Compare the best mortgage rates in Edmonton. Show off your savvy.

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Best Variable Rate
Dash Mortgage

Dash Mortgage

Term 5 Year
Type Variable Closed
Rate 2.64%
Best Fixed Rate
Dash Mortgage

Dash Mortgage

Term 5 Year
Type Fixed Closed
Rate 2.42%
CanWise Financial

CanWise Financial

Term 5 Year
Type Fixed Closed
Rate 2.44%
CanWise Financial

CanWise Financial

Term 2 Year
Type Fixed Closed
Rate 2.48%
Dash Mortgage

Dash Mortgage

Term 3 Year
Type Fixed Closed
Rate 2.69%
Dash Mortgage

Dash Mortgage

Term 2 Year
Type Fixed Closed
Rate 2.69%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Fixed Closed
Rate 2.87%
First National

First National

Term 5 Year
Type Fixed Closed
Rate 2.89%
CMLS

CMLS

Term 5 Year
Type Fixed Closed
Rate 3.19%

Compare mortgage rates in Edmonton.

If you’re in the market for a mortgage, you’re on the right page. With LowestRates.ca, all you need to do is tell us what kind of mortgage you want, and we’ll pull competitive rates from Edmonton’s top mortgage brokers and banks — for free and with no obligation. Our goal? To help you save tens of thousands of dollars.

Variable or fixed: which is lower?

Here’s a simple answer: variable rates are lower — according to our data at least. For the past two years, our variable rates have been at least 0.5% lower than our fixed rates. Just take a look at the graph below and you’ll see the difference yourself.

On average, variable rates are almost half a percentage point lower than fixed rates.On a $400,000 mortgage that’s an average savings of:

$94 Per Month
$1,130 Per Year
$28,321 In a Lifetime

5-year fixed mortgage rate in Edmonton vs 5-year variable rate from LowestRates.ca

MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
Nov 20152.41%2.04%
Dec 20152.42%2%
Jan 20162.43%2.05%
Feb 20162.38%2.2%
Mar 20162.35%2.11%
Apr 20162.33%2.07%
May 20162.68%2.03%
June 20162.25%1.97%
July 20162.18%1.94%
Aug 20162.17%1.91%
Sept 20162.18%1.94%
Oct 20162.14%1.95%

Focus On

Edmonton housing.

Edmonton has one of the most affordable housing markets (big-city edition) in the nation. It’s biggest competitor for lowest prices? Montreal. In both markets, single detached houses average close to $400,000 and condos average about $250,000.

Meanwhile, if we compare Alberta’s two big cities, there’s no doubt that Edmonton’s prices are the lowest. In fact, a single detached home costs, on average, about $100,000 less in Edmonton than it does in Calgary.

Single-Detached Home and Condo Prices by City

CitySingle-detachedCondo
Canada$523,900$358,900
Vancouver$1,380,300$493,100
Calgary$513,900$307,000
Edmonton$418,500$247,400
Toronto$768,500$371,800
Ottawa$402,000$300,600
Montreal$355,800$286,200

Given that weak oil prices have strained Alberta’s employment, migration, and housing sectors, Edmonton’s average home prices have fallen. But the drop isn’t major. For example, between September 2014 and September 2015, the average cost of a home fell by less than 1%. By now, prices have fully rebounded.

Average Home Prices in Edmonton

DateHome Prices
Jan-14$353,907
Mar-14$354,170
May-14$356,736
Jul-14$356,914
Sep-14$365,470
Nov-14$385,964
Jan-15$379,006
Mar-15$365,436
May-15$365,888
Jul-15$367,095
Sep-15$362,774
Nov-15$370,920
Jan-16$346,893
Mar-16$367,373
May-16$368,084
Jul-16$379,000
Sep-16$371,000

Although the Canada Housing and Mortgage Corporation (CMHC) reports that single-detached starts fell in the summer, Edmonton’s new home prices still grew over the course of 2016. The cost of a brand new home currently averages about $610,000. A well-supplied housing market in 2017 will keep further price growth moderate, so buyers should plan their purchases accordingly.

New Home Prices in Edmonton, Single-Detached

YearPrice
2011$509,059
2012$514,259
2013$529,824
2014$568,676
2015$600,000
2016 (F)$609,000

Your Edmonton mortgage questions, answered.

Variable or fixed: which is more popular?

Fixed rates are more popular than variable rates in Edmonton, at least among LowestRates.ca borrowers. The trend is consistent in other regions of Alberta too –– in nearby Calgary, mortgage shoppers also seem to favour 5-year fixed rates.

5-Year Fixed Rates vs. 5-Year Variable Rates in Edmonton: Who Takes What?✝

of Edmonton borrowers apply for 5-year variable mortgages
46%
of Edmonton borrowers apply for 5-year fixed mortgages
54%

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

About Edmonton

Edmonton is Canada's sixth-largest city, with over one million residents. It’s also home to many oil sands companies and an important centre for the mining and biotech industries.

Visitors and residents can enjoy many attractions, including Canada's largest living history museum, Fort Edmonton Park, the West Edmonton Mall, and over 30 festivals annually.

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