Find the best mortgage rate in Calgary

Calgary is one of the largest cities in Western Canada, and among the nation’s most important economic drivers. Located in the foothills of the Rocky Mountains, the city is popular among locals and newcomers alike for its outdoor lifestyle opportunities, as well as being a business centre, with many oil and gas companies headquartered there. Calgary real estate has also historically been more affordable than in other major Canadian city centres.

If you’re looking to get a new mortgage in Calgary or it’s time to renew your current mortgage, comparing mortgages should be a high priority. Taking the time to get a mortgage with a great rate and features that suit your lifestyle is a good investment, and will pay off for years to come.

October 2025 Calgary housing market update

The Calgary housing market continued to cool in September as rising supply and slower demand pushed conditions closer to balance. According to the Calgary Real Estate Board (CREB), 1,720 homes were sold last month, down 14% year over year. At the same time, new listings remained elevated, with 3,782 houses coming to market. This brought total inventory to 6,916 units, up 36% year over year and more than 17% above long-term September averages.

With new listings outpacing sales, the sales-to-new-listings ratio dropped by 8.77% to reach 45%, and months of supply reached four — the highest level since early 2020. These shifts indicate that Calgary is moving away from the seller’s market conditions of the past few years, particularly in higher-density housing segments. Apartment and row homes saw the sharpest inventory gains and corresponding price adjustments, while detached and semi-detached homes remained relatively stable.

The benchmark price for homes eased to $572,800, down roughly 4% year over year. With population growth moderating and economic uncertainty lingering, demand has softened, leading to gradual price adjustments rather than sharp corrections. According to CREB® Chief Economist Ann-Marie Lurie, the increase in listings across both resale and rental markets has given buyers more choice and reduced the sense of urgency that defined Calgary’s market over the past two years.

Resources for buying a home in Calgary

Calgary closing costs

In Calgary, closing costs are fairly minimal, thanks to the lack of any land transfer tax. However, there are still some closing costs to consider, some of which cannot be added to your mortgage. Make sure you have enough saved to cover these in addition to your down payment.

• Land transfer and mortgage fees: While Alberta doesn't have a land transfer tax, there are land transfer and mortgage fees to pay with every property purchase. Luckily, these fees are still less than land transfer taxes in some other provinces. Learn more on our page about Alberta land transfer fees.
• Mortgage default insurance: If your down payment is less than 20% of the purchase price, you'll need to pay for mortgage default insurance, also called CMHC insurance. The premium will be added to your mortgage, so you won't need to pay it up-front. Regardless, you'll have to account for it on top of your new home purchase. Note that unlike some provinces, PST does not apply to mortgage default insurance premiums in Alberta.
• GST: GST only applies to newly built properties, or on construction work you have done yourself. If you are buying a brand new property, Calgary’s 5% GST will apply. This can generally be included in your mortgage.
• Legal fees: All property transactions require changes to the land title, which must be done by a real estate lawyer licensed to practice in Alberta.
• Adjustment costs: Some taxes and fees may have been pre-paid by the seller. You'll need to reimburse them for these costs when you settle the sale. 

Learn more on our closing costs education centre page.

Calgary GST rebate

There is a national rebate available for the GST charged on some new buildings that you can use in Calgary. For new homes up to $350,000 in value, you can claim 36% of the GST. For homes between $350,000 and $450,000, there are partial rebates available.

Learn more about the GST/HST rebate here.

Calgary first-time home buyer programs

There are no first-time home buyer programs specific to Calgary. This is because most provincial first-time home buyer programs come in the form of land transfer tax rebates, but Calgary has no land transfer tax.

That said, new homebuyers in Calgary are still eligible for federal first-time home buyers' programs.

Sources:

1. Alberta.ca
2. Fun World Facts
3. CREA
4. Statistics Canada