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Current Mortgage Rates in Calgary

Find the best mortgage rates in Calgary by simply entering a home value, down payment amount and interest rate type.

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Rates updated: April 04, 2024

Mortgage Type

Property Value

Mortgage Balance





Est. payment
: $2,774.00/mo


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Est. payment
: $2,336.00/mo


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Est. payment
: $2,651.00/mo

Radius Financial

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Est. payment
: $2,395.00/mo


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Est. payment
: $2,290.00/mo

First National

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Est. payment
: $2,589.00/mo

Neo Financial

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Disclaimer: These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners. Mortgage Brokerage Licensed in ON #12984, BC #X301004, MB and AB. Homewise can pursue mortgage brokering activity in SK, NL, NS and NB.

Data source:

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The Calgary housing market

Average home prices in Calgary

The average residential home price in Calgary was $540,090 in December 2023, up 9% from December 2022. 

One factor in the continued strength of Calgary home prices is the mismatch between supply and demand: Sales are up 21% since last December while inventory is down 13%.

Calgary home sales and price forecast

Real estate experts predict a more normal real estate market in 2024, though the bar for “normal” is low given the tumult of 2023. Many believe Bank of Canada interest rate hikes — a primary driver behind last year’s affordability crunch — are largely over. But exactly when and how quickly the Bank begins to taper interest rates down remains an important question mark.

A report released by real estate company Royal LePage forecasts home prices increasing about 5% by the end of the year, with most of that increase taking place in the second half of 2024. RE/MAX Canada suggests a more subdued average price increase of less than 1%. 

Royal LePage’s report said Calgary will have one of Canada’s hottest markets in 2024, with prices expected to rise 8% by year’s end.

Another factor to monitor is housing supply: When rates increased, supply of available homes dropped sharply as would-be sellers, who faced the prospect of also becoming would-be home buyers, decided to stay put. Systemic housing shortages in Ontario and B.C. compound the problem of limited supply. As a result, housing prices have stayed resilient despite the downward pressure rate increases often exert.

Ultimately, the interplay of home prices, rates and supply will affect housing affordability in 2024. For example, potential rate cuts could offset price increases in some instances and lead to lower monthly payments. Or, a more stable real estate environment could convince more current homeowners to list their homes for sale. Then again, a slower-than-expected unwinding of interest rates could throw a kink in those outcomes. The volatility of 2023 may be behind us, but the stability that could take hold in 2024 is still a little fuzzy. 

Why compare mortgage rates in Calgary?

Even though home prices in Calgary are low compared to those in Canada’s other large real estate markets, you’ll want to save as much money as possible on your next mortgage. Comparing the rates offered by different banks and brokers is one way to do that.

Comparing mortgage interest rates can help you understand the impact of even a few percentage points on the size of your monthly mortgage payment and overall cost of your next home loan. Comparing rates can also illustrate the effects of choosing either a variable- or fixed-rate mortgage product, and help you decide which one is right for you.

Finding attractive rates from a few mortgage lenders is just the first step, however. You’ll also want to compare loan details, including prepayment options, fees, and potential penalties. These features all impact the total cost of your mortgage over the lifetime of the loan; depending on how your home ownership journey shakes out, they can be just as important as the interest rate you choose.

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:

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 about Calgary mortgage rates

Will mortgage rates go up or down in Calgary in 2024?

Mortgage rate fluctuations are hard to predict. However, some experts think that the Bank of Canada will start to reduce its policy rate at some point in 2024. If so, mortgage rates across Canada could start to recede as a result.

Is 5% a good mortgage rate in Calgary?

As of April 2024, you could still find fixed mortgage rates for less than 5% and variable mortgage rates for under 6% for a home purchase price of $400,000 and a down payment of 10%. The rate offers you receive depend on factors like your credit score, total debt level and income.


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