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Best Mortgage Rates in Edmonton

Comparing mortgage rates with RATESDOTCA could save you up to $11,944 over 5 years.*

Today's top rates in:

5-Year Variable
5.44%
5-Year Fixed
4.28%
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Compare mortgage rates from Edmonton lenders

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Best current mortgage rates in Edmonton

Evaluate all of Edmonton'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 $400,000

Insured 80% LTV 65% LTV Uninsured Editor's Tips
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Written by Joel Kranc

Edmonton, Alberta’s mortgage rates

Alberta is highly connected with the oil patch. The rise and fall of oil prices have a very direct link to economic factors in the province and quite frequently can affect real estate demand and prices.

However, Edmonton is relatively affordable compared to other markets such as Toronto, other parts of the Greater Toronto Area or Vancouver, for example.

The average mortgage rates in Alberta are 5.25% for 5-year variable mortgages and 4.59% for 5-year fixed, which is relatively in-line with national numbers. These rates reflect information as of January 16, 2023.

It’s important to note that the Bank of Canada (BoC) has been increasing overnight lending rates since spring of 2022. While these rates reflect the interest banks charge to lend money to each other, they have an impact on mortgage rates as well.

In most cases, the overnight rate set by the BoC has the biggest effect on variable rate mortgages. When the BoC increases the overnight rate, variable rate mortgages become more expensive. Conversely when the BoC decreases the rate, carrying a variable rate mortgage becomes less expensive. But fixed rates have gone up as well.

This has had an impact on all housing markets in Canada, including Edmonton, where borrowing has become more expensive for potential buyers.

How to compare Edmonton mortgage rates from top lenders

If you are searching for the best mortgage rate in Edmonton that fits your budget, rest assured you've landed in the right place. RATESDOTCA lets you see the best mortgage rate from leading lenders and mortgage brokers in the Edmonton area. All you need to do is enter your mortgage requirements such as mortgage amount, home value, term, etc., and we’ll instantly bring you an array of rates and lenders that meet your criteria.

It is advisable that you pay attention to the nuances of the rates on offer and make an informed decision. Ask your lender as many questions as you want and be armed with all the possible knowledge before locking in a rate.

Even if the mortgage lender is outside of Edmonton, consider what they have on offer because sometimes you could be pleasantly surprised with a lower rate. More importantly, mortgages can now be closed digitally irrespective of where the lender is situated.

Mortgage Lenders and Brokers in Edmonton

Companies Type of Company Phone Address
BMO Mortgage Specialist Bank (877) 225-5266 1215 Windermere Way SW, Edmonton, AB T6W 2P3, Canada
CIBC Mortgage Advisor Bank (780) 408-1122 2030 38 Ave NW, Edmonton, AB T6T 0B9, Canada
RBC Senior Mortgage Specialist Bank (780) 655-1880 16909 103a Ave NW, Edmonton, AB T5P 4Y5, Canada
Scotiabank Mortgage Advisor Bank (780) 868-6142 8140 160 Ave NW, Edmonton, AB T5X 3J8, Canada
True North Mortgage Mortgage Brokers (587) 400-2799 1 102A Ave NW Unit 140, Edmonton, AB T5J 2Y9, Canada
RATESDOTCA Rates Comparison 1-844-726-0907 360 Adelaide Street West, Suite 100 Toronto ON M5V 1R7
Lowestrates.ca Rates Comparison 1-855-487-6911 1910 Yonge Street, Suite 401, Toronto, ON, Canada
The Mortgage Force Team Mortgage Brokers 780-466-9898 9241 50 St NW, Edmonton, AB T6B 3B6, Canada
Collin Bruce Mortgage team Mortgage Brokers 780-436-2511 260 91 St SW, Edmonton, AB T6X 1W8, Canada
Mortgage Girl Mortgage Brokers 780-433-8412 1936 Tomlinson Way NW, Edmonton, AB T6R 2R5, Canada

Edmonton is well-served by the country’s Big Six banks, as well as many other large lenders. When searching rates offered by the Big Six bank, it’s important to keep in mind that they don’t advertise the rates that are typically available to well-qualified clients and that are only obtainable after some negotiation.

