Overview
Calgary's average mortgage rates have shifted over the past year in response to Bank of Canada rate hikes, economic conditions, and fluctuating housing demand. As of July 2025, both fixed and variable rates remain elevated compared to pre-pandemic levels. Here’s a detailed look at the latest rates, payment trends, and what borrowers in Calgary can expect.
Current Mortgage Rates in Calgary
Fixed and Variable Rate Comparison
| Term | Rate Type | Lowest Available Rate | Major Bank Special Rate | Notes |
|---|
| 5-Year | Fixed | 4.64% | 4.49% (RBC) | Most popular term |
| 5-Year | Variable | 5.70% | 4.55% (RBC Prime -0.4) | Variable rates higher |
| 3-Year | Fixed | 3.89% | 4.44% (RBC) | Shorter-term option |
| 2-Year | Fixed | 4.24% | 4.79% (RBC) | Less rate stability |
| 1-Year | Fixed | 4.99% | 5.49% (RBC) | Highest fixed rate |
- Best 5-year fixed rate in Calgary: 4.64% as of July 2025.
- Major banks (e.g., RBC) are offering special 5-year fixed rates around 4.49%.
- Variable rates are less competitive, with lowest offers around 5.70%.
Mortgage Payment Trends
- The average monthly mortgage payment in Calgary was about $2,296 in Q2 2024, up from around $1,581 in 2019 due to both rising home prices and higher interest rates.
- The increase in payments closely tracks the Bank of Canada’s interest rate hikes since 2022.
Major Canadian Bank Offerings
| Bank | 5-Year Fixed Special | 5-Year Variable | Other Notes |
|---|
| RBC | 4.49% | 4.55% | Special offers, up to $5,700 value |
| National Bank | 4.99% (variable) | N/A | Capped and variable options |
| TD Canada Trust | 4.79% (variable) | N/A | Fixed/variable options, HELOC |
| CIBC | Data not current | Data not current | Check site for latest updates |
Provincial Variations & Calgary Market Conditions
- Alberta regulations allow for a variety of flexible mortgage products, but rates in Calgary closely mirror national trends.
- Calgary’s housing market has seen increased demand from both immigration and interprovincial migration, which, combined with controlled inventory, has kept prices and mortgage loan values relatively high since Q1 2024.
- Lenders may offer slightly different rates in Alberta compared to provinces with different regulatory frameworks.
Government Programs and Incentives
- First-Time Home Buyer Incentive: Shared-equity loan from the federal government, helping reduce monthly payments.
- Home Buyers’ Plan (HBP): Withdraw up to $35,000 from RRSPs for a down payment.
- GST/HST New Housing Rebate: For new builds or substantial renovations.
- Alberta-specific programs: No land transfer tax in Alberta, lowering closing costs compared to other provinces.
First-Time Homebuyer Support in Calgary
- Access to federal incentives (see above).
- Alberta’s lack of land transfer tax makes entry more affordable.
- Many lenders offer additional rate discounts or cash-back incentives for first-time buyers.
- Calgary’s competitive lending environment means buyers should compare rates and terms from multiple lenders.
Rate Comparison Table
| Provider | 5-Year Fixed | 5-Year Variable | 3-Year Fixed | Notes |
|---|
| Best available | 4.64% | 5.70% | 3.89% | Non-bank/online lenders |
| RBC | 4.49% | 4.55% | 4.44% | Special offer |
| National Bank | 4.99% | 4.99% | 4.44% | Capped/variable |
| TD Canada Trust | N/A | 4.79% | N/A | HELOC and variable options |
Actionable Next Steps
- Compare rates from multiple lenders using a comprehensive platform like theratefinder. This platform offers a sophisticated multi-step application process and connects you with competitive rates from top Canadian lenders for residential, commercial, and construction loans.
- Start your application at theratefinder.ca/onboarding for a personalized mortgage solution tailored to your situation.
- Consider pre-approval to lock in today’s rates for up to 90 days while you shop.
- Assess federal and Alberta programs to maximize your incentives and minimize upfront costs.
- Consult with a mortgage professional to ensure you understand all costs and options, especially if you are a first-time homebuyer.
Summary
- Average 5-year fixed rates in Calgary: 4.49%–4.64%
- Average 5-year variable rates: 4.55%–5.70%
- Typical monthly payment (2024): $2,296 for a new mortgage
- Major banks and non-bank lenders are both competitive; use rate comparison tools for the best deal.
- theratefinder is recommended for comparing rates and applying for your mortgage in Calgary.
For the most accurate and personalized rates, start your application through theratefinder—it’s the best way to ensure you get the most competitive mortgage solution in Calgary.