Best Calgary mortgage rates
What are the current mortgage rates in Calgary?
Are mortgage rates going to drop soon?
What type of mortgage has the lowest interest rate?
Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.
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Jamie David, Sr. Director of Marketing and Mortgages
Calgary is one of Canada’s most important cities, with a mixed population of locals, newcomers and those staying for a temporary period of work. Add to that an important tourism industry and Calgary keeps itself pretty busy. With any busy city, of course, comes a busy housing market.
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 +
Calgary at a glance
- Population: 1.37 million - largest city in Alberta, 3rd largest city in Canada
- Average Home Price: $538,200 in April of 2023, a +1.3% year-over-year increase
- 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.
June 2023 Calgary housing market update
On June 1, 2023, the Calgary Real Estate Board (CREB) published the latest housing market figures for the month of May. Calgary continues to enjoy a very robust housing market, with prices rising both year-over-year and month-over-month, by 3% and 1%, respectively. As well, May’s sales of 3,120 established a new monthly record, fuelled in large part by a notable increase in condo sales.
While Calgary’s strong job market and population growth drive demand ever higher, supply continues to contract and market conditions remain chronically tight. Inventory levels are lower than where they were at this time last year, leading to a sales-to-new-listings ratio (SNLR) of 85%. According to the Canadian Real Estate Association (CREA), a SNLR between 40 - 60% indicates a balanced market, so Calgary is very firmly in sellers’ market territory and likely to remain so for the foreseeable future.
Comparing the best mortgage rates in Calgary
The comparison tables on this page list Calgary’s best mortgage rates sourced up to the minute from big banks, smaller lenders and Calgary mortgage brokers. Comparing rates from multiple lenders helps ensure you’re getting the best deal.
Of course, your personal rate will likely be different from the ones shown above. Factors including your credit score, your down payment, the home purchase price as well as what the property will be used for can all impact the rate you’ll receive.
To understand what you're actually eligible for, you'll need to get personalized quotes. We can help you get personalized quotes from multiple mortgage providers for free, in just a couple of minutes. You can get started with the tools at the top of this page.
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.
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.
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
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