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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 | Bank Rate | |
|---|---|---|---|---|---|
| 1-year fixed rate | 4.99% | 6.44% | 6.44% | 6.69% |
7.09%
|
| 2-year fixed rate | 5.94% | 5.99% | 5.99% | 6.04% |
6.39%
|
| 3-year fixed rate | 4.79% | 4.94% | 4.94% | 4.94% |
5.64%
|
| 4-year fixed rate | 4.99% | 5.04% | 5.04% | 5.09% |
5.49%
|
| 5-year fixed rate | 4.74% | 5.09% | 5.09% | 4.94% |
5.04%
|
| 7-year fixed rate | 5.59% | 5.80% | 5.80% | 5.65% |
5.90%
|
| 10-year fixed rate | 5.84% | 6.14% | 6.14% | 6.05% |
7.25%
|
| 3-year variable rate | 6.10% | 6.80% | 6.80% | N/A |
8.60%
|
| 5-year variable rate | 5.99% | 6.10% | 6.10% | 6.25% |
6.59%
|
| HELOC rate | 7.70% | 7.40% | 7.40% | 7.40% | N/A |
| Stress test | 6.74% | 6.79% | 6.79% | 5.25% | N/A |
Updated
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.
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.
| 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.
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.
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
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 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.
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.
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.
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.
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.
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
Got more questions about Edmonton mortgages? We’ve got answers.
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.
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.
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.
*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.
Joel Kranc is a freelance writer and content provider who has worked with RATESDOTCA since 2019. He holds an MA in political science from the University of Toronto and a film certificate from New York University.
He has been published in and worked for such companies as CNN, Rogers Media, Institutional Investor Magazine, The Globe and Mail, Infrastructure Investor, BenefitsPRO Magazine, Global Finance Magazine, With Intelligence, the CPP Investment Board, Hospitals of Ontario Pension Plan, and many more financial services and industry publications.
He is the author of "Retirement Planning in 8 Easy Steps," which, when released in 2015, was No. 11 on the Publisher's Weekly US Bestseller List for Business and Finance, beating out Mark Cuban's "How to Win at the Sport of Business."
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