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The Best Current Mortgage Rates in Alberta

Compare mortgage rates from Alberta's top banks, credit unions and brokers.

Today's top rates in:

5-Year Variable
4.85%
5-Year Fixed
4.24%
Select one of the following to get started!

Compare Alberta mortgage rates from lenders across Canada

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The Best Mortgage Rates in Canada

Evaluate Canada’s best mortgage rates in one place. You can compare the most current mortgage rates and monthly payments from 175+ banks and lenders across Canada.

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Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.

Lender tooltip icon Insured tooltip icon Insurable tooltip icon Uninsured tooltip icon
Lendwire Inc.
Lendwire Inc.
4.04% grey tooltip icon
$2,640.95 / month
4.24% grey tooltip icon
$2,695.56 / month
4.24% grey tooltip icon
$2,695.56 / month
Lendwire Inc
Lendwire Inc
4.04% grey tooltip icon
$2,640.95 / month
4.24% grey tooltip icon
$2,695.56 / month
4.24% grey tooltip icon
$2,695.56 / month
MMG Mortgages
MMG Mortgages
4.19% grey tooltip icon
$2,681.85 / month
4.39% grey tooltip icon
$2,736.87 / month
4.29% grey tooltip icon
$2,709.29 / month
Innovation Federal Credit Union
Innovation Federal Credit Union
4.57% grey tooltip icon
$2,786.86 / month
4.57% grey tooltip icon
$2,786.86 / month
4.57% grey tooltip icon
$2,786.86 / month
BMO
BMO
4.60% grey tooltip icon
$2,795.23 / month
4.79% grey tooltip icon
$2,848.54 / month
4.79% grey tooltip icon
$2,848.54 / month
Rocket Mortgage
Rocket Mortgage
4.74% grey tooltip icon
$2,834.47 / month
4.89% grey tooltip icon
$2,876.79 / month
4.74% grey tooltip icon
$2,834.47 / month
Nuborrow
Nuborrow
5.49% grey tooltip icon
$3,049.05 / month
5.49% grey tooltip icon
$3,049.05 / month
5.49% grey tooltip icon
$3,049.05 / month
True North Mortgage
True North Mortgage
2.99% grey tooltip icon
$2,363.66 / month
2.99% grey tooltip icon
$2,363.66 / month
2.99% grey tooltip icon
$2,363.66 / month
Sudbury Credit Union
Sudbury Credit Union
3.99% grey tooltip icon
$2,627.39 / month
3.99% grey tooltip icon
$2,627.39 / month
3.99% grey tooltip icon
$2,627.39 / month
First Foundation
First Foundation
3.99% grey tooltip icon
$2,627.39 / month
3.99% grey tooltip icon
$2,627.39 / month
3.99% grey tooltip icon
$2,627.39 / month
Prospera Credit Union
Prospera Credit Union
4% grey tooltip icon
$2,630.10 / month
4% grey tooltip icon
$2,630.10 / month
4% grey tooltip icon
$2,630.10 / month
ATB Financials
ATB Financials
4.09% grey tooltip icon
$2,654.55 / month
4.09% grey tooltip icon
$2,654.55 / month
4.09% grey tooltip icon
$2,654.55 / month
Hypotheca
Hypotheca
4.09% grey tooltip icon
$2,654.55 / month
4.09% grey tooltip icon
$2,654.55 / month
4.09% grey tooltip icon
$2,654.55 / month
Vancity Mortgages
Vancity Mortgages
4.09% grey tooltip icon
$2,654.55 / month
4.09% grey tooltip icon
$2,654.55 / month
4.09% grey tooltip icon
$2,654.55 / month
City Wide Financial Corp
City Wide Financial Corp
4.09% grey tooltip icon
$2,654.55 / month
4.09% grey tooltip icon
$2,654.55 / month
4.09% grey tooltip icon
$2,654.55 / month
Centum Clinton Wilkins
Centum Clinton Wilkins
4.14% grey tooltip icon
$2,668.19 / month
4.14% grey tooltip icon
$2,668.19 / month
4.14% grey tooltip icon
$2,668.19 / month
Nesto
Nesto
4.14% grey tooltip icon
$2,668.19 / month
4.14% grey tooltip icon
$2,668.19 / month
4.14% grey tooltip icon
$2,668.19 / month
Centum Home Lenders Ltd.
Centum Home Lenders Ltd.
4.14% grey tooltip icon
$2,668.19 / month
4.14% grey tooltip icon
$2,668.19 / month
4.14% grey tooltip icon
$2,668.19 / month

