Find the best Mortgage Rates in Calgary, Alberta
5-year Fixed Rate
4.29%
High Ratio Mortgage
5-year Variable Rate
4.60%
Most Banks Current Prime Rate 5.45%
Not Just the Best Mortgage Rate
20 years in the business of helping Canadians save on mortgage borrowing costs. We've seen a thing or two!
Everyone's financial situation is different- It's your shelter, Your Home. And we negotiate with dozens of lenders to find you the best mortgage rate based on your situation.
Our Experienced Mortgage Brokers are specially trained to look for opportunities in your income, credit and assets to build a stronger case before we submit to our trusted lenders.
A Mortgage Solution, for Every Situation
Banks, Credit unions and branchless mortgage lenders compete with your bank's business.
Canadian Mortgage Lenders look for consistent volume business from RateShop brokers . As a Volume Brokerage, we get priority access to Rate Promotions, faster underwriting & approvals, lender exceptions and dedicated personnel are assigned to us to get you a better deal!
The Only Difference - You Save Thousands!
Mortgage Calculators for Calgary
Easy to use Mortgage Payment & Affordability Calculators
Access to Canada's Mortgage Lenders
Working with Rateshop Mortgage can get you lower rates than your bank, with the same features like a home equity line of credit or options like pre-payment privileges.
Having a well connected network of lenders definitely helps track rates regularly. Above and beyond, we scower the internet and periodically work with our lenders to secure better than average industry rates that result in deeper rate discounts.
With RateShop, Canadians get unfiltered access to better rate & product offers from more than 65 mortgage lenders accross all provinces.
Our Mortgage Brokers in Calgary
RateShop Mortgage Brokers specialize in providing tailored mortgage solutions that help clients find the best mortgage rates. With a deep understanding of Calgary, Alberta's unique real estate market trends, we leverage Calgary, Alberta mortgage rates expertise to offer the lowest mortgage rates for various property types and financial situations. Whether you are purchasing, refinancing, renewing, or looking for a home equity line of credit, we work with you to compare mortgage rates and secure the most advantageous mortgage deals. Our in-depth knowledge of local lending programs and incentives ensures that we maximize financial benefits for our clients.
By accessing a wide network of lenders, RateShop mortgage brokers are able to save on mortgage costs by finding deals that are often better than those offered by major banks like TD, RBC, BMO, CIBC, and others. We secure mortgage rates that match your unique financial needs by comparing mortgage rates from over 65 lenders, including banks, credit unions, and monoline lenders. This allows us to provide our clients with low mortgage rates and best mortgage deals, helping them save thousands over the life of their mortgage.
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Finding the Right Mortgage
Don't lock in just because your neighbor did! Mortgage terms vary from 6 months all the way up to 10 years and you can choose based on your family financial needs. Are you selling soon? Or maybe you want to invest in 2 years. Maybe you want some flexibility, the choice is yours but make it an educated one when you talk to our commission-free mortgage advisors to help you decide on what offers the best mortgage rate and highest savings.
| Fixed Rates | Mortgage Expert Insights |
|---|---|
| 1 Year Fixed Rate |
Great solution for a short-term mortgage needs, renewals can be competitive but rates can go up at maturity without notice. Perfect for new builds to sell after a year or refinance for equity. |
| 2 Years Fixed Rate |
More flexible, a longer duration to support a family need for a couple of years or planning an exit from an existing mortgage without penalties. |
| 3 Years Variable Rate |
3 Year terms can sometimes deliver the best savings, but are typically suggested in a low rate environment, consider a variable too since upon maturity you may get stuck with a higher renewal. |
| 4 Years Fixed Rate |
Banks use this to gain your business, but if you are saving atleast 20-30bps, definitely consider a 4 year term mortgage, compare your savings on a 5 year mortgage term. |
| 5 Years Fixed Rate |
On average, households will upgrade or alter their mortgage about every 5 years, avoiding penalties upon maturity and best rate savings. |
| 5 Years Variable Rate |
Usually recommended in lower rate environments, beat the bank on mortgage penalties and optimize your savings compared to a fixed mortgage offer for the same term. |
Where is the Mortgage Market heading?
