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Find the Best Mortgage Rates in Alberta

Today’s Mortgage Rates updated as of November 21, 2024 1:10 am

For a property located in

5-year fixed*

4.29

5-year Variable*

5.40

(Prime -1.15%)

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*Insured loans. Other conditions apply. Rate in effect as of today.

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Mortgage Rates in Alberta

Current Mortgage Rates in Alberta

Compare Alberta Mortgage Rates from Lenders

Alberta Mortgage Performance

Mortgage performance in Alberta has seen some rough days due to the province’s reliance on an often-struggling oil and gas industry. This was particularly felt in the past two years as the pandemic impacted oil prices in 2020. Today, coming out of the pandemic, we now see an issue with mortgage delinquency. For a mortgage to be considered delinquent, it must be 90 days past due. Alberta’s delinquency rate in 2022 reached 0.47%, second only to Saskatchewan’s 0.60%.  Canada’s overall arrears rate was just 0.17% last year, and the highest arrears rate seen in Canada was 0.64% in 1992. Influences impacting Alberta mortgage performance include:

  • The oil and gas industry
  • Homeowners’ financial health at the start of the pandemic
  • Policy actions the province took to help bridge recovery from the pandemic
  • The Alberta labour market’s post-pandemic recovery
  • Interest rates for the individual

ALBERTA’s Housing Market

Luckily home prices in Alberta are some of the lowest in cities across Canada.  You are looking at a difference of tens or even hundreds of thousands of dollars compared to cities such as Toronto, Calgary, and Vancouver. For example, in April 2023, average prices were $1.1 million in Toronto, $1.6 million in Vancouver, and $548K in Calgary compared to just $497K in Alberta. 

How to Get the Best Mortgage Rate in Alberta?

Shopping for a mortgage in Alberta is always easier with the help of a licensed mortgage broker. The Alberta Mortgage Brokers Association (AMBA) is an excellent resource to help you shop for an experienced broker like Citadel. Mortgage brokers work with Canadian banks and other lenders without bias towards one product or another. They listen to your needs and consider your finances and credit to help determine where you are most likely to get the best mortgage rates in Alberta.

When dealing directly with the lender, you can only access their specific mortgage products, limiting your choices. The type of lender you deal with can also impact how likely you are to be approved for a mortgage based on the level of risk the lender feels you present. Therefore, working with a mortgage broker is often best as it exposes you to various mortgage options regardless of your credit history or other circumstances, such as being self-employed.

Find Alberta’s Best Mortgage Rates

When looking for Alberta’s best mortgage rates, there are several other things to consider including:

  • Fixed vs. variable rates: A fixed rate’s payments and interest rates remain the same over the term of your mortgage, while variable rates rise and fall based on Canada’s prime rate.
  • Open vs. closed: An open mortgage has fewer limitations on your ability to switch up how often or the amount you pay for your mortgage payments. In contrast, a closed mortgage applies penalties if you wish to make changes beyond the conditions offered when you sign.
  • Term: The mortgage term relates to the years the conditions and interest rate apply. You must renew your mortgage at the end of each term.
  • Payment frequency: Payment frequency refers to how often you make your mortgage payments. Although the monthly payment tends to be the go-to, you can speed up or slow down your payments. For example, when you speed up your payments to weekly or biweekly, you can pay down your mortgage faster, while making monthly or bimonthly payments takes longer.

Best 5-year Variable Rates in Alberta

Looking at the overall 5-year variable rates in Alberta, here are the top Alberta lenders with rates under 5.50%:

  • Nesto: 5.45%
  • Butler Mortgage: 5.49%
  • Rocket Mortgage, First National, and Pine: 5.55%
  • Neo Financial and QuestTrade: 5.60%
  • RateHub/Canwise: 5.70%
  • Equitable and Mortgage Alliance: 5.80%
  • HSBC: 5.90%

Alberta Mortgage Calculators

Mortgage calculators are the best tool to help you decide how much you can afford for your home purchase price. The basic calculators allow you to enter the following information and then calculate your monthly payment amounts:

  • Mortgage amount
  • Alberta mortgage rate
  • Amortization period (the number of years you plan to pay your mortgage off)
  • Payment frequency (weekly, bi-weekly, monthly, or semi-monthly
  • Terms (how many years the rate is offered)
  • Down payment amount

 

The calculator then tallies the numbers and provides a summary with the following information:

  • The amount of each payment
  • How many payments you’ll make over the amortization period
  • How much interest you’ll pay over the life of your mortgage
  • How much you’ll pay over the first term period of your mortgage

 

Some calculators will tally other mortgage-related numbers for you, including:

  • Stress test calculators to help determine if you’ll qualify for a mortgage
  • Affordability calculators to tally your mortgage-related monthly expenses
  • Renewal calculators to figure out your new costs at the latest interest rates

 

The best overall Alberta mortgage calculator is the federal government’s, as it is easy to use and provides a thorough, easy-to-understand summary. In addition, you can switch up any of the numbers to find the best mortgage strategy by checking how various house prices and Alberta mortgage rates impact your monthly expenses and ability to pay down your mortgage more effectively. 

FAQ

Who are Alberta’s top mortgage brokers?

Top mortgage brokers in Alberta include:

  • Citadel Mortgages
  • Dominion Lending Centres
  • TMG, the Mortgage Group
  • M3 Mortgage Group

When looking at major cities in Alberta, based on a 20% down, 30-year amortization, 2.50% 5-year mortgage rate with monthly payment schedules, the typical mortgage amounts in Alberta are as follows: 

  • Calgary: $411,700 @ $1,844 per payment
  • Edmonton: $315,000 @ $1,411 per payment
  • Lethbridge: $268,197 @ $1,201 per payment
  • Across all of Alberta: $310,500 @ $1,391 per payment

Alberta mortgage rates are 5.50% 5-year variable and 4.39% for a 5-year fixed. 

At the time this was written, the best bank rate available was the TD 5-year fixed rate at 4.89%

Luckily, since the economy stabilized over the past few months, it is unlikely there will be further hikes in 2023. We will also hopefully see rate cuts as we enter 2024.

When looking for a mortgage in Alberta, find the best mortgage rates from Citadel Mortgages. Get yours approved today!

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Best 6 Month Fixed Mortgage Rates

Best 5 Year Fixed Mortgage Rates

Discover the average savings of current Citadel Mortgage clients when they choose Citadel Mortgages over the top banks!

While 33% of non-homeowners believe they’ll never own*, our Citadel mortgage brokers are 100% confident they can make it happen. How? With our expert advice and guidance.

$300,000
Mortgage Loan

$12,414

(5-years interest savings with Citadel Mortgages)**

$232/month

(Interest savings with Citadel Mortgages)

$500,000
Mortgage Loan

$17,090

(5-years interest savings with Citadel Mortgages)**

$290/month

(Interest savings with Citadel Mortgages)

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Alberta Office – 421 7th Avenue S.W., 30th Floor, Calgary, Alberta, T2P 4K9

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Citadel Mortgages is licensed in the following: Ontario FSRA 12993 – Saskatchewan FCAA 509446, Nova Scotia 2021-3000010 – Alberta, PEI, Nunavut, Newfoundland 21-07-CI083-1. New Brunswick 210031130, British Columbia X301267, Quebec AMF – 3003071684  

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level of service, ethics, and deal transparency. Please note some rates are based on province and are subject to change at any time. Please note not all rates are available in Quebec, please contact us to confirm your rate approval.

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