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| Insured ? | 80% LTV ? The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | 65% LTV ? The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | Uninsured ? | Bank Rate ? | ||
|---|---|---|---|---|---|---|
Insured 5.04% | 80% LTV 5.15% | 65% LTV 5.15% | Uninsured 6.63% | 6.29% | ||
Insured 4.74% | 80% LTV 4.79% | 65% LTV 4.74% | Uninsured 4.74% | 5.59% | ||
Insured 4.14% | 80% LTV 4.14% | 65% LTV 4.14% | Uninsured 4.49% | 4.89% | ||
Insured 4.29% | 80% LTV 4.14% | 65% LTV 4.14% | Uninsured 4.49% | 4.74% | ||
Insured 3.99% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.14% | 4.59% | ||
Insured 4.44% | 80% LTV 4.39% | 65% LTV 4.39% | Uninsured 5.9% | 5.5% | ||
Insured 5.09% | 80% LTV 5.29% | 65% LTV 5.29% | Uninsured 5.8% | 7.14% | ||
Insured 4.6% | 80% LTV 4.7% | 65% LTV 4.6% | Uninsured 4.6% | 6.85% | ||
Insured 4.3% | 80% LTV 4.55% | 65% LTV 4.3% | Uninsured 4.3% | 4.65% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.25% | 80% LTV 5.25% | 65% LTV 5.25% | Uninsured 5.25% | N/A |
4.35%
4.24%
7.24%
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As Canada’s fifth-largest metropolitan area, Calgary is one of the country’s largest housing markets. With average prices coming in at hundreds of thousands of dollars below other populous regions like Vancouver and Toronto, the area has become popular with young families and professionals.
The best way to capitalize on Calgary’s real estate market is to compare mortgage rates. At LowestRates.ca, we make it easy for you to see the lowest interest rates on Calgary mortgages, all in one place. We compare rates from banks and brokers across the country and bring them together to compete for your business.
Are you looking to buy, remortgage or refinance your home in Calgary? All you have to do is fill out the form to see the best mortgage rates in Calgary in one place.
Not ready to fill out a form? No problem. Keep reading to find out what type of mortgage you might need and learn more about Calgary’s housing market.
When you are ready, we’ll bring you today’s mortgage rates in Calgary, just like that.
Calgary’s housing market has been strong throughout 2024. While some markets such as Toronto or Vancouver have seen sales and prices decline this year, Calgary is one of the few cities bucking the trend.
The benchmark price of a home in Calgary is $608,000, which represents an 8.5% increase compared to one year ago. A single-family detached home, on average, is more expensive — reaching $767,600 in June, a whopping 12% higher when compared to June 2023.
Calgary’s housing market is becoming more expensive for several reasons. First, many Canadians from more costly cities — including those in the Greater Toronto and Greater Vancouver areas — have been moving to Calgary in significant numbers. In fact, the City of Calgary estimates that 110,000 people will move there over the next three years, representing 62 new residents every day until 2027.
All of that growth means that Calgary’s mortgage market is quite competitive, with a variety of lenders and brokers competing for business. LowestRates.ca compares many of these options.
Until this year, many homebuyers moving to Calgary were dealing with increasingly rising interest rates. The Bank of Canada begun moving up its overnight rate in March of 2022, and continued to hike rates until May of 2023. Both fixed and variable mortgages came with higher rates as a result, moving from record lows under 2% in 2021 to highs north of 6% as of last year.
However, recently, the Bank of Canada has begun to cut rates. It lowered its overnight rate from 5% to 4.75% in June 2024, and cut further in July to 4.5%. These cuts will help offset the rise in housing prices that have affected affordability in Calgary.
The prime driver of mortgage rates in Calgary is the Bank of Canada, or BoC. But different products are affected in different ways depending on what the market anticipates the Bank of Canada will do in the future.
Luckily, in Calgary, there are many lenders, including banks and credit unions. This means that as these rate changes happen, homeowners are privy to the most competitive mortgage rates available.
Some of the B lenders in Calgary are: MCAP, True North Mortgage, Home Trust, and First National.
In Canada, mortgage lenders are regulated by several federal and provincial agencies. Banks in Canada are regulated by the Office of the Superintendent of Financial Institutions (OFSI).
That means if you walk into a major bank for a mortgage in Calgary, that institution and the mortgage you are getting is regulated by OSFI.