Comparing the best Edmonton rates vs. Banks

Like mortgage shoppers across the country, many Edmontonians limit their mortgage rate search to their big bank. They do this primarily for the perceived convenience of having all of their financial accounts in one place at the same bank.

But in today’s age, there’s no reason for any mortgage shopper to limit their rate shopping to just one lender. Especially when it’s one of the Big Six banks, which often don’t have transparent rates.

While certain big banks may have the advantage due to the home equity lines of credit they offer with uninsured mortgages (RBC and TD, for example), homebuyers can often find better rate bargains elsewhere.

Non-bank lenders, such as First National and MCAP, offer very competitive mortgage rates, while credit unions can also be good alternatives, particularly for those with non-traditional income or those with unique borrowing needs. And their fixed-rate prepayment penalties can be much lower than the big banks.

Another option is to seek a qualified mortgage broker who can analyze your financial situation, make recommendations and search the most competitive rates among a pool of different lenders.

Additionally, mortgage brokers have the ability to “buy down” the mortgage rate offered by the lender, meaning they accept reduced compensation from the mortgage provider in order to get you a lower rate.

For a typical Edmonton mortgage, a rate that is one-tenth of a percentage lower than the advertised rate can save you thousands of dollars over your amortization period.

In terms of timing, the busy and competitive spring market is typically the best time to search for a mortgage, as that’s when most lenders offer their best rate promotions of the year.

Average mortgage payments in Edmonton

The average mortgage payment for Edmonton in the third quarter of 2022 was $1,738, up from $1,603 in the previous quarter. The national average scheduled monthly payment for Q2 2022 was $1,758.

The Bank of Canada predicts that by 2025 and 2026, the national median rates for fixed and variable mortgages will be 4.4% and 4.5%, respectively. That means homebuyers who took out loans in 2020 and 2021 will see their monthly payments increase by $420, or 30% when their mortgage is renewed

Average value of new mortgage loans in Edmonton

In the second quarter of 2022, the average value of new mortgage loan in Edmonton was at $325,527, compared with $310,951 from the same period in 2021. This is a difference of $14,576 over a period of one year. Overall, Alberta's average value of new mortgage loan in the second quarter of 2022 was recorded at $341,289, which is higher than Edmonton's average by $15,762.

Quarter 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2
Average Value of New Mortgage Loan in Edmonton $299,723 $310,951 $327,180 $311,707 $318,818 $325,527

Edmonton, Alberta’s housing market

Edmonton is Alberta’s second-largest city and the northernmost city in the Americas with a population of nearly one million.

The city also serves as a base for Alberta’s northern oil sands projects. While the city’s real estate and mortgage market don’t see the same kind of demand as Calgary, there has historically been steady growth thanks to oil and gas sectors and the higher-than-average salaries associated with those jobs.

According to the Realtors Association of Edmonton, total residential unit sales in the Greater Edmonton Area (GEA) real estate market for December 2022 decreased 26.1% compared to December 2021 and decreased 22.1% from November 2022.

New residential listings were down 12.9% year-over-year from December 2021. New residential listings were also down month-over-month, decreasing 38.8% from November 2022. Overall inventory in the GEA was up 6.1% from December of last year but decreased 21.8% from November 2022. This should not come as any surprise to anyone following the rise in interest rates and the effects it has had on housing markets nationwide.

Tips for first-time homebuyers in Edmonton

  • Evaluate your costs

As anyone living in Canada knows, the cost of home ownership in this country can be expensive. It's a big responsibility to take on. Evaluate your income streams, estimate the total costs of home ownership, and create a financial plan to ensure you'll be able to handle what comes your way.

For instance, you'll need to account for more than just your monthly mortgage payments. You need to factor in closing costs, land transfer taxes, and ongoing costs like insurance, property taxes, utility bills, and maintenance. Unlike renting, you'll be responsible for big-ticket items like appliances or a new roof when those bite the dust (and they will).

Crunching these numbers will help you understand how much you can reasonably pay for a new home.

  • Seek pre-approval on your mortgage loan

Before you start house hunting, getting pre-approved for a mortgage is a wise move. This will give you a clearer picture of how much you can afford, what kind of interest rate you qualify for, and an estimate of your monthly mortgage bill. Without this knowledge, it's tough to know what neighbourhood or type of housing you can seek out.