History can teach us a lot, check out Canada's mortgage rates history over the past 48 years. Bank of Canada tracks conventional mortgage rates for 3 year and 5 year terms. We can help with understanding the pros & cons to a fixed mortgage rate vs. a variable mortgage rate.
Explore Our Mortgage Options
Lately with the mortgage rate increases, Canadians are focused on finding mortgage options that offer greater flexibility.
We work with our clients to help identify mortgage savings through various offers from multiple lenders, because the rate just can't be the only consideration to financial stability.
Our Mortgage Brokers will assess your needs, qualification and consider your long term financial goals before suggesting the best mortgage option!
Learn how to create a monthly income by investing in mortgages
Learn how to create a monthly income by investing in mortgages
About Calgary, Alberta
Calgary, lands at #4 as a top ranking city in Canada in the province of Alberta and is regarded as a Large Urban population city. In 2021 the Calgary had a count of 1,305,550 residents which was a jump of change from the previous census of 2016 where the population size was just 1,240,413. Calgary spans over 621.72 km2 and has the #4 rank in population density of 2,099.9/km2.
Calgary's Real Estate Landscape
Calgary is a city in the province of Alberta, Canada. It is situated at the confluence of the Bow River and the Elbow River in the south of the province, in an area of foothills and prairie about 80 km (50 mi) east of the front ranges of the Rocky Mountains. The city anchors the south end of what Statistics Canada defines as the Calgary–Edmonton Corridor. As of 2016, Calgary had a population density of 1,490 people per square kilometer (3,860/sq mi), making it Alberta's most populous municipality and Canada's fifth-most populous municipality. In 2016, Calgary had a metropolitan population of 1,392,609, making it Alberta's largest city and Canada's fourth-largest census metropolitan area (CMA). According to Statistics Canada, by October 2018 Calgary's CMA had grown to 1,481,516. The economy of Calgary includes activity in several industries; however, oil and gas form a significant part of its economy overall with more than 40% percent coming from this sector as recently as 2015. Real Estate is also a large part of Calgary's economy with many new homes being built each year to accommodate the growing population.
PROPERTY USE
If you are buying a property to live in Calgary as a primary residence, also known as a principal residence, then your lowest mortgage rates are guaranteed. Depending on the use of your Calgary property, certain lenders will price the rate higher if the property is used as a rental investment. Calgary has a high concentration of primary residences, however there has been an increase in demand for rental properties, mortgage lenders can look at each Calgary property to determine if the property use was intended as short term or long term rental tenant use.
Our Mortgage Brokers work on approvals from various lenders with specialized investment rental mortgage financing options that include owner-occupied, mixed use or semi commercial properties, some properties with an In-law suite can be used towards an owner-occupied and rental mortgage approval and still qualify for the best mortgage rates. You could be purchasing, refinancing or renewing a mortgage on a Calgary student rental or a multi-plex property that generates an income and we can still guarantee the lowest mortgage rates.
Canada Mortgage Housing Authority permits the purchase of owner-occupied Calgary properties with upto 2 units to a 95% loan-to-value and upto 4 units to a 90% loan-to-value. "
Best Mortgage Banks, Lenders in Calgary, Alberta
Rateshop.ca works with all banks, credit unions and monoline lenders in Canada. With access to so many options, our mortgage broker's focus is on helping you choose a Mortgage Lender in Calgary, with the lowest mortgage rate offered. We do so by sifting through lenders with promotions in Calgary. Mortgage lenders may follow their own internal process of financing in your Calgary.
lenders like TD Bank, Scotiabank, Meridian Credit Union, Duca credit Union and others may have a local branch closest to you in Calgary. Sometimes the branch facility can cost you a slightly higher rate. In many cases, lenders like First National, MCAP, RMG, ICICI, CMLS, Equitable Bank and others offer a similar suite of services online, even if they don't have a service location in Calgary. Some Mortgage lenders may also combine additional offers with their mortgage approval as a local customer from Calgary.
