Compare Mortgage Rates in Calgary, Alberta

The best mortgage rates in Calgary, Alberta from major banks, credit unions and brokers.

Today's top rates in:

5-Year Variable
5-Year Fixed
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The Best Current Mortgage Rates in Canada

Evaluate Canada’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 an average mortgage of $300,000

Updated 11:18 EDT on Oct 03, 2023
Insured 80% LTV 65% LTV Uninsured Bank Rate
1-year fixed rate 6.44% 5.49% 5.49% 6.19%
2-year fixed rate 5.15% 5.45% 5.45% 6.34%
3-year fixed rate 5.29% 5.30% 5.30% 5.79%
4-year fixed rate 5.39% 5.30% 5.30% 5.54%
5-year fixed rate 5.19% 4.99% 4.99% 5.34%
7-year fixed rate 5.59% 5.94% 5.94% 5.99%
10-year fixed rate 5.29% 6.04% 6.04% 6.00%
3-year variable rate 6.10% 6.40% 6.40% 6.10%
5-year variable rate 5.95% 6.10% 6.10% 6.10%
HELOC rate 7.20% 7.20% 7.20% 7.20% N/A
Stress test 5.99% 6.89% 6.89% 6.99% N/A

Compare mortgage rates from lenders across Canada

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The Calgary mortgage market

Calgary, also affectionately known as “Cowtown,” is Canada’s third-largest city, but also home to the second-highest number of corporate head offices in the country.

Those professional incomes and Calgary’s prominence as a top Canadian city make it a key mortgage market. In fact, high wages in this region explain the city’s larger-than-average mortgages.

Of course, its heavy reliance on the cyclical oil and gas industries means Calgary has seen its share of booms and busts. Lenders are always slightly more conservative in Alberta as a result, particularly when recessions hit the city hard, as they did in 2020.

Still, Calgary is one of the more competitive mortgage markets in the country. That means its residents usually have access to some of the lowest mortgage rates.

Here’s a quick look at Calgary’s key mortgage and housing metrics. *

  • Population (2020): 1,543,283
  • Average Home Price: $436,800
  • Minimum Down Payment (Insured): $21,840
  • Minimum Down Payment (Uninsured): $87,360
  • Minimum Insured Mortgage Payment: $1,755
  • Minimum Uninsured Mortgage Payment: $1,288

* Data as of April 2021. Assumes 1.99% rate, down payments as stated, a 25-year insured amortization and 30-year uninsured amortization.

Calgary mortgage rate trends

Here’s a look at how Calgary mortgage rates have stacked up over the years with the lowest widely advertised national rates.

Calgary mortgage rate trends
Calgary 5-year Fixed
Canada 5-year Fixed
Calgary Variable
Canada Variable

Calgary mortgage rate forecast

The best rates in Calgary are often slightly better compared to mortgage rates in other parts of the province thanks to the number of lenders and brokers in the city, and the liquidity of its real estate market (which reduces lender risk slightly, relative to other parts of the province).

Due to the COVID-19 crisis, mortgage rates in Calgary, like all other parts of the country, have been near record-lows. That’s true even though many people are still unemployed and unable to take advantage of such rates.

Mortgage activity should start to recover by the end of 2021 as the economy fully re-opens, rates remain low and people regain employment. But much depends on the level of oil prices, given the correlation with business investment in the region.

What drives Calgary's mortgage outlook?

Like most housing markets in Alberta, Calgary’s mortgage market is heavily influenced by the health of the energy sector, primarily oil and gas. The city’s economy is also driven by tourism thanks to its proximity to the Rocky Mountains and its annual Calgary Stampeded rodeo that draws crowds from around the world.

Housing has historically boomed when the oil and gas industry is performing well. But since oil prices plummeted in 2014-15 and 2020, Calgary’s housing market has suffered due to rising job losses. Like most other regions, housing and mortgage demand are expected to remain weak into 2021 before starting to recover in 2021 or 2022.

Compared to more rural communities in Alberta, homes in Calgary are easier to sell and have higher prices. Nonetheless, mortgage underwriters often exercise slightly more caution with Calgary deals given ongoing difficulties in the oil and gas sector, which create risk of defaults, home price weakness and higher losses.

Mortgage default rates in the province stood at 0.52% as of January 31, 2020. Again, much of this is due to lost incomes from the struggling oil and gas industry. By comparison, the default rate was just 0.09% in Ontario and 0.15% in British Columbia.

Comparing the best Calgary rates vs. banks

If you’re a Calgarian in the market for a mortgage, you might be considering a mortgage from your bank thinking the “convenience” of having all your accounts in one place seems appealing. Well, you might want to think again.

These days, roughly 90% of consumer banking is done online and banks no longer have a monopoly on convenience. In fact, you’d be remiss to complete the mortgage process without first comparing rates. There are two key reasons for this: it’s easy, and it can save you a bundle of money.

If you compare Calgary’s best mortgage rate against the worst rate, that difference can span a full percentage point or more. If you took the first offer from your bank at the mid-part of that range, you’d be leaving thousands of dollars on the table given an average size mortgage.

It’s a well-known fact that Canada’s big banks are not the most transparent companies when it comes to pricing mortgages. Getting the best rate in Calgary truly requires legwork and comparison. That said, banks do tend to have lower pricing on uninsured mortgages and HELOCs versus competitors.

One option is to work with a mortgage broker. They’ll shop several lenders for you to find you the best mortgage rate in the city. But keep in mind brokers don’t get paid from all lenders, so they won’t offer a comprehensive market picture.

One thing they can do, if you deal with a competitive one, is use part of their commission to “buy down” your rate. It never hurts to ask a broker to do this in order to win your business.

In general, the best time to shop rates in Calgary is during the busy spring homebuying season. That’s when most lenders offer their sharpest mortgage deals. Just remember: the goal is to minimize your total borrowing costs. That means settling on the optimal combination of the lowest rate and the best flexibility, given your five-year goals.

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Find a mortgage broker

Engaging a mortgage broker before renewing can help you make a better decision. Mortgage brokers are an excellent source of information for deals specific to your area, contract terms, and their services require no out-of-pocket fees if you are well qualified.

Here at RATESDOTCA, we compare rates from the best Canadian mortgage brokers, major banks and dozens of smaller competitors.

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