Find the best mortgage rate in Alberta

Our rate tables allow you to view the most current mortgage rates in Alberta instantly, all in one place. By comparing the rates and products offered by the Big 5 Banks, top mortgage brokers, smaller banks and credit unions, you can find the best mortgage to suit your needs and save thousands of dollars.

Alberta at a glance

• Population: 4.5 million 
• Average Household Income: $93,835
• Percentage of Homeowners: 72%
  

March 12, 2025: The Bank of Canada announcement highlights

On March 12, 2025, the Bank of Canada (BoC) reduced its Overnight Lending Rate by 0.25%, bringing it to 2.75%. This marks the seventh consecutive rate cut and a total reduction of 2.5% since June 2024. 

• The latest cut continues the BoC's ongoing efforts to ease borrowing costs amid economic challenges related to trade tensions with the United States. The decision was largely expected, despite Canada's strong economic position at the start of 2025, with inflation near the Bank's 2% target and stable GDP growth.
• Borrowers with variable-rate mortgages and home equity lines of credit (HELOCs) will see immediate benefits, as most lenders are set to reduce their prime rates to 4.95%. Adjustable-rate mortgage holders will experience lower monthly payments, while those with fixed-payment variable mortgages will pay down their principal faster.
• Fixed mortgage rates are not directly impacted by the BoC’s benchmark rate, but declining bond yields — now at about 2.6% — have prompted lenders to offer lower fixed rates. Currently, the lowest available five-year fixed mortgage rate is 3.89%, the lowest since 2022.
• Interest rates on other variable products, including personal loans, car loans, and lines of credit, will also decline, reducing borrowing costs for consumers. However, savers holding high-interest savings accounts (HISAs) and Guaranteed Investment Certificates (GICs) can expect lower returns.
• While today's rate cut may slightly improve housing affordability, ongoing U.S. tariff uncertainty continues to dampen buyer confidence. Subdued activity in the housing market may persist until tariff concerns are resolved.

Alberta housing market: February 2025 update

On February 18, 2025, the Canadian Real Estate Association (CREA) released the January data for Alberta’s housing market activity. The figures indicate a slight increase in buyer demand in the province, with 4,583 homes sold — a 1.6% increase year over year. Alberta's average home price surged by 5.9% annually, reaching $499,967. 

At the same time, new listings increased by 18.1% year-over-year, with 7,944 homes hitting the market in January. This influx of supply, paired with sustained buyer interest, helped keep the market active yet balanced. In fact, the months of inventory (an indicator of how long it would take to sell all active listings at the current pace) dipped from 2.9 months in January 2024 to 2.8 months this January, suggesting that demand is absorbing the added supply.

Alberta’s housing market remains in balanced territory, as the sales-to-new-listings ratio (SNLR) decreased by -9.4% to reach 57.7%. CREA considers a ratio between 45% and 65% to represent a balanced market, with anything above 65% signaling a seller’s market and anything below 45% indicating a buyer’s market. Since Alberta’s ratio is well within the balanced range, both buyers and sellers can expect relatively stable conditions without extreme competition – at least for now.

Read more: Canadian real estate sales drop in January due to tariff fears

How do I get the best mortgage rate in Alberta?

Alberta’s lucrative oil and gas industry, among other draws, beckons thousands of Canadians to move there every year. As such, it’s no surprise that it’s also home to a thriving mortgage industry, with numerous lenders vying for your business. In addition to the Big 5 Banks and other national banks and credit unions, Alberta is home to a number of its own financial institutions headquartered there, including ATB Financial, Canadian Western Bank and Servus Credit Union. Numerous smaller banks, credit unions and mortgage brokerages are also players in the Alberta market. The best mortgage rates in Alberta are in the table above, updated in real-time.

However, the lowest rate is not always the best rate for you - your ideal mortgage is one that meets your needs and best fits your financial situation. Be sure to shop around between lenders and consult with a mortgage broker. They can help you navigate the different mortgage products available, and can provide you with expert, personalized advice on the pros and cons of each, all at no cost to you.

What factors affect your mortgage rate?

It’s great to see the lowest rates on offer in Alberta, but the rate you’ll actually qualify for is likely to be different than the lowest advertised rates. Some personal factors that influence your personal rate are:

• Your down payment: Every Canadian home purchase requires a cash down payment. The minimum is from 5% to 20% depending on the purchase price. If your down payment is less than 20%, you’ll have what’s called an insured mortgage, and you’ll be charged for mortgage default insurance. This covers your lender if you don't make your payments. While this costs you more, your bank will probably offer a lower rate, because your insurance reduces the risk.
• Your amortization period: You won’t be able to get insurance on a mortgage with an amortization period of over 25 years, so you’ll be charged a higher rate. That said, most mortgages in Alberta have amortization periods of 25 years or less.
• The purpose of the property: Your mortgage rates will be different if you plan to live in the new home. Rates are generally higher for mortgages on rental or investment properties.
• Mortgage type: You’ll be offered a higher rate if your mortgage is a refinance, rather than buying a new home or renewing your mortgage.
• Credit score: The best rates typically come from A lenders, which includes big banks and many credit unions. However, A lenders often won’t work with you if you have bad credit. If your credit forces you to borrow from a B lender, expect a higher rate.
  

   

Historical trends in Alberta mortgage rates

Alberta mortgage rates rise and fall, as do rates across Canada. Check out this interactive chart showing the lowest mortgage rates in Canada over the last few years to get a sense of where we are today.

Source: Ratehub Historical Rate Chart

Alberta land transfer tax

Unlike other provinces like Ontario and British Columbia, Alberta doesn’t have a land transfer tax. This makes the closing costs associated with buying a house in Alberta significantly lower than in other provinces.

In Ontario and BC, land transfer taxes add between 0.5% and 2.0% to the cost of every home, which can quickly get into the tens of thousands of dollars.

Alberta first-time home buyer programs

With no land transfer tax in Alberta, there aren’t any first-home buyer tax rebates at the provincial level. However, first-time home buyers in Alberta can access a range of federal government programs, including the first-time home buyer tax credit and the first-time home buyer incentive.

Read about those programs in our guide to Canadian first-time home buyer programs.

Sources:

1. Alberta.ca
2. CREA
3. Statistics Canada
4. AREA