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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 usually lower — according to our data at least. For the past two years, our variable rates have been lower than our fixed rates except for a brief period during 2019-2020. Just take a look at the graph below and you’ll see the difference yourself.

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

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

MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
09/192.36%2.64%
10/192.43%2.65%
11/192.35%2.67%
12/192.39%2.70%
01/202.57%2.70%
02/202.43%2.70%
03/202.32%2.22%
04/203.64%2.31%
05/202.36%2.06%
06/202.14%2.06%
07/202.09%1.91%
08/202.03%1.89%

Last Updated: October 15th, 2020

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.

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

Average residential home prices by city

CitySingle-detachedTownhouseApartment
Canada$586,149$524,000$428,200
Vancouver$1,038,700$800,600$684,100
Calgary$414,700$277,800$247,600
Edmonton$322,700$210,500$181,900
Toronto$890,400$669,900$593,000
Ottawa$517,800$364,400$370,400
Montreal$408,200$417,800$317,400

Last Updated: October 15th, 2020

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.

Average Home Prices in Edmonton

DateHome Prices
08/19$371,500
09/19$371,300
10/19$369,700
11/19$370,600
12/19$368,900
01/20$368,900
02/20$368,000
03/20$369,100
04/20$365,900
05/20$366,300
06/20$368,300
07/20$371,100
08/20$374,400

Last Updated: October 15th, 2020

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 2020. The cost of a brand new home currently averages about $375,000.

Townhouse and Apartment prices in Edmonton

Townhouse and condo prices in Edmonton

YearTownhouseApartment
08/19$213,400$188,800
09/19$212,300$188,400
10/19$211,300$188,100
11/19$211,200$189,000
12/19$211,900$188,100
01/20$212,400$188,500
02/20$208,900$186,500
03/20$208,300$185,300
04/20$208,500$183,000
05/20$207,500$181,000
06/20$208,300$179,600
07/20$207,200$180,100
08/20$210,500$181,900

Last Updated: October 15th, 2020

Your Edmonton mortgage questions, answered.

Variable or fixed: which is best?

When searching for the best mortgage rates in Edmonton, you’ll need to decide between a fixed or a variable rate structure. Which one is best will depend largely on your risk tolerance, as variable rates are usually more suited to homebuyers with a higher level of risk tolerance. However, variable and fixed rates have been almost equal on LowestRates.ca for more than a year, which means that no matter which rate you choose, you’ll be getting a great deal.

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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