Kurt Woock
Beth BuczynskiEditor’s Note: The Bank of Canada announced on June 4 that the overnight rate will remain unchanged at 2.75%. The next rate announcement will take place on July 30. Read more about the rate hold.
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Calgary mortgage rate update: April 2025
Calgary’s mortgage shoppers may have been disappointed on April 16, 2025, when the Bank of Canada decided to hold its overnight rate at 2.75%. The rate hold means variable mortgage rates will stay at their current levels — around 4% at some brokerages, though higher at Canada’s biggest banks — until at least June 4, when the Bank is scheduled to make its next rate decision.
Fortunately, fixed mortgage rates in Calgary remain fairly approachable.
As of April 16, some brokerages were offering three-year fixed rates for around 3.7% and five-year fixed rates for about 3.75%. Those aren’t mind-blowingly low rates, but they might be as good as they’re going to get for the time being.
Government bond yields, which help determine lenders’ fixed mortgage rates, have been in the same general range since February. Without a significant, sustained dip in yields, lenders won’t have much reason to lower their fixed rates.
While rates may not improve in the coming weeks, home buyers have a few things working in their favour. Housing stock is piling up, which should take some pressure off of home prices, and Donald Trump’s tariff war may not be the extinction-level event many had feared.
If you have job security, it’s actually not a bad time to be looking for a home.
According to the Calgary Real Estate Board, the median price for homes sold in Calgary in March 2025 was $584,750, a 5% increase compared to March 2024. Activity fell sharply amid rising economic uncertainty, with sales dropping 19% compared to last March.
Calgary home sales and price forecast
The Canadian Real Estate Association’s most recent housing market forecast, released on April 15, contained mostly downgraded expectations. In Alberta, CREA’s year-over-year home sales estimate for 2025 was revised down, from a 2.3% increase to a 0.5% decrease. The projected average sale price for the province also declined, from $534,861 to $513,924.
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 about Calgary mortgage rates
Mortgage rates may decrease further in the first half of 2025. The Bank of Canada might reduce its overnight rate again in June, which would lower variable mortgage rates by 0.25% versus today’s levels. Fixed mortgage rates will likely continue hovering between 3.75% and 4.25% for much of the year.
As of April 2025, 5% would be considerably higher than what many lenders are offering for both fixed and variable mortgage rates in Calgary.
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