Today's Best Mortgage Rates in Alberta

Evaluate all of Alberta’s best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms

Rates are based on a home value of $500,000

Insured 80% LTV 65% LTV Uninsured Bank Rate
1-year fixed rate 5.04% 5.59% 5.59% 6.63%
6.29%
2-year fixed rate 4.64% 4.89% 4.64% 4.64%
5.59%
3-year fixed rate 4.19% 4.44% 4.19% 4.19%
4.89%
4-year fixed rate 4.39% 4.64% 4.49% 4.49%
4.74%
5-year fixed rate 3.99% 4.34% 4.14% 4.14%
4.59%
7-year fixed rate 4.94% 5.09% 5.09% 5.90%
5.50%
10-year fixed rate 5.19% 5.80% 5.80% 5.80%
7.14%
3-year variable rate 5.10% 5.20% 5.10% 5.10%
7.35%
5-year variable rate 4.80% 4.90% 4.80% 4.80%
5.15%
HELOC rate N/A N/A N/A N/A N/A
Stress test 5.25% 5.25% 5.25% 5.25% N/A
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Written By Alexandra Bosanac

Updated

Alberta mortgage market characteristics

The Alberta mortgage market exhibits unique features influenced by regional economic trends, housing demand, and interest rate fluctuations.

It’s more affordable than Ontario and B.C., which means there’s huge demand for housing in Alberta

Alberta is popular destination for prospective homebuyers. Given that affordability is much better here than in Ontario and B.C., it’s no surprise that Alberta has the highest rates of interprovincial immigration, of which many migrants arrive ready to buy a house.

The mortgage industry is competitive – which is good news for homeowners and buyers

Mortgage rates are competitive in Alberta, as there are a variety of lenders who look to provide mortgages to the prospective homebuyers in the province, who run the gamut from high earners in the oil and gas sector to newcomers from other provinces looking for more affordable homes.

The Big Six have a foothold in Alberta

Thanks to this, Alberta has one of the country’s most active mortgage markets. Provincial lenders are abundant, and the presence of all the Big Six banks injects competition into the mortgage market.

This has allowed Albertans to benefit from ample selection, and as a result, secure competitive rates.

Alberta homeowners are sensitive to interest rate changes

However, despite Alberta’s higher income per capita, the cyclical nature of the oil and gas industry make Albertans slightly more rate-sensitive than other provinces. For that reason, we encourage all to aggressively research the lowest mortgage rates possible.

Here are some of the mortgage lenders that are active in Alberta.

A-lenders serving Alberta

A-lenders cater to customers that have good credit scores and reliable sources of income. Canada’s big banks are considered a-lenders. The following banks operate in Alberta:

  • Scotiabank
  • RBC
  • TD
  • BMO
  • CIBC
  • National Bank
  • Canadian Western Bank (purchased by National Bank in June 2024)
  • ATB Financial

B-lenders serving Alberta

B-lenders cater to borrowers who don’t qualify for loans from a-lenders. This might be because they are self-employed, limited or troubled credit histories, among other things. B-lenders have more flexibility in their lending criteria. They are provincially regulated and therefore do not need to apply the mortgage stress test on loans. These are some of the b-lenders operating in Alberta:

  • MCAN
  • Equitable Bank (EQ)
  • Nesto

Credit unions serving Alberta

Credit unions are member-owned and can only operate in the community their branch is located in. They are provincially regulated and are not obligated to subject lenders to the mortgage stress test. These are some of the major credit unions that serve Albertans exclusively:

  • Bow Valley Credit Union
  • First Credit Union
  • Servus Credit Union
  • Capital City Savings and Credit Union
  • Community Savings
  • Connect First Credit Union
  • Vision Credit Union

Private lenders serving Alberta 

These are private companies that operate outside of the regulated banking system. Though they do need to abide by some rules, they have a lot of leeway in setting their own lending terms. They are an option for borrowers who have been turned down by a or b-lenders. However, these loans are often shorter than traditional mortgage and loans and carry higher interest rates. Here are some of the private mortgage companies that operate in Alberta:

  • Can Terra Financial
  • Alta West Capital
  • RateSense

Mortgage rate trends in Alberta (2020-2024)

Over the past four years, Alberta’s mortgage rates have experienced fluctuations influenced by economic cycles, central bank policies, and local housing dynamics.

