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

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, 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.

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

You can start a quote for a number of different mortgage products on, 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
05/22 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%
12/22 5.19%4.81%
01/23 5.17%4.73%
02/23 5.08%4.65%
03/23 5.07%4.71%
04/23 4.77%4.46%

Last Updated: May 1, 2023

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

Since 2015, variable rate mortgages in Calgary have generally beat out fixed rates on But in 2019 the trend shifted, with fixed-rate mortgages in Calgary boasting lower interest rates than ones with variable rates. However, as of January 2021, both fixed and variable rates are now on par with each other. So, 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

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%
12/22 4.93%5.28%
01/23 4.84%5.61%
02/23 4.82%5.87%
03/23 4.88%5.87%
04/23 4.60%5.89%

Last Updated: May 1, 2023

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, Alberta

Your total mortgage amount depends on where you’re moving to, the size of your down payment, and the current mortgage interest rate in Calgary. If your down payment happens to be less than 20%, you’ll also have to factor in additional costs due to the required CMHC mortgage insurance.

As of February 2021, Calgary MLS stats show the average house price is listing for $474,234. If a buyer put down 20%, that would leave them with a mortgage of roughly $379,387.

Calgary, Alberta’s housing market and home prices

Here's an overview of mortgage rates and house prices in Calgary.

The housing market for single-detached homes has remained relatively steady this past year. The average single-detached home, as of February 2021, is $561,830.

Townhouses, on the other hand, went significantly down in price in May 2020. Although prices have since begun climbing upwards, they still cost less than they did just one year ago. Currently, the average townhome in Calgary goes for $391,428.

There are about 2,500 listings in the last month, with homes typically sitting on the market for 36 days.

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.

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

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, answered.

How are mortgage rates determined on 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. 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 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.

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