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%

Edmonton mortgage rates

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.

Mortgage Interest Savings in Edmonton:
5-year variable vs. 5-year fixed from LR.ca
MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
Nov 2015 2.41% 2.04%
Dec 2015 2.42% 2.00%
Jan 2016 2.43% 2.05%
Feb 2016 2.38% 2.20%
Mar 2016 2.35% 2.11%
Apr 2016 2.33% 2.07%
May 2016 2.68% 2.03%
June 2016 2.25% 1.97%
July 2016 2.18% 1.94%
Aug 2016 2.17% 1.91%
Sept 2016 2.18% 1.94%
Oct 2016 2.14% 1.95%
Average LR.ca 5-year fixed rate Average LR.ca 5-year variable rate 1.5% 2.0% 2.5% 3.0%
  • Nov 2015
  • Dec 2015
  • Jan 2016
  • Feb 2016
  • Mar 2016
  • Apr 2016
  • May 2016
  • June 2016
  • July 2016
  • Aug 2016
  • Sept 2016
  • Oct 2016
Our variable rates are almost half a percent lower than our fixed rates.

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

$94
Per month
$1,130
Per year
$28,321
Per lifetime
5-Year Fixed Rates vs. 5-Year Variable Rates in Edmonton: Who Takes What?✝
46%
of Edmonton borrowers apply for 5-year variable mortgages
54%
of Edmonton borrowers apply for 5-year fixed mortgages

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

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.

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
Single-Detached
Condo
$0k $200k $400k $600k $800k $1,000k $1,200k $1,400k
Canada
Vancouver
Calgary
Edmonton
Toronto
Ottawa
Montreal

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
Source: CMHC
$300k $400k Jan-14Mar-14May-14Jul-14Sep-14Nov-14Jan-15Mar-15May-15Jul-15Sep-15Nov-15Jan-16Mar-16May-16Jul-16Sep-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
Source: CMHC
$0k $200k $400k $600k $800k 2011 2012 2013 2014 2015 2016 (F)

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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