Fixed rates offer more value than variable rates for the first time in decades

Rates for fixed rate mortgages were lower than variable rate mortgages during the spring housing market of 2024.

In March 2022, the Bank of Canada made several rate increases in quick succession. This prompted mortgage lenders to sharply raise the rates on variable mortgages. This is because the Bank of Canada’s key interest rate influences banks’ prime rates. Variable rate mortgages change with the mortgage lenders’ prime rates

Interest rates on fixed rate mortgages, however, are set according to current bond yields. By late 2022, bond yields were lower than banks’ prime rates. This led to fixed rates being lower than variable rate mortgages; usually, the inverse is the case.

The first rate cut in four years inspires optimism, but inflation concerns remain

The Bank of Canda cut its key interest rate by 25 basis points in early June. Looking ahead, there’s a possibility variable rate mortgages could continue falling in the second half of 2024. If additional cuts are made, we may see more people opting for variable rate mortgages.

However, this scenario – lower mortgage rates all around – may not play out as quickly as many would hope. Inflation remains a persistent issue in Canada, which means the central bank may press pause on making any changes to interest rates while they observe how things play out.

Mortgage rate trends in Alberta

Alberta’s housing market trend

Alberta’s housing market has experienced notable shifts in recent years.

1) Interest rate hikes impacted mortgage loan sizes in 2023

In 2023, the size of mortgage loans in Alberta was slightly lower year over year, Canada Mortgage and Housing Corporation (CMHC) data shows. This was likely the result of the Bank of Canada’s decision to make numerous interest rate hikes in 2022 (six in total) and 2023 (three in total). People qualify for smaller mortgages when borrowing becomes more expensive.

2) Demand is steady amid Alberta's surging population

However, one thing has remained constant in Alberta: demand for housing. Steady population growth is the main driver, which is stronger in Alberta than anywhere else in Canada. Immigration has fuelled the explosion in immigration. Housing in Alberta is currently relatively more affordable than other parts of the country, making it an attractive place for people to put down roots.

3) Interprovincial migration is shaping the housing market

In 2023, a substantial portion of Alberta’s newest residents – 27% – were interprovincial migrants, from Ontario and B.C. primarily. This is notable because interprovincial migrants, who are shut out of the real estate market in their home provinces, come prepared to buy property.

4) The 2024 housing market is shaping up to be more competitive than ever

It's no surprise then that the start of the 2024 spring housing market in Alberta was described as more competitive than the last year’s given persistently low housing inventory.

The Bank of Canada’s June 2024 decision to lower the key interest rate to 4.75% has inspired optimism amongst homebuyers and stoked the already hot Alberta housing market. It’s the first cut since 2020 and buyers are excited.

5) The Bank of Canada’s June 2024 rate cut had immediate effects for some homeowners

However, it might take some months for the rate cut to materialize into significant mortgage rate reductions for holders of fixed-rate mortgages (variable rate mortgages saw an immediate reduction). In the meantime, limited housing supply, increased demand will contribute to steady price growth.

Average home prices in Alberta (2023–2024)

The key findings from the Canadian Real Estate Association’s (CREA) housing market data for Alberta include a 9.3% increase in the benchmark home price to $514,200, an 8% rise in the average home price to $502,625, and significant sales growth across all property types with a 15.7% increase in transactions worth a total of $4.8 billion.

Here are more takeaways from the data.