  • Think long-term

In 2020 and 2021, when many employers went remote, many Canadians sought bigger homes further away from the city, assuming they no longer would be needed at the office. Many employers are now asking staff to return to the office, at least in some hybrid capacity, creating difficult commuting situations for those who moved far out of town.

That's just one example of choosing a new home based on immediate needs and circumstances instead of finding a spot that will serve you from now until 10 years or more. When deciding on a place, consider if your lifestyle will eventually evolve. If you plan to have kids in five years, you might want to choose a location close to schools. If you plan to retire in 10 years, you might want a spot closer to family or friends.

  • Research homebuying incentives from the federal government  

If you're considering buying your first home in Edmonton, you'll likely benefit from the First-Time Home Buyer Incentive, a federal program that makes homeownership more affordable.

Under the program, the federal government will give you money for a down payment, anywhere between 5% or 10% of the home's purchase. Don't think of it as free money, though. Homeowners will have to repay the incentive when they sell the house or after 25 years. You might also trigger a repayment if you and a co-owner split up and one wants to buy out the other. If you choose to port your mortgage, meaning you transfer your existing mortgage to a new home, you will also be required to pay the government back.

Your household income must be no more than $120,000 to qualify for the new incentive. This includes any investments and rental income, not just your employment income. You will also need a minimum down payment, which must be less than 20% of the home's total cost. Lastly, you can only buy a home with valuations that are at most four times your qualifying income; you can't exceed this ratio.

  • Find a trustworthy team of professionals

Buying a home can be complicated, so it's best to rely on the support of professionals you can trust. These can include a real estate agent, insurance broker, home inspector, appraiser, land surveyor, contractor, lawyer and more. For instance, if you buy a home without first using a home inspector, you could unexpectedly discover that the new place isn't in as ship-shape condition as you thought.

If you're searching for a mortgage broker or agent, apply for a quote with RATESDOTCA. We'll set you up in three minutes with the mortgage provider offering your lowest rate

Frequently asked questions about mortgages in Edmonton

Got more questions about Edmonton mortgages? We’ve got answers.

How much can I save by comparing the current Edmonton mortgage rates?

By comparing rates on RATESDOTCA, you could save thousands of dollars annually. You're making an informed decision based on all the choices rather than jumping on the first mortgage offer you see.

RATESDOTCA will provide comparison quotes from the top leading financial institutions giving you the ability to choose the best rate in the fastest amount of time.

Why should I compare Edmonton mortgage rates with RATESDOTCA?

RATESDOTCA is one of the best places to compare Edmonton mortgages. Lenders across Canada, such as the Bank of Nova Scotia, TD Bank, National Bank, Desjardins, Home Trust, and many others, are put side by side to find you the best deal possible.

When choosing a mortgage, you want to go into the situation with the most knowledge possible. When you compare current Edmonton mortgage rates on RATESDOTCA, you're doing important research ahead of a life-changing decision.

RATESDOTCA is constantly updated with the latest rates on the market, so check back frequently for new deals.

Are Edmonton mortgage rates higher than other Alberta cities?

Edmonton has become more affordable than other parts of Alberta. While rates and some costs have increased, prices have eased, and affordability has become slightly improved.

Of course, mortgage rates will depend on your exact situation and downpayment. Each mortgage applicant will likely be assessed differently by financial institutions and so comparing rates on RATESDOTCA is the best way to find the cheapest mortgage rates in Edmonton.

However, according to the Urban Reform Institute’s Demographia International Housing Study of Q3 in 2021, Despite an “unprecedented deterioration in housing affordability” since the beginning of the pandemic, Alberta, and specifically Edmonton, remains steadfast and affordable for homebuyers through the recent market fluctuations.

Edmonton Mortgage Graph
Lowest Nat'l 5-year Fixed
2.29%
Lowest Alberta 5-year Fixed
1.77%
Lowest Nat'l 5-year Variable
2.10%
Lowest Alberta Variable
1.69%

Here’s a quick look at Edmonton’s key mortgage and housing metrics

*Based on the difference between estimated deep-discount 5-year fixed rates from Canada's top six banks and the lowest comparable rates on RATESDOTCA, as of January 14, 2022.

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