Best Mortgage Rates in Calgary
Compare fixed and variable mortgage rate offers from the best banks and alternative lenders in Calgary.Calgary mortgage rate update: August 2025
August could be a long month for Calgary's mortgage shoppers.
On July 30, the Bank of Canada held its overnight rate at 2.75%. It was the Bank's third consecutive rate hold, and came as no surprise.
The rate hold means borrowers are stuck with today's variable mortgage rates until at least September 17, when the BoC is scheduled to make its next rate decision. Brokerages currently offer the lowest variable rates — around 4.1%. You might pay significantly more elsewhere.
At least variable rates are stable. Fixed mortgage rates could spend the rest of the summer inching up.
That's because government bond yields, which help determine lenders’ fixed rates, spent July on a steady upward trek. Yields tapered off somewhat toward the end of July, but they will begin August higher than they’ve been since January. When yields rise over an extended period of time, lenders often respond by increasing their fixed rates.
Fixed rates crept up here and there in the final days of July, but not to the extent that signals a wholesale shift. You can still find three- and five-year fixed rates advertised at around 4.1% at some mortgage brokerages.
Whether fixed rates rise further in the coming weeks is hard to predict, especially in the current economic climate. But it's a definite possibility. If you're considering getting a fixed-rate mortgage this summer, get pre-approved and lock in a rate as soon as possible.
Home prices in Calgary
In June, the total residential average price in Alberta was $525,119 — up 3.1% compared to June 2024, according to the Alberta Real Estate Association. Sales were down 4.2% year-over-year while inventory was up 19.1%. The average residential price in Calgary was $646,006.
Read more about the Bank of Canada's latest rate announcement.
The BoC makes policy interest rate announcements eight times a year. Find out how its latest decision might impact Canada's housing market.
Crunch the numbers with our mortgage calculators
How to get the best mortgage rate in Calgary
Whether you’re buying in Calgary, Edmonton, Red Deer or some other community in Alberta, following these tips will put you in a position to get the best possible mortgage rate.
1. Save up a significant down payment
A bigger down payment means you’ll have more equity on day one of home ownership. It also means you can borrow less, and smaller mortgages are less risky in the eyes of a lender — exactly what you want when trying to score a lower interest rate. Proving that you have the ability to save a substantial amount of cash may signal to lenders that you know how to prioritize your spending, too.
2. Strengthen your credit score and lighten your debt load
When lenders encounter a low credit score, they generally come to two conclusions: Either the person has difficulty keeping on top of their debt obligations or they have a short, untested credit history. Either scenario could make a lender think twice about offering you a mortgage, let alone one with a low interest rate.
If you have a strong credit score, but are carrying lots of debt, lenders may still be hesitant to offer you a competitive rate because your credit utilization ratio is too high. (It’s recommended that this ratio be no higher than 30-35%.) Lenders may even ask you to completely pay off one or more of your outstanding balances before they can make you a reasonable offer.
Paying off a substantial chunk of debt with little notice can be difficult to do, so it’s best to whittle your debt down before reaching out to a lender or mortgage broker. It should make the pre-qualification process easier.
3. Consult a mortgage broker
Using a mortgage broker can lighten the burden of hunting for the best mortgage rate. Experienced mortgage brokers have relationships with multiple lenders and can compare their offers with your homeownership goals in mind.
Working with a broker isn’t legally required. You can always fund your next real estate purchase in Calgary by working with one of Canada’s Big Six banks or an alternative lender. But these institutions will only offer their own products.
A mortgage broker can advocate on your behalf when dealing with lenders. Brokers can negotiate lower rates and better terms for their clients, and when they know a person’s personal and financial history — the good, the bad and the improving — they can use that information to convince a lender of their client’s creditworthiness.
Where can you get a mortgage in Calgary?
Being a large city with an active real estate market, Calgary has no shortage of financial institutions that offer mortgages, including:
Canada’s major banks: RBC, TD, BMO, Scotiabank, CIBC and National Bank.
Alternative lenders like True North Mortgage, Paradigm Quest, MCAP, and First National.
Private lenders including MortgageTree, Freedom Capital, and Private Capital Mortgage Ltd.
You can also consider applying for a mortgage with one of Alberta’s many credit unions, including Servus Credit Union, Vision Credit Union, and Bow Valley Credit Union.
Credit unions often offer their members competitive interest rates, and if borrowers can provide a down payment of at least 20%, they may not have to pass the mortgage stress test when applying for a home loan.
Frequently asked questions
Will Calgary mortgage rates go down in 2025?
Will Calgary mortgage rates go down in 2025?
The Bank of Canada overnight rate has been unchanged since March. If the bank lowers the rate, lower variable mortgage rates will follow. Fixed mortgage rates will likely continue hovering between 3.75% and 4.25% for much of the year.
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Clay Jarvis
Clay Jarvis