  • Home values in Calgary continue to grow; buyers are flocking to Alberta's biggest city, even though prices are considerably lower in Edmonton, the capital. In May 2024, there was just over one month of housing supply, according to the Calgary Real Estate Board (CREB).
  • Calgary remains the most popular spot to buy. However, the largest price gains were found elsewhere. Central Alberta, South Central Alberta and Medicine Hat all saw double-digit increases. Inventory is low in Calgary, which means out of town buyers are looking beyond Alberta’s biggest city. However, there aren’t many listings in Central Alberta, either, which is driving up home prices.
  • Prices in western Alberta and Fort McMurray (located in northeastern Alberta) are down compared to 2023. Fort McMurray is susceptible to major floods and forest fires.

Alberta real estate price growth

Date Average price as of May 2024 Average price in May 2023 YoY change
Alberta (total) $502,625 $463,952 8.3%
Alberta West $451,756 $479,833 -5.9%
Calgary $587,100 $534,700 9.8%
Central Alberta $404,512 $347,552 16.4%
Edmonton $392,700 $370,100 6.1%
Fort McMurray $363,415 $378,280 -3.19%
Grande Prairie $337,968 $327,602 3.2%
 Lethbridge   $378,531   $355,167   6.6% 
 Lloydminster (AB)   $316,445   $294,484   7.5% 
 Medicine Hat   $379,393   $344,403   10.2% 
 South Central Alberta   $300,923   $254,714   18.1% 

Source: CREA National Price Map

What affects mortgage rates in Alberta?

Various factors can influence your mortgage rate, including your financial situation. However, certain external factors are beyond your control and can significantly impact your mortgage. Let’s explore some of the key factors affecting mortgage rates in Alberta:

The bond market

When bond yields rise, interest rates on fixed-rate mortgage tend to rise, and vice versa. This correlation exists because mortgage lenders closely tie fixed-rate mortgages to 5-year Government of Canada bond yields.

Interest rates

Variable rate mortgages are tied to the mortgage lenders’ prime rate, which goes up or down based on the Bank of Canada’s overnight rate (otherwise known as the key lending rate).

Supply and demand in real estate

Market demand also plays a role in mortgage rates. As demand heats up, home prices rise. However, competition among lenders can benefit homebuyers, as banks may offer lower rates to attract business.

Your income, down payment, and choice of mortgage type

Beyond broader economic trends, several personal factors impact your mortgage rate:

Credit score: Lenders assess your creditworthiness based on your credit score and payment history.

Down payment: A larger down payment can lead to a lower rate, as it reduces the lender’s risk.

Rate type: Choosing between fixed and variable rates affects your payment stability.

Mortgage loan term: Opting for a longer fixed-rate term can lock in lower rates.

Personal income: Lenders evaluate your ability to make mortgage payments based on your income and debt-to-income ratio.

Appraisal value

Home appraisals influence the mortgage rate. If the appraised value is lower than expected, your down payment percentage may change, affecting the risk and rate.

First-time homebuyer program

Newcomers to Canada can benefit from tax credits and provincial discounts when buying their first home. However, taking mortgage insurance into account is essential.

Understanding these factors empowers you to make informed decisions when navigating the mortgage process.

Average value of new mortgage loans in Alberta (2020–2023)

In 2020, the average size of new mortgage loans increased after the Bank of Canada lowered lending rates. The average loan amount rose from $275,343 in first three months of 2020 compared to $319,728 in the same period in 2022.

By March 2022, the Bank of Canada began raising rates again to combat inflation. Large-scale migration to Alberta coincided with this trend.

Measuring the impact of interest rate changes on borrowing in Alberta

In the first three months of 2023, the overnight rate reached 4.75%, and the average mortgage loan was $310,000. By July 2023, the third quarter of the year, the central bank raised the overnight rate to 5%. That summer in Alberta, the average mortgage loan decreased slightly (roughly 4% year-over-year), despite brisk demand for real estate.

Higher rates reduced the loan amounts people could qualify for, but this also led to higher monthly payments for borrowers, both new and renewing ones.

Housing market outlook for the remainder of 2024: affordability is slowly eroding

In June 2024, the BoC made its first rate cut in four years, reducing rates by a quarter of a percent (0.25%).

The rate cut is expected to further entice out-of-town homebuyers to purchase real estate in Alberta, which could drive prices higher Edmonton, Saskatoon, and Calgary especially.