Mortgage Programs Offered in Calgary
When buying a property in Calgary, your down-payment determines your eligibility under insured, insurable or uninsured programs.
Insured mortgages in Calgary start with a minimum of 5% down-payment requirement upto a maximum purchase price of $500,000. 10% down-payment is required against the difference between purchase price and $500,000 in addition to the 5% to be eligible for the insured mortgage capped to a purchase price of $1,000,000. The maximum allowed GDS ratio is 39%, and the maximum allowed TDS ratio is 44%. The insurance premium against a default is added to the mortgage amount and amortization is limited to 25 years. These are generally the lowest rates offered by mortgage lenders due to their limited exposure and risk of default.
Insurable mortgages for purchases in Toronto are available through several banks, credit unions and monoline lenders, also known as back-end insured mortgages where the lender will qualify your purchase under a 25 year amortization and limit the GDS ratio to 39%, and the maximum allowed TDS ratio is 44%. However, the down-payment required for this program is a minimum of 20% and the greater the down-payment, better the rate.
For Uninsured Mortgages in Calgary, the amortization opens up to 30 years, and requires a minimum of 20% down-payment. These rates are higher in comparison to insured and insurable, mainly due to the mortgage lender's own risk towards your purchase. Refinances are typically treated as uninsured. Most mortgage lenders will only offer home equity line of credit products under this program.
In case of Mortgage Renewals, your property in Calgary can qualify for a lower mortgage renewal rate if you have a low loan-to-value, if you have an active default insurance policy and if you have not changed the amortization on your mortgage since purchase.
To qualify for the right product and lowest rate options, contact our knowledgeable mortgage brokers. "
Closing Costs in Calgary, Calgary
"For any property purchases in Calgary, you will be required to hire a local Calgary lawyer to complete the closing. The solicitor's job is to prepare the closing documents according to Calgary laws and complete the mortgage registration on the property, register the title under your ownership.
The lawyer will perform a title search in the Calgary of Calgary database, arrange for title insurance and remit any applicable taxes, in some cases these are Calgary Land Transfer taxes as well as Calgary Land Transfer taxes. The lawyer is also responsible for communicating with Calgary hall to confirm the status of the property taxes to Calgary. The lawyer will also complete the conditions requested by the Mortgage lenders , and disburse any brokerage commissions on the transaction.
A combination of legal fees, land transfer taxes and registration & title insurance fees are known as closing costs, typically applicable to purchases with exceptions incase to refinances where land transfer taxes may not apply if there are no changes to the title."
Home Buyer Incentives in Calgary
Calgary qualifies for incentives and credits for First Time Home buyers when purchasing a property.
If you are buying in Calgary, you can also qualify for rebates applied to the land transfer tax that can significantly reduce your closing costs.
Link on Rebate: http://www.cra-arc.gc.ca/hbp/
Since 2022, you can claim upto $10,000 for the purchase of a qualifying home. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-369-home-buyers-amount.html
New build purchases in Calgary are also eligible for GST/HST Rebates and claim upto $25,000 of sales tax paid on a new home purchase. This can also apply to a property that you built or significantly renovated in Calgary.https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/gst189.html
Lastly, make sure you check to see if Calgary is offering a Home Ownership or Downpayment Assistance Program, these assisted programs may qualify you for a lump sum contribution towards the purchase of a home in Calgary.
Understanding Mortgage Rates and Their Role in Calgary’s Housing Market
Mortgage rates significantly influence home affordability. Lower rates often lead to increased buyer activity, while higher rates can slow the market. RateShop Mortgage Brokers help clients navigate fluctuating rates by offering tailored advice and access to competitive mortgage products, ensuring buyers are prepared for market changes.
The Impact of Rising Mortgage Rates on First-Time Buyers in Calgary
Rising mortgage rates can create challenges for first-time buyers by increasing monthly payments. RateShop Mortgage Brokers assist buyers by offering strategies like pre-approvals, locking in favorable rates, and providing budgeting advice to help manage affordability and secure their first home.
