LOOKING FOR BEST MORTGAGE RATES IN EDMONTON, AB?
Edmonton Mortgage Rates
As the capital of Alberta, Edmonton has a healthy real estate market, supported by a competitive and vibrant mortgage industry. This is great for the Edmonton homebuyer, as it offers more choice than many smaller cities.
While Edmonton may be smaller in size than its close city-neighbour Calgary, Edmonton is still a wonderful place to call home. For those who are in the market for a mortgage in Edmonton, AB, securing the best mortgage rate can be a top concern. Deciding on the right provider and understanding what factors can impact a mortgage rate is a complex decision. This article will guide you through understanding mortgage rates in Edmonton, and tips on how to get the most favorable rate.
Edmonton at a glance
- Population: 1.2 million – 2nd largest city in Alberta and capital of the province, 5th largest city in Canada
- Average Home Price: $370,100 in February 2024, a 2.9% year-over-year increase
- Average Household Income: $87,225
- Percentage of Homeowners: 64%
Fun facts about Edmonton
- Edmonton is among Canada’s sunniest cities, enjoying an average of 325 sunny days a year.
- Edmonton is home to the Commonwealth Stadium, which is the largest stadium in Canada.
Comparing the best mortgage rates in Edmonton
The best thing you can do to get access to the best mortgage rates in Edmonton is to compare the offers from multiple banks and brokerages. The comparison tables above are a great source of information, as they contain the most up to date rates from Edmonton’s leading lenders.
It’s important to remember that the rate you end up with could be different from the rates in the tables above. This could be because you don’t qualify for the best available rate, or because you might need a more specialized product. Factors like your down payment, mortgage type, home type, and credit score can all impact your final mortgage rate.
To learn more about the rates you’re likely to be offered, it’s a good idea to get quotes from us. You can do this in one quick and easy step, by clicking “Start Application” button on this page.
Edmonton closing costs
While the purchase price will be most of the money you’ll pay when buying a home in Edmonton, you’ll also need to factor in the other closing costs that you’ll be charged. Some of these will be included in the price of your mortgage, but others will need to be paid up front, in cash.
- Alberta Land Transfer Fee: Unlike most of Canada’s largest provinces, Alberta doesn’t have a land transfer tax. However, there is a fee you’ll need to pay whenever you purchase property in the province. The fee is equal to $50 + $1 for every $5,000 or portion thereof of the property value.
- Alberta Mortgage Fee: In addition to the land transfer tax, Alberta mortgages are subject to an additional fee, using a similar formula. This fee is $50 + $1 for every $5,000 or part thereof of the mortgage amount.
- CMHC Insurance: If your down payment is less than 20%, you’re required to pay for mortgage default insurance. This can be a significant amount, but it is generally included in your mortgage.
- Legal fees: A real estate lawyer will need to look over your mortgage contract, facilitate the sale of the property, and make any necessary changes to your land title on your behalf. Their fees are normally in the hundreds or low thousands of dollars.
These are just some of the closing costs you’ll have to pay in Edmonton. To learn more, contact us!
Edmonton first-time home buyer rebates
Many Canadian provinces give first-time home buyers a rebate on land transfer taxes. Of course, Alberta doesn’t have a land transfer tax, but it does have a land transfer fee. Despite that, Alberta does not offer first-time home buyers a rebate on the land transfer fee. Fortunately, the land transfer and mortgage fees in Alberta still end up being cheaper than the land transfer taxes in many other provinces.
Edmonton’s first-time home buyers can still access federal first-time home buyer programs. It’s worth taking the time to learn about all of these by getting in touch with us today!