Average value of new mortgage loans by province

Q1 2021  Q2 2021  Q3 2021  Q4 2021  Q1 2022  Q2 2022  Q3 2022  Q4 2022  Q1 2023  Q2 2023  Q3 2023  Q4 2023 
Alberta  $290,816  $313,308  $329,274  $317,212  $319,728  $331,285  $339,854  $317,353  $310,002  $316,328  $326,879  $325,139 
Newfoundland  $189,966  $203,051  $219,347  $207,769  $214,003  $219,188  $232,851  $216,426  $214,277  $201,389  $221,308  $219,016 
P.E.I  $204,514  $223,267  $231,190  $246,930  $242,214  $244,884  $251,957  $253,908  $231,844  $234,853  $240,261  $242,693 
New Brunswick  $210,713  $228,433  $246,647  $238,656  $240,473  $250,006  $258,677  $237,381  $227,788  $234,688  $259,277  $246,068 
Quebec  $157,099  $169,670  $182,675  $178,892  $179,304  $188,394  $203,216  $186,699  $182,986  $182,092  $207,770  $204,382 
Ontario  214,888  218,550  233,533  218,440  224,133  228,524  237,520  206,201  202,014  193,800  211,995  202,079 
Manitoba  $380,853  $419,836  $448,835  $434,185  $448,031  $462,494  $462,701  $418,808  $406,429  $405,749  $434,006  $426,021 
Saskatchewan  $225,340  $234,634  $254,640  $249,534  $247,682  $255,490  $272,728  $251,420  $237,080  $236,485  $249,747  $247,228 
British Columbia  $227,764  $246,997  $259,308  $254,453  $251,715  $243,338  $260,163  $240,763  $232,458  $225,764  $240,774  $239,158 

Source: Canada Mortgage and Housing Corporation



Average monthly mortgage payment in Alberta (2022-2023)

The Bank of Canada kept interest rates low in 2020 to support the economy during pandemic shutdowns. This helped stoke the economy, and many people entered the housing market during the era of COVID lockdowns. But years of cheap borrowing led to historically high inflation.

Mortgage payments began to climb in 2022 after the Bank of Canada’s first hike (from 0.25% to 0.50%). That year, Canadians would see a total of seven rate hikes.

Housing demand and migration

Pent-up demand for housing helped drive up housing prices in 2022. Alberta also experienced significant migration (both international and interprovincial) that year, resulting in a population growth of over one million people—the highest in Canadian history.

Impact on borrowers

Low interest rates led people to borrow more, resulting in higher monthly mortgage payments.

However, mortgage holders renewing in 2022 faced higher rates, further increasing their monthly payments.

Inflation and payment trends

In 2022, the rate of inflation reached 8.1% in June, a 40-year high. By the end of 2022, the central bank raised rates to 4.25%, and continued to hike rates until it reached 5% in July 2023. This caused the average mortgage payment to increase. Here’s by how much it changed:

  • Q3 2022: $1,800
  • Q4 2022: $1,856
  • Q1 2023: $1,907
  • Q2 2023: $1,905
  • Q3 2023: $1,977
  • Q4 2023: $2,089

By the end of 2023, the average payment increased by a substantial $289 per month.

Alberta’s average payment is closest to the national average, making mortgages more affordable than B.C. and Ontario, but less so than in other prairie provinces and Quebec.

Alberta average mortgage monthly payment

Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023
Alberta   $1,462   $1,468   $1,470   $1,474   $1,506   $1,508   $1,535   $1,526 
Newfoundland   $1,083   $1,170   $1,333   $1,347   $1,411   $1,332   $1,438   $1,485 
P.E.I   $1,178   $1,258   $1,412   $1,518   $1,422   $1,444  $1,521  $1,583 
New Brunswick   $1,180   $1,290   $1,438   $1,441   $1,449   $1,470   $1,628   $1,622 
Quebec   $944   $1,026  $1,161  $1,162 $1,191  $1,178  $1,329  $1,370
Ontario  $1,093  $1,150  $1,266  $1,239  $1,274  $1,221  $1,331  $1,338
Manitoba   $1,897  $2,099   $2,392 $2,449   $2,494 $2,444   $2,634  $2,770
Saskatchewan   $1,176   $1,277   $1,449   $1,473   $1,462   $1,463 </