OSFI also requires lenders it regulates to stress test borrowers who secure a mortgage from a Canadian bank. That means if you get a mortgage from a major bank, you will be required to prove that you can handle an increase in mortgage rates. Currently, you will be stress tested at the Bank of Canada’s five-year benchmark or your mortgage rate plus 2% (whichever one is higher at the time).
So, if you get a mortgage rate of 4.75% in today’s market, you will have to prove you can afford that mortgage at 6.75% to pass the stress test.
Not all mortgage lenders are regulated by OSFI, meaning borrowers from these non-OSFI regulated institutions are not required to pass a stress test. In Calgary, credit unions also offer mortgages. These institutions are regulated by the Alberta Credit Union Deposit Guarantee Corporation (CUDGC).
At LowestRates.ca, you can easily compare top mortgage rates from leading lenders across Canada. By aggregating live rates continuously, we provide current mortgage rate information at your fingertips. Connect with mortgage brokers who source rates from various lenders simply by filling out our form, and start saving on your next home.
Our rates are often significantly lower than the bank rate, potentially saving you thousands annually. Available nationwide, our service is quick, free, and user-friendly, offering unbiased and comprehensive rate comparisons while ensuring your information remains secure.
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A borrower in Calgary will have to abide by the mortgage insurance rules, which are set by the Canada Mortgage and Housing Corporation (CMHC).
These rules mean that you require mortgage insurance for a mortgage with a down payment of less than 20%. These are known as high-ratio mortgages, and you are required to pay for insurance to obtain one. Conversely, a conventional mortgage (those with a down payment of 20% or more), do not require mortgage insurance.
The one benefit of insured mortgages is they often come with a lower mortgage rate, as the insurance means that the lender is not on the hook for the mortgage should the borrower default on the loan.
Insured mortgages often come with a 20-basis point discount to a conventional mortgage.
The conventional 5-year fixed mortgage rate has witnessed a downward trend since October 2023, caused by the downward trajectory of Canadian bond yields. Canadian bond yields have dropped since October due to two reasons:
The Canadian economy didn't perform as well as expected.
Expectations were high for the Bank of Canada to cut its policy interest rate. The Bank did carry out two rate cuts – in June and July this year.
Canadian two-year government bonds now have yields that are about 0.8% lower than similar US bonds.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 12/23 | 5.84% | 5.40% |
| 01/24 | 5.57% | 5.22% |
| 02/24 | 5.53% | 5.20% |
| 03/24 | 5.29% | 5.09% |
| 04/24 | 5.18% | 5.05% |
| 05/24 | 5.20% | 5.05% |
| 06/24 | 5.13% | 4.87% |
| 07/24 | 4.99% | 4.81% |
| 08/24 | 5.11% | 4.89% |
| 09/24 | 5.19% | 4.98% |
| 10/24 | 4.79% | 4.53% |
| 11/24 | 4.72% | 4.42% |
Last Updated: December 1, 2024
Variable-rate mortgages are directly affected by the Bank of Canada’s rate decisions. Variables are priced based on the “prime” lending rate at banks. This rate, which sits at 6.7% as of July 2024, moves up and down depending on what the Bank of Canada does. Variable mortgages are often priced at a discount to the prime rate. So, for instance, if you have a discount of “prime minus 50”, your mortgage rate is 6.2%, which equates to a 50-basis point discount from the prime rate.
Fixed-rate mortgages, on the other hand, are priced based on the bond market. Specifically, lenders look to the five-year Government of Canada bond to price these loans. As yields on these bonds change on a day-to-day basis, fixed-rate offers are frequently changing. But what moves bond yields? Essentially, the bond market is sensitive to where market participants predict the economy will be in the future. If they anticipate that the economy will be strong, bond yields are likely to rise, as the market expects the Bank of Canada to increase interest rates and cool the economy to stop it from overheating. Conversely, if the market anticipates a weak economy in the future, then expectations will rise that the Bank of Canada will cut interest rates, and bond yields will fall. Fixed-mortgage rates often move closely in tandem with these moves.
Prior to 2022, variable-rate mortgages were very popular with consumers. This is because they were some of the lowest rates you could get in the market, and up until that year, the Bank of Canada had been steadily lowering rates since the 1980s.
In fact, you could get rates below 1.5% as recently as March 2022. However, this changed once the Bank of Canada began hiking interest rates.
