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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?
On April 11, 2024, the best high-ratio, 5-year variable Calgary mortgage rate that you can get is 5.95%, while the best high-ratio, 5-year fixed mortgage rate available is 4.79%.
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 go down in 2024?
With the cost of borrowing in Canada having soared over the last two years, it’s no surprise that Canadians are anxious to find out whether there is any relief on the horizon. In some welcome news for borrowers and aspiring homeowners, the Bank of Canada – whose mandate it is to control inflation growth, amongst other things - has indicated that it does not need to hike its Overnight Lending Rate in order to tamp down excessively high inflation. In its third announcement of 2024 on April 10, the Bank held the target for the overnight rate at 5% for the sixth time in a row, citing multiple key economic indicators, including a stagnant economy and softening labour market conditions as among the main factors behind its decision.
That said, the Bank pointed out that February’s inflation reading of 2.8%, while lower than expected, was still above its target of 2%, and stated that rates would need to remain higher for longer so as to rein in inflation. However, so long as the various key economic indicators trend in line with the Bank’s expectations, expert observers expect that the Bank will start to cut rates near the end of 2024 and into 2025, with a total reduction of as much as 200 basis points. Should that come to pass, the prime rate in Canada will lower in response, taking variable mortgage rates down with it.
Fixed mortgage rates are not directly tied to the Bank of Canada’s rate decisions, but rather to the bond market, which is highly responsive to investor sentiment. When the Bank of Canada raises its benchmark interest rate, it devalues existing bonds, which in turn leads bond investors to effect sell-offs. This results in soaring yields, which are the funding floor that lenders use to price their fixed-rate mortgage products. Bond yields reached a 16-year high of 4.42% in October 2023, and fixed mortgage rates rose sharply in response. Then, falling November inflation and the prospect of rate cuts on the horizon sent bond yields tumbling to the low 3% range in late December and early January, permitting lenders to discount their fixed-rate mortgage products.
Since then, they’ve been on a virtual roller coaster ride in 2024. In light of December’s elevated CPI figure and a few other surprisingly strong economic reports from Canada and the US, however, bond yields crept up to about 3.8%, exerting upward pressure on fixed mortgage rates. Then, January’s lower-than-anticipated CPI reading along with other economic indicators permitted bond yields to fall back to the 3.3% range. More recently, a number of robust economic reports out of the United States have sent them climbing back up to their 3.7% range. With the Bank’s April 10 rate hold having been widely expected, it had little effect on the bond market, and fixed mortgage rates have remained stable. In the long term, as the effects of the Bank’s rate hiking cycle continue to make their way through the economy, we can reasonably expect that both inflation and bond yields will keep coming down, bringing fixed mortgage rates lower with them.
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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Getting the best mortgage rates in Calgary
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 | 4.79% | Fixed | Big 6 Bank |
3 years | 4.84% | Fixed | Big 6 Bank |
4 years | 5.04% | Fixed | Canadian Lender |
2 years | 5.59% | Fixed | Canadian Lender |
7 years | 5.64% | Fixed | Big 6 Bank |
6 years | 5.69% | Fixed | Bank of Montreal |
10 years | 6.03% | Fixed | Bank of Montreal |
1 year | 6.39% | Fixed | Big 6 Bank |
25 years | 7.49% | Fixed | CIBC |
Calgary at a glance
- Population: 1.4 million - largest city in Alberta, 3rd largest city in Canada
- Average Home Price: $597,600 in March 2024
- Average Household Income: $99,388
- Percentage of Homeowners: 74%
Fun Facts About Calgary
- Calgary is the sunniest major city in Canada, with 333 days of sunshine per year.
- Calgary is famous for hosting the annual Calgary Stampede, which is the world's largest rodeo.
April 2024 Calgary housing market update
On April 1, 2024, the Calgary Real Estate Board (CREB) released the latest housing numbers for the month of March 2024. The latest figures from CREB indicate that 2024 continues to be a year of price gains, fuelled by burgeoning demand and scant supply. A grand total of 2,664 residential properties were sold over the course of March, well over February’s total of 2,145 and up by 9.9% from the same period last year.
Some 3,172 homes were newly listed in March, an increase from February’s 2,711, but down by -4.3% on an annual basis. With ever-growing demand, the lack of supply remains a major challenge for buyers.
As a result, the competition in the Calgary housing market – already intense – has gotten even more ferocious. The sales-to-new-listings ratio (SNLR) stood at a scorching 84% from March, up from 79% the month before. Months of supply, meanwhile, were down to less than a month. According to the Canadian Real Estate Association (CREA), a ratio within 40- 60% is a balanced market, with above and below that threshold indicating sellers’ and buyers’ markets, respectively.
“We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month," said Ann-Marie Lurie, Chief Economist at CREB. “Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.”
The average home price in Calgary in March 2024 stood at $597,600, up by 10.9% year over year, and noticeably higher than the average Calgary home price registered in February 2024 of $585,000.
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
Want to learn more? Check out our comprehensive education centre
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