in Calgary will be higher with an open mortgage than a closed mortgage.

Closed mortgage: These mortgages typically offer the cheapest mortgage rates in Calgary. By choosing this option, homeowners will be required to make fixed payments for their entire term. Refinancing, renegotiating, or paying down a mortgage early can be risky because of the penalties involved. Some lenders do make exceptions when it comes to accelerated payments on the other hand. You’ll need to review the terms and conditions of your contract carefully.

How much does it cost to live in Calgary, Alberta?

If you do opt to purchase a home instead of renting, you’ll need to consider more than just the cost of the average mortgage rate in Calgary when creating a budget.

Next to housing, a large portion of Calgarians' monthly incomes goes towards transportation costs. You’ll need to figure out whether you’ll be driving or commuting. If you plan on being a commuter, it’s a good idea to familiarize yourself with Calgary’s transit network, which consists of buses and two light rail transit lines, known as the C-Train. If you’re a committed driver, you’ll want to research auto insurance rates, which you can do here at LowestRates.ca.

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

Finding the current mortgage rates in Calgary is just one step of the process. You’ll also want to explore prepayment privileges, penalties and portability.

Prepayment privileges: These privileges allow you to pay down your mortgage faster than originally planned without being charged a penalty for doing so. Banks and brokers will each have their own prepayment terms, so read the fine print when signing your contract.

Penalties: If you unexpectedly find yourself needing to move or refinance, you could get slapped with a penalty in the thousands of dollars. Sometimes homeowners are willing to pay the penalty fee if it means they can negotiate a better rate, but you’ll need to do the math to determine whether doing so in your best interest.

Portability: To avoid penalties, you may want to negotiate a portable mortgage. That way, if you move before your mortgage term is over, you can transfer the mortgage to your new property and combine it with an additional mortgage loan.

Your questions about LowestRates.ca, answered.

How are mortgage rates determined on LowestRates.ca?

LowestRates.ca works to bring you the best mortgage rates from 50+ banks and brokers in Canada. 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 rates. 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. It’s becoming increasingly common for Canadians to apply for mortgages online. LowestRates.ca 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 LowestRates.ca 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 to speak with our broker-partners).

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.

Shivani Kaul

Shivani Kaul

About the Author

Shivani Kaul is a content manager in the personal finance space. Prior to this, she worked as a digital editor with Pagemasters North America (a division of The Canadian Press) for four years. Shivani has also worked as a freelance writer and editor for Investor's Digest of Canada and The Ghost Bureau.

She has more than a decade of experience working as an editor and writer for different news media organizations in Canada and South Asia. She has a Digital Marketing Management certification from the University of Toronto, a Master's degree in Mass Communication (Journalism) and a Bachelor's degree in English from the University of Delhi (India).

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