How Mortgage Rates Affect Home Affordability in Calgary
Higher mortgage rates reduce purchasing power, limiting options for homebuyers. RateShop Mortgage Brokers educate clients on balancing loan terms, down payments, and rate options to maintain affordability and find the right property within their budget.
Leveraging Real Estate Assets in Calgary’s Market with Smart Financing
Real estate is a powerful wealth-building tool, but financing is key. RateShop Mortgage Brokers guide clients in choosing mortgage solutions that maximize asset potential, whether through equity-building strategies or refinancing for future investments.
The Role of RateShop Mortgage Brokers in Navigating Calgary’s Market Volatility
The Calgary housing market can be volatile due to economic factors and mortgage rate shifts. RateShop Mortgage Brokers provide expert insights and flexible solutions to help buyers and investors adapt to market conditions, ensuring informed decisions.
Building Wealth Through Real Estate in Calgary with Competitive Mortgages
Calgary’s real estate landscape offers opportunities to build long-term wealth. RateShop Mortgage Brokers connect clients with low-interest mortgages, enabling buyers to invest wisely and leverage their homes for financial growth.
First-Time Homebuyers’ Guide to Managing Mortgage Payments in Calgary
Managing mortgage payments can be daunting for new buyers. RateShop Mortgage Brokers offer personalized plans to balance monthly costs and provide clarity on terms, helping clients secure their first home without overextending their budget.
Strategies for Real Estate Investment in Calgary’s Dynamic Market
Investing in Calgary’s real estate requires understanding market trends and financing options. RateShop Mortgage Brokers support clients with insights on leveraging mortgage products for investment properties, ensuring profitability and manageable risk.
Future-Proofing Homeownership with RateShop Mortgage Brokers in Calgary
As mortgage rates and market conditions change, long-term planning is essential. RateShop Mortgage Brokers assist buyers in Calgary with strategies to future-proof their investments, ensuring sustainable homeownership and the ability to capitalize on real estate appreciation.
Frequently Asked Questions about Mortgages in Calgary
How to improve your finances with the help of a mortgage?
Consolidate Debt - helps lower your overall interest rate and reduce your monthly payments.
Tax Benefits
Invest in real estate
Use a mortgage to improve your home to increase the value and potentially earn a higher return on investment if you sell it later.
What kind of mortgages are offered in Canada?
Open Mortgage
Closed Mortgage
HELOC (Home Equity Line of Credit)
Reverse Mortgage
Conventional Mortgage
Convertible Mortgage
ARM (Adjustable-Rate Mortgage) or VRM (Variable Rate Mortgage)?
Variable mortgage your mortgage payment amount always remains the same it does not change even if the prime lending rate changes. While adjustable rate mortgage, the amount of your payment changes depending on the prime lending rate.
What mortgage rates are available?
Variable Rates
Fixed Rates
Adjustable Rates
What are today's Best Mortgage Rates?
4.29% - 5 year fixed
5.45% - 5 year variable
You can work with a Rateshop.ca Mortgage Advisors to help you compare options from multiple lenders and find the best mortgage for your needs. It's important to consider not only the interest rate, but also other factors such as the term of the loan, any fees or penalties, the lender's reputation and customer service.
What is a downpayment or Equity?
Downpayment is a payment made by the purchaser when buying a property which means the purchaser's initial investment in purchasing a property. While Equity is the value of your house minus the mortgage amount.
What's included in closing costs?
Closing cost is typically 1.5% of your purchase price. This includes but are not limited to
Land Transfer Tax
Lawyer and Legal Fees
Title Insurance
Mortgage Broker Fee
Property Insurance
What is Mortgage Insurance?
Mortgage insurance is an insurance that protects the mortgage lender or title holder if the borrower fails to make payments, dies, or is otherwise unable to meet the mortgage's terms and conditions.
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6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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