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Best Calgary mortgage rates
The rate table shows 5-year fixed mortgage rates in Calgary. To compare other rate types and terms, click on the filters icon beside the down payment percentage.
As of:
Calgary mortgage rates: FAQ
What are the current mortgage rates in Calgary?
As of today, February 19, 2025, the best high-ratio, 5-year fixed Calgary mortgage rate is 3.89%, while the best high-ratio, 5-year variable mortgage rate available is 4.2%.
For the most up-to-date Calgary mortgage rates, consult our rate table above. It is updated automatically throughout the day, ensuring that they are always displaying the current mortgage rates available.
Will mortgage interest rates continue to go down in 2025?
After two years (2022 and 2023) of soaring borrowing costs, many Canadians are eager to know whether interest rates will continue to decline. In some welcome news for borrowers and aspiring homeowners, the Bank of Canada (BoC) is now in a rate-cutting cycle. On January 29, 2025, the BoC lowered the Overnight Lending Rate by 0.25% to 3.00%, marking its sixth consecutive rate cut. The central bank cited stable inflation at 1.8% as the primary reason for this decision.
If the key economic indicators continue to trend in line with the Bank’s expectations, expert observers expect that the Bank will implement two more quarter-point rate cuts in 2025. While the Bank has signaled a more cautious approach moving forward, any additional cuts would still push the prime rate lower, thereby reducing variable mortgage rates in tandem.
Fixed mortgage rates are not directly tied to the Bank of Canada's rate decisions but are influenced by the bond market, which reacts to investor sentiment. In 2024, bond yields were highly volatile, with investors reacting to economic reports from Canada, the U.S., and beyond. Leading up to the January 29 announcement, five-year government bond yields fell to 2.87%, which may prompt lenders to lower fixed mortgage rates.
What type of mortgage has the lowest interest rate?
The most popular type and term of mortgage in Calgary and the rest of Canada is the 5-year fixed-rate mortgage. Due to its popularity, lenders compete vigorously to offer the best terms, and 5-year fixed mortgage rates are thus nearly always the lowest interest rates on offer. Be sure to consult our rate tables and shop around for the best rates available.
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Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.
Getting the best mortgage rates in Calgary
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Jamie David, Sr. Director of Marketing and Mortgages
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.
Best mortgage rates in Calgary +
Rates updated:
Term | Rate | Type | Provider |
---|---|---|---|
5 years | 3.94% | Fixed | Canadian Lender |
3 years | 4.24% | Fixed | Canwise |
4 years | 4.44% | Fixed | Big 6 Bank |
2 years | 4.74% | Fixed | Canwise |
6 years | 5.14% | Fixed | Bank of Montreal |
7 years | 5.29% | Fixed | Big 6 Bank |
10 years | 5.48% | Fixed | Bank of Montreal |
1 year | 5.89% | Fixed | Big 6 Bank |
25 years | 7.49% | Fixed | CIBC |
February 2025 Calgary housing market update
On February 3, 2025, the Calgary Real Estate Board (CREB) released the housing market data for January, revealing a dip in sales and a notable increase in inventory levels. A total of 1,451 homes were sold in the month, down by 12% compared to the same period last year but almost 30% above long-term trends for the month.
Inventory levels rose to 3,639 units, marking a whopping 70% year-over-year increase. This increase offers more options for buyers, although inventory remains below the long-term January average of 4,000 units. The months of supply increased to 2.5 months in January, indicating a shift toward more balanced market conditions.
CREB Chief Economist Ann-Marie Lurie expects supply challenges to ease this year, moderating price growth. While condominiums show signs of excess supply for higher-priced units, conditions remain tight for detached, semi-detached, and row properties.
The sales-to-new-listings ratio (SNLR) fell by -27.06% and reached 50.1%, placing the market within CREA’s balanced range of 45%-65%. The residential benchmark price was $583,000 in January, a slight decrease from December but still representing a 3% year-over-year increase.
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:
Jamie David, Director of Marketing and Head of Mortgages
Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio
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About Ratehub.ca
Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.
When it comes to mortgages, Ratehub.ca is more than just a place to research and compare the best rates. Our goal is to give Canadians the best mortgage experience from online search to close. This means offering Canadians the mortgage tools, information and articles to educate themselves, allowing them to get personalized rate quotes from multiple lenders to compare rates instantly, and providing them with the best online application and offline customer service to close their mortgage all in one place.
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