Mortgage Rates in Calgary
Finding the best mortgage rates in Calgary can be overwhelming as it has a highly competitive mortgage market. Although low mortgage rates provide lower mortgage payments and can reduce how much interest you pay over the life of your mortgage, the lowest rate is not always the best mortgage rate in Calgary. However, you can use our comprehensive guide to help understand mortgage rates and zero in on the best mortgage rates in Calgary for your needs.
BMO 5-year Fixed Mortgage Rate
Rate Type5-Year-Fixed
Mortgage TypeClosed
Prepayment 20%
5.64%
HSBC 3-year Fixed Mortgage Rate
Rate Type3-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
6.09%
5.59%
CIBC 5-year Variable Mortgage Rate
Rate Type5-Year-Variable
Mortgage TypeClosed
Prepayment 20%
6.70%
5 Year Fixed Rate
(High Ratio)
Rate Type 5-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
4.69%
3 Year Variable Rate
(High Ratio)
Rate Type 3-Year-Variable
Mortgage TypeClosed
Prepayment 20%
6.15%
5 Year Variable Rate
(High Ratio)
Rate Type 5-Year-Variable
Mortgage TypeClosed
Prepayment 15%
6.05%
Mortgages in Calgary
Before you start shopping for a mortgage, it helps to understand the types of mortgages available in Calgary and how they impact mortgage rates.
- Fixed: Fixed mortgage rates remain the same over the entire mortgage term. As a result, you have a clear understanding of how much interest you’ll pay over the life of your mortgage and how long it will take you to pay your mortgage down.
- Variable: Variable mortgages rise and fall with the prime rate. As a result, they present a higher risk, as well as possible opportunities. For example, if interest rates are low, you can pay your mortgage off faster, but as they rise, it takes you longer and longer to pay your mortgage off.
- High Ratio: Mortgages with a loan-to-value ratio above 80% are considered high-ratio. So, when you put less than 20% down, you will have to pay mortgage insurance to help the bank cover their potential losses. On the plus side, you’ll usually get lower interest rates than a conventional mortgage, but you often lose the benefit of the lower rates due to the insurance premiums paid each month.
- Conventional: Mortgages with a loan-to-value ratio below 80% are considered conventional mortgages, which do not require mortgage insurance.
- Open: Open mortgages do not charge penalties when you wish to make prepayments toward your mortgage. Prepayments are payments above and beyond what you must pay each month. Because prepayments allow you to finish paying your mortgage off sooner, they tend to have higher interest rates to help the bank recover their losses.
- Closed: Closed mortgages limit prepayments or even restrict them altogether. For most people, this works out fine, as closed mortgages usually offer lower interest rates. You will also find that most major banks offer features that allow you to make at least one prepayment a year, penalty-free. However, they also apply restrictions on the amount you can prepay.
- Uninsurable: Uninsurable mortgages are based on a number of factors, including amortization periods over 25 years, mortgages owing over $1 million, or borrowers with poor credit scores. Because these scenarios present a higher risk, they are considered uninsurable. As a result, you will pay higher interest rates to help reduce the bank’s risk.
About Calgary
Affectionately known as “Cowtown,” Calgary is Canada’s third-largest city. It is also the country’s city with the second largest number of corporate head offices, offering ample opportunities to find high-paying jobs. The dynamic downtown and proximity to the stunning beauty of the prairies and Rocky Mountains provide the perfect balance of urban excitement and calming green space.
As one of Canada’s busiest transportation and business hubs, Calgary is nestled between the majestic Rockies and the flowing Bow River. With its northern latitude, Calgary offers longer days and very frigid winters. However, Calgarians are willing to stand up to the cold, knowing the promise of a near-perfect summer awaits. In addition, it is home to world-famous attractions, including the Calgary Stampede and beautiful Banff, which is under a two-hour drive from the city centre.
Calgary is also a welcoming city, ranked as Canada’s third-highest visible minorities. As a result, the city’s diversity presents ample opportunities to become more familiar with different cultures and cuisines. In fact, Calgary’s exciting culinary scene is constantly changing and growing, offering a wide range of dining experiences from the bustling restaurants of China Town to fine downtown dining and an explosion of hometown breweries with eclectic menus to an endless variety of barbecue and fusion restaurants.
