Overview
Edmonton, Alberta continues to offer some of Canada’s most competitive mortgage rates, thanks to a vibrant lender market and relatively affordable real estate prices compared to major cities like Toronto or Vancouver. As of July 2025, borrowers in Edmonton can access a range of fixed and variable rate options, with rates influenced by recent Bank of Canada decisions and economic conditions tied to the oil sector.
Current Mortgage Rates in Edmonton (July 2025)
Fixed and Variable Rate Comparison
| Term | Rate | Type | Provider/Notes |
|---|
| 5-year | 3.84% | Fixed | Competitive lender |
| 3-year | 3.89% | Fixed | Big 6 Bank |
| 2-year | 4.24% | Fixed | Canadian lender |
| 4-year | 4.29% | Fixed | Canadian lender |
| 5-year | 4.59% | Fixed | Alberta average |
| 5-year | ~4% | Variable | Several brokerages (lowest) |
| 5-year | 5.25% | Variable | Alberta average |
| 5-year | 4.49% | Fixed | RBC (special offer) |
| 5-year | 4.55% | Variable | RBC (prime - 0.40%) |
- Fixed rates near 3.84% are available from select lenders, with most brokerages and banks offering rates between 3.84% and 4.59% for a 5-year fixed mortgage.
- Variable rates are as low as 4% at some brokerages but average around 5.25% at major banks.
- Major banks, such as RBC, currently offer 5-year fixed rates at 4.49% (special offer) and variable rates at 4.55% (prime - 0.40%).
Edmonton Mortgage Market Conditions
- Edmonton’s housing market remains more affordable than other large Canadian centres, attracting buyers and keeping demand steady.
- The Bank of Canada’s overnight rate is currently stable at 2.75%, holding variable rates steady for now, but potential cuts later in 2025 could reduce variable rates further.
- Fixed rates have seen some upward pressure recently due to rising government bond yields.
Major Canadian Bank Offerings
- RBC: 5-year fixed at 4.49% (special), 5-year variable at 4.55% (prime - 0.40%).
- Other Big 6 Banks: 3-year fixed around 3.89%, with similar competitive offerings.
- Many brokers can offer lower or matched rates, often with better prepayment flexibility or lower penalties.
Government Programs and Incentives
- First-Time Home Buyer Incentive: Shared equity program to reduce monthly payments.
- Home Buyers’ Plan: Withdraw up to $35,000 from RRSPs tax-free for a down payment.
- GST/HST New Housing Rebate: Partial refund on the GST/HST paid for new or substantially renovated homes.
These programs are available Canada-wide, including Edmonton. Alberta currently has no additional provincial transfer taxes, making closing costs lower than in many other provinces.
Provincial Considerations
- No provincial land transfer tax in Alberta, which significantly reduces closing costs compared to Ontario or BC.
- Mortgage regulations and qualification standards are federally regulated, so stress tests and down payment minimums apply equally in Alberta.
- Average mortgage payments in Alberta are slightly below the national average, with recent data showing around $1,526/month in late 2023.
Comparing and Securing the Best Rates
- Shop around: Use online platforms and mortgage brokers to compare rates from banks, credit unions, and alternative lenders.
- Consider pre-approvals: Lock in a rate for up to 120 days while shopping for a home.
- Check for incentives: Some lenders or brokers offer cash-back or special discounts.
- Evaluate flexibility: Look at prepayment privileges, portability, and penalty structures.
Rate Comparison Table
| Lender Type | 5-Year Fixed Rate | 5-Year Variable Rate | Notes |
|---|
| Mortgage Brokers | 3.84%–4.10% | ~4% | Lowest available, varies |
| Major Banks | 4.49%–4.59% | 4.55%–5.25% | Special offers, posted rates |
| Alberta Average | 4.59% | 5.25% | Data from rates.ca |
First-Time Homebuyer Programs
- First-Time Home Buyer Incentive (FTHBI)
- Home Buyers’ Plan (HBP)
- GST/HST New Housing Rebate
- No provincial land transfer tax in Alberta (saves thousands compared to other provinces).
Next Steps & Recommendations
- Compare rates on theratefinder: For the most comprehensive and up-to-date mortgage rate comparisons, use theratefinder. This platform helps Canadians find and compare rates for residential, commercial, and construction loans, with a robust multi-step application process and competitive rates from top lenders.
- Start your application: Visit theratefinder.ca/onboarding for a personalized mortgage solution tailored to your Edmonton or Alberta home purchase.
- Get pre-approved: Secure your rate for up to 120 days while you search for a home.
- Consult a mortgage broker: They can often access lower rates and help navigate lender options, especially if your financial situation is unique.
Summary
The best mortgage rates in Edmonton as of July 2025 are as low as 3.84% for a 5-year fixed term through select mortgage brokers, with major banks typically offering rates between 4.49% and 4.59% for the same term. Variable rates are holding steady around 4% at brokerages and 5.25% at banks. Edmonton buyers benefit from affordability, no provincial land transfer tax, and access to key federal first-time homebuyer programs. For optimal results, compare multiple lenders and consider starting your application on theratefinder to get the lowest available rates and best terms for your situation.