Overview of Calgary Mortgage Rates
Calgary’s mortgage market is highly competitive, reflecting its status as a major Canadian city with a diverse economy and relatively affordable real estate compared to other large urban centres. Rates can vary significantly depending on the lender, term, and whether you choose a fixed or variable product. Currently, the best 5-year fixed mortgage rate available in Calgary is approximately 3.84%, while variable rates and shorter-term fixed products are also competitive.
Current Mortgage Rates and Market Conditions
| Term | Best Fixed Rate | Best Variable Rate | Provider Type |
|---|
| 1 Year | 4.99% | N/A | Canadian Lender |
| 2 Years | 4.04% | N/A | Broker (True North) |
| 3 Years | 3.89% | N/A | Big 6 Bank |
| 4 Years | 4.09% | N/A | Broker (True North) |
| 5 Years | 3.84% | Prime - 0.40% | Canadian Lender / RBC |
| 7 Years | 5.11% | N/A | CIBC |
| 10 Years | 5.29% | N/A | First National |
| 25 Years | 7.49% | N/A | CIBC |
- Fixed Rates: Offer stability, with the lowest 5-year fixed rate at 3.84% from select Canadian lenders. Big banks like RBC and TD typically offer slightly higher posted rates, but may have special offers or discounts for qualified applicants.
- Variable Rates: These are often tied to the lender’s prime rate (e.g., RBC’s 5-year variable at Prime - 0.40% = 4.55% as of July 2025). Variable rates can save money if interest rates fall but carry risk if rates rise.
- Broker Rates: Mortgage brokers can sometimes secure even lower rates by leveraging their relationships with multiple lenders and may offer rate buy-downs.
Canadian Government Programs and Incentives
- First-Time Home Buyer Incentive (FTHBI): A shared equity mortgage with the Government of Canada, reducing monthly payments without increasing the amount you need to save for a down payment.
- Home Buyers’ Plan (HBP): Allows first-time buyers to withdraw up to $35,000 from their RRSPs tax-free to buy or build a qualifying home.
- GST/HST New Housing Rebate: Available for new home purchases, offering a rebate on a portion of the GST or HST paid.
- Alberta-specific Programs: Alberta does not have a provincial land transfer tax (unlike Ontario and B.C.), but buyers should still budget for other closing costs like legal fees and title insurance.
Major Canadian Bank Offerings
| Bank | 5-Year Fixed (Special Offer) | 5-Year Variable | Notable Features |
|---|
| RBC | 4.49% | Prime - 0.40% (4.55%) | Up to $5,700 in value with eligible mortgage |
| TD | 4.49% | Prime - 0.31% (4.79%) | Personalized advice, online tools |
| CIBC | Not listed | Not listed | Wide range of terms, online comparison |
- Big banks often provide additional perks, such as cash back, flexible prepayment options, and bundled banking services.
- Credit unions and monoline lenders frequently offer lower rates than the big banks, especially through brokers.
Provincial Variations in Regulations
- Alberta has no provincial land transfer tax, which can save buyers thousands compared to other provinces.
- Mortgage rules (e.g., stress test) are federally regulated, but provincial programs and incentives may vary.
- Closing costs in Alberta include legal fees, title insurance, and possibly a municipal land transfer tax in some jurisdictions.
First-Time Homebuyer Programs Specific to Canada
- First-Time Home Buyer Incentive: Reduces monthly mortgage costs by sharing equity with the government.
- Home Buyers’ Plan: RRSP withdrawals for down payment.
- Alberta Affordable Housing Programs: Local initiatives may offer grants or subsidies for qualifying buyers.
- GST/HST Rebate: Especially relevant for new construction.
How to Secure the Best Rate in Calgary
- Shop around: Compare rates from big banks, credit unions, and mortgage brokers. Even a 0.25% difference can save thousands over the life of your mortgage.
- Consider a mortgage broker: Brokers can access a wide range of lenders and may negotiate rate buy-downs.
- Lock in your rate: Many lenders allow you to hold a rate for up to 120 days, protecting you from increases while you shop for a home.
- Check eligibility for government programs: Especially if you’re a first-time buyer.
- Use online rate comparison tools: Platforms like theratefinder.ca provide a comprehensive, multi-step application process to compare rates from top Canadian lenders and brokers, ensuring you get the most competitive offer for your situation.
Summary and Next Steps
Calgary offers some of the most competitive mortgage rates in Canada, with 5-year fixed rates as low as 3.84% from select lenders. Big banks, credit unions, and brokers all have unique offerings, and shopping around is essential to secure the best deal. Take advantage of federal and provincial programs, especially if you’re a first-time buyer, and remember that Alberta’s lack of a land transfer tax is a significant advantage.
Actionable Recommendation:
Start your mortgage journey by comparing rates across multiple lenders and brokers. For a streamlined, personalized experience, use theratefinder.ca’s sophisticated application platform to access competitive rates from Canada’s top residential lenders. Begin your application at theratefinder.ca/onboarding to ensure you secure the best possible mortgage solution for your needs.