Cost of Living in Calgary
Living expenses in Calgary for a single person average about $1,294.90, plus $1,667.34 for housing, for a total of $2,961. This does not include the following other common monthly expenses:
- Phone: $101
- Transportation: $112
- Groceries: $347
However, you’re saving close to $500 months on rent and average expenses compared to cities like Toronto and Vancouver.
Calgary Mortgage Rate Trends
Calgary mortgage trends between 2016 and 2020 tended to remain at par or slightly below Canadian trends.
5-year Fixed 2016 2017 2018 2019 2020
Calgary 2.31% 2.84% 2.39% 2.66% 2.29%
Canada 2.51% 2.84% 3.5% 2.66% 2.29%
Variable
Calgary 1.95% 2.12% 2.76% 2.82% 2.07%
Canada 1.97% 2.34% 2.76% 2.8% 2.1%
Calgary Mortgage Rate Forecast
The best mortgage rates in Calgary tend to be better than what you might find in other provinces. In some cases, rates vary from city to city and province to province based on the number of lenders and brokers, population, and reduced lender risk in the real estate market. Since Calgary’s mortgage market is quite competitive, the town should continue to see some relief in interest rates compared to less populated areas where competition is not as fierce.
However, Calgary is not immune to the ongoing Bank of Canada prime hikes. As a result, despite the city usually getting a break by a few percentage points, mortgage rates will follow the same upward trend as the rest of the country.
The Calgary Mortgage Market
The many head offices offering higher-paying job opportunities make Calgary quite prosperous. However, it also means the city has larger-than-average mortgages, with wealthier Calgarians investing in larger homes. In addition, lenders tend to be leery of how they dole out mortgages because the area is vulnerable to the cyclical nature of the oil and gas industries. Therefore, lenders are more conservative in the amounts they are willing to lend and pickier about borrowers. But again, in this competitive mortgage landscape, home buyers will still see lower mortgage rates than in many cities in the country.
Comparing the Best Mortgage Rates in Calgary
Here is a quick overview of the best mortgage rates in Calgary:
Insured 80% LTV 65% LTV Uninsured
Fixed
1-year 5.19% 5.19% 5.19% 5.19%
3-year 4.78% 4.84% 4.84% 4.84%
5-year 4.38% 4.68% 4.38% 4.80%
Variable
1-year N/A N/A N/A N/A
3-year 5.60% 6.70% 6.70% 6.70%
5-year 5.44% 5.55% 5.55% 5.62%
How to get the Best Mortgage Rates in Calgary
When looking for the best mortgage rates in Calgary, it helps to have an expert in your corner. A mortgage broker in Calgary does all the research and “leg work” for you. Brokers use their relationships with multiple banks and lenders to find the best mortgage suited to your needs. They consider your income, preferred mortgage type, and specific financial information to compile a list of the best mortgages for you.
They walk you through the types of mortgages, their pros and cons, and offer an unbiased recommendation. They help reduce your mortgage payments, the amount of interest you pay over the life of your mortgage, and the amount of time it will take to be mortgage-free.
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BMO Mortgage Rates
CIBC Mortgage Rates
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RBC Mortgage Rates
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Best Mortgage Bank Rates in Calgary
BMO 5-year Fixed Mortgage Rate
Rate Type5-Year-Fixed
Mortgage TypeClosed
Prepayment 20%
5.64%
HSBC 3-year Fixed Mortgage Rate
Rate Type3-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
6.09%
5.59%
CIBC 5-year Variable Mortgage Rate
Rate Type5-Year-Variable
Mortgage TypeClosed
Prepayment 20%
6.70%
Best Mortgage broker Rates in Calgary
5 Year Fixed Rate
(High Ratio)
Rate Type 5-Year-Fixed
Mortgage TypeClosed
Prepayment 15%
4.69%
3 Year Variable Rate
(High Ratio)
Rate Type 3-Year-Variable
Mortgage TypeClosed
Prepayment 20%
6.15%
5 Year Variable Rate
(High Ratio)
Rate Type 5-Year-Variable
Mortgage TypeClosed
Prepayment 15%
6.05%
Disclaimer
Citadel Mortgages operates an information-based website that displays mortgage rates from its partners. While the company strives to provide the best possible rates, it cannot guarantee their accuracy at all times. Therefore, Citadel Mortgages accepts no liability for the precision of the information presented and is not accountable for any damages resulting from its use. Terms and conditions apply, and it is necessary to speak with a mortgage broker for further details. Please note that the rates displayed in this article are for article use only.
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