Following the hikes, most variable mortgages went from below 2% in 2021 to more than 6% as of 2023. That rise greatly hurt their popularity.
Compare that to fixed-mortgage rates, which do not change when the Bank of Canada changes its overnight rate. Anyone with a fixed mortgage — even those who were able to secure the record low rates of 2021 — saw their rate remain unchanged during this period. Only when the term of a fixed product is over — often after five years — is a borrower exposed to a new rate.
| Month | Fixed | Variable |
|---|---|---|
| 12/23 | 5.53% | 6.49% |
| 01/24 | 5.29% | 6.44% |
| 02/24 | 5.25% | 6.44% |
| 03/24 | 5.08% | 6.59% |
| 04/24 | 5.03% | 6.56% |
| 05/24 | 5.04% | 6.58% |
| 06/24 | 4.94% | 6.10% |
| 07/24 | 4.87% | 6.03% |
| 08/24 | 4.93% | 6.11% |
| 09/24 | 4.99% | 6.33% |
| 10/24 | 4.66% | 5.80% |
| 11/24 | 4.55% | 5.31% |
Last Updated: December 1, 2024
Lenders look at the big picture when assessing your eligibility for a mortgage. Here are some of the key things lenders evaluate when looking over your application and proposing a mortgage rate for a Calgary home.
Read More
The average value of a home loan in Calgary has been moving up mostly in lockstep as the average price of a home has risen.
According to CMHC, the average value of a new mortgage loan in Q4 of 2023 was $356,881, a slight decrease from $357,552 in the previous quarter.
However, this still represents a sizable jump of more than 20% when compared to the average new loan of $290,839 in Q1 of 2019.
For the most part, Calgary home prices have been rising since the start of the pandemic as an influx of new residents have moved to the city.
The average new loan did peak in Q3 2022, and slowed down after. This is likely the result of rising interest rates, which means that many Canadians now qualify for a smaller loan than they did prior to the Bank of Canada beginning to raise interest rates in March 2022.
Canadians are likely relying on larger down payments, or gifts from their parents, to continue to afford more expensive homes even as their lending power has decreased.
| Geography | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Calgary | Q1 - 2019 $290,839 | Q2 - 2019 $293,994 | Q3 - 2019 $302,960 | Q4 - 2019 $302,718 | Q1 - 2020 $289,424 | Q2 - 2020 $301,570 | Q3 - 2020 $317,497 | Q4 - 2020 $316,979 | Q1 - 2021 $304,368 | Q2 - 2021 $338,462 | Q3 - 2021 $361,420 | Q4 - 2021 $344,341 | Q1 - 2022 $342,042 | Q2 - 2022 $358,516 | Q3 - 2022 $371,194 | Q4 - 2022 $336,715 | Q1 - 2023 $331,194 | Q2 - 2023 $339,293 | Q3 - 2023 $357,552 | Q4 - 2023 $356,881 |
The average monthly payment for new mortgage loans have been rising in recent years in Calgary.
Payments have been increasing due to several factors. First, unlike much of the rest of Canada, Calgary has a housing market where the average price of a home continues to increase. This means that homebuyers need to take on larger loans and require higher monthly payments to service those loans.
Second, beginning in March 2022, the Bank of Canada began raising interest rates from its record low. This shows up clearly in the data below, which shows a large jump in the average monthly payment beginning in Q2 2022.
All of these factors have conspired to increase monthly payments for homeowners in Calgary.
| Geography | Q1 – 2019 | Q2 – 2019 | Q3 – 2019 | Q4 – 2019 | Q1 – 2020 | Q2 – 2020 | Q3 – 2020 | Q4 – 2020 | Q1 – 2021 | Q2 – 2021 | Q3 – 2021 | Q4 – 2021 | Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Calgary | $1,581 | $1,560 | $1,544 | $1,545 | $1,515 | $1,501 | $1,517 | $1,484 | $1,403 | $1,521 | $1,597 | $1,527 | $1,543 | $1,692 | $1,941 | $1,971 | $2,033 | $2,036 | $2,153 | $2,296 |
Getting the lowest mortgage rate is a major goal for any prospective homebuyer. After all, a lower rate means a smaller payment and it also means you can potentially afford a larger mortgage.
But what goes into getting the lowest rate? Here are some factors to consider.
