Best Mortgage Rates in Calgary

Compare fixed and variable mortgage rate offers from the best banks and alternative lenders in Calgary.

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Currently showing: fixed & variable rate mortgages in Alberta for 1, 2, 3, 4, 5 year terms

Homewise Mortgage 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.

Calgary mortgage rate update: May 2025

Mortgage rates in Calgary have been somewhat stable in May. Since there’s no Bank of Canada interest rate decision scheduled this month, most recent rate movement has been limited to fixed rates.

Fixed rates haven't shot through the roof, but there have been marginal increases at most lenders. As of May 13, 2025, you can find three-year and five-year fixed rates for as low as 3.94%.

Fixed rates are more likely to increase than decrease in the coming weeks. Government bond yields, which determine fixed mortgage rates, have been slowly edging upward. When yields increase over a sustained period of time, lenders typically respond by raising their fixed rates.

The best variable mortgage rates in Calgary, which are currently around 4%, should be stable until at least June 4, when the Bank of Canada is scheduled to make its next rate announcement. The Bank is expected to reduce its overnight rate by 0.25%, which would reduce variable mortgage rates by the same amount.

Home prices in Calgary
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

Will Calgary mortgage rates go down in 2025?

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.