Your credit score: The best rates go to the most creditworthy borrowers. And that means you have to have a higher credit score. While the exact definition of a high credit score can shift among the various credit agencies, there’s a general agreement that you want your credit score to be at least 700. But the higher the better, with the best scores being in the 800-900 range.
Existing debt: When you apply for a loan, a lender will take into account your existing debts to factor in how much they believe you can afford. These debts, such as car loans, credit card debt and personal loans, can decrease the total mortgage you can qualify for. It’s important to pay off these debts if you can before applying for a mortgage, especially if you have something like a large car loan that can shave tens of thousands – or even hundreds of thousands – of dollars off from how much you can qualify to borrow.
Mortgage insurance: The lowest rates go to those with insured mortgages, as discussed above. But this doesn’t mean that you should get an insured mortgage just because it has a lower rate. Make sure you speak to your mortgage broker or agent about the best option for you.
Primary residence versus investor property: If you are getting a mortgage for an investment property, be prepared to pay at least 20 basis points higher. That’s being the lowest mortgage rates go to homebuyers who are buying a property to live in versus to rent out.
Compare the market:Finally, the best way to get a low mortgage rate is to shop around. Mortgage brokers are one option, as they can compare a variety of lenders for you and get you the best rate. However, the best place to start is always a rate comparison website. These sites are convenient, compare not just lenders but also other brokers, and take just minutes to connect you with the broker or lender offering the lowest rates.
Residential sales activity in Calgary slowed in Q2 2024 compared to the Q2 2023.
The benchmark price for a detached house in Calgary hit a record $760,200 in Q2 2024, representing growth of 12.81% when compared to the same time last year.
Prices for a benchmark semi-detached house, meanwhile, reached $677,267, an increase of 12.87%. Finally, apartment prices reached $340,233, a 17.75% increase compared to earlier.
Sales for both apartments and townhouses grew quarter-over-quarter, likely fueled by the fact that affordability has been significantly challenged in the detached market.
Looking forward, Calgary’s market is likely to continue to benefit from increased migration as it remains relatively affordable compared to the other largest cities in Canada. The job market is also quite strong, as the oil and gas industry has benefited from higher oil prices.
The market may also get further lift if interest rates continue to decrease. The Bank of Canada has cut rates twice in a row in 2024, bringing the overnight rate to 4.5% from 5%.
Currently, economists at Canada’s big banks are forecasting two more cuts this year, which would bring the overnight rate to 4% by the end of 2024.
To seal the deal when it comes to a new home, you’ll need to pay some closing costs and a land transfer tax. To avoid any unexpected financial expenses, it’s best to budget 1.5% of the home’s purchase price (not including the down payment) so you can handle any additional costs that come your way.
Some of these costs might include:
Alberta also had a land transfer tax, which means that when you purchase a property or piece of land, you’re required to pay a fee upon closing of the sale. The amount you’ll have to pay depends on the value of your property.
Currently, the Bank of Canada has set its overnight lending rate at 4.5%. This means that most fixed-rate mortgages are now available at around 4.5-5%.
Variable mortgages, in comparison, are available in the high 5% range.
Economists are not aligned on what will happen for the rest of the year. But some of the big banks are currently predicting that we may see two more rate cuts by the end of the year.
Meanwhile, TD and CIBC are predicting that we may see a combined 175 basis points worth of cuts to the end of 2025, which would bring the overnight rate down to 2.75%.
Now, prediction is a difficult business. There are many factors that will influence the Bank of Canada’s decision to cut rates. First, inflation has to continue to show that it is stable or declining. The bank’s hikes in 2022 began as a result of a surge in inflation that significantly impacted the cost of living for many Canadians.
Second, while current predictions expect a slow path downward on interest rates, the bank may be forced to cut quicker than expected if the economy suddenly slows down. Canada’s unemployment rate has risen to 6.4% as of June, the highest rate in two years. Further deterioration may require quicker rate cuts.
Of course, even though the Bank of Canada lowers rates, banks gauge risk and price mortgages accordingly. As we saw during the emergency rate cuts of 2020, banks may decide not to pass on the full rate cut to consumers to predict their profits in a difficult economy.
All of these factors will influence mortgage rates in Calgary going forward.
The best way to find the lowest mortgage rate in Calgary is to compare quotes. Lowestrates.ca connects you with 50+ financial institutions and mortgage providers across Canada who will evaluate your financial health and get the lowest rate available for you. No two banks or mortgage providers will give the same rate, so it is best to compare and find the lowest rate available in the market.
You need to apply to a mortgage lender or a broker. This is a process that requires documentation such as pay stubs to prove employment income, as well as your current bills. A mortgage broker or agent will then file your application to a lender and that lender will determine whether you qualify for a mortgage. LowestRates.ca can help you compare brokers and lenders to get your qualification journey started.
All three are viable options. Choosing which one is right for you depends on who is offering the most competitive rate, as well as the details of the mortgage itself. For instance, some mortgages have very generous pre-payment options. This means you can pay extra into your mortgage without incurring early payment penalties.
A bank or credit union is only one option for you. A broker can help you compare the options available. LowestRates.ca can connect you with a broker to get your journey started.
Open mortgage: Open mortgages are appealing for their flexibility — they’re designed for homeowners who want to increase their mortgage payments, pay down their mortgage early, or relocate shortly. Open mortgages can be considered advantageous because they can be paid off early without incurring any fees. One hitch? By comparison, mortgage rates in Calgary will be higher with an open mortgage than a closed mortgage.
Closed mortgage: These mortgages typically offer the cheapest mortgage rates in Calgary. By choosing this option, homeowners will be required to make fixed payments for their entire term. Refinancing, renegotiating, or paying down a mortgage early can be risky because of the penalties involved. Some lenders do make exceptions when it comes to accelerated payments on the other hand. You’ll need to review the terms and conditions of your contract carefully.
So, which one is right for you? Most people should be opting for closed mortgages. The interest rate is far more competitive, and there is no reason not to get a closed mortgage if you are planning to live in your home for the long term. Open mortgages should only be considered by those who plan to break their mortgage or relocate before their term is up.
Finding the current mortgage rates in Calgary is just one step of the process. You’ll also want to explore prepayment privileges, penalties and portability.
Prepayment privileges: These privileges allow you to pay down your mortgage faster than originally planned without being charged a penalty for doing so. Banks and brokers will each have their own prepayment terms, so read the fine print when signing your contract.
Penalties: If you unexpectedly find yourself needing to move or refinance, you could get slapped with a penalty in the thousands of dollars. Sometimes homeowners are willing to pay the penalty fee if it means they can negotiate a better rate, but you’ll need to do the math to determine whether doing so is in your best interest.
Portability: To avoid penalties, you may want to negotiate a portable mortgage. That way, if you move before your mortgage term is over, you can transfer the mortgage to your new property and combine it with an additional mortgage loan.
Finally, remember that rates matter. Even a small difference in basis points between mortgages can add up over five years.
Take a $444,600 mortgage for example. If your mortgage rate is 4.90%, your monthly payment will be $2,561 — or $153,660 in payments over five years.
Compare that to a mortgage of 4.75% — just 15 basis points lower. The monthly payment is now $2,523. Not that much lower. But over five years, that translates to $151,380. Which saves you more than $2,000.
Both lenders and brokers bring their best rates to LowestRates.ca every single day. When you get a quote on the website, we are finding you the best rate from a trusted broker or lender in your province. Every day, brokers and lenders are competing for your business on our website.
On your end, you just have to fill out a quick form about yourself and the home you are planning to buy. We then connect you to the mortgage provider that offers the best rate and the right mortgage for your unique needs.
Yes, it’s safe — you no longer need to visit a bank branch or mortgage broker’s office in person to apply for a mortgage. It’s becoming increasingly common for Canadians to apply for mortgages online. LowestRates.ca only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.
We have a strong selection of lenders on LowestRates.ca including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate.
Even if you’re not ready to commit to anything, you can use our site as a starting point for research (it’s totally free, and you’re under no obligation to speak with our broker-partners).
The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most.
Shivani Kaul
About the Author
Shivani Kaul is a content manager in the personal finance space. Prior to this, she worked as a digital editor with Pagemasters North America (a division of The Canadian Press) for four years. Shivani has also worked as a freelance writer and editor for Investor's Digest of Canada and The Ghost Bureau.
She has more than a decade of experience working as an editor and writer for different news media organizations in Canada and South Asia. She has a Digital Marketing Management certification from the University of Toronto, a Master's degree in Mass Communication (Journalism) and a Bachelor's degree in English from the University of Delhi (India).
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