LOOKING FOR BEST MORTGAGE RATES IN CALGARY, AB?

Calgary Mortgage Rates

Calgary is one of the largest cities in Western Canada, and among the nation’s most important economic drivers. Located in the foothills of the Rocky Mountains, the city is popular among locals and newcomers alike for its outdoor lifestyle opportunities, as well as being a business centre, with many oil and gas companies headquartered there. Calgary real estate has also historically been more affordable than in other major Canadian city centres.

If you’re looking to get a new mortgage in Calgary or it’s time to renew your current mortgage, comparing mortgages should be a high priority. Taking the time to get a mortgage with a great rate and features that suit your lifestyle is a good investment, and will pay off for years to come.

Calgary at a glance

Population: 1.4 million – largest city in Alberta, 3rd largest city in Canada
Average Home Price: $585,000
Average Household Income: $99,388
Percentage of Homeowners: 74%

Fun facts about Edmonton

Calgary is the sunniest major city in Canada, with 333 days of sunshine per year.
Calgary is famous for hosting the annual Calgary Stampede, which is the world’s largest rodeo.

Comparing the best mortgage rates in Calgary

The best thing you can do to get access to the best mortgage rates in Calgary 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 Calgary’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.

Calgary closing costs

In Calgary, closing costs are fairly minimal, thanks to the lack of any land transfer tax. However, there are still some closing costs to consider, some of which cannot be added to your mortgage. Make sure you have enough saved to cover these in addition to your down payment.

Land transfer and mortgage fees: While Alberta doesn’t have a land transfer tax, there are land transfer and mortgage fees to pay with every property purchase. Luckily, these fees are still less than land transfer taxes in some other provinces.
Mortgage default insurance: If your down payment is less than 20% of the purchase price, you’ll need to pay for mortgage default insurance, also called CMHC insurance. The premium will be added to your mortgage, so you won’t need to pay it up-front. Regardless, you’ll have to account for it on top of your new home purchase. Note that unlike some provinces, PST does not apply to mortgage default insurance premiums in Alberta.
GST: GST only applies to newly built properties, or on construction work you have done yourself. If you are buying a brand new property, Calgary’s 5% GST will apply. This can generally be included in your mortgage.
Legal fees: All property transactions require changes to the land title, which must be done by a real estate lawyer licensed to practice in Alberta.
Adjustment costs: Some taxes and fees may have been pre-paid by the seller. You’ll need to reimburse them for these costs when you settle the sale.

Calgary GST rebate

There is a national rebate available for the GST charged on some new buildings that you can use in Calgary. For new homes up to $350,000 in value, you can claim 36% of the GST. For homes between $350,000 and $450,000, there are partial rebates available.

Calgary first-time home buyer programs

There are no first-time home buyer programs specific to Calgary. This is because most provincial first-time home buyer programs come in the form of land transfer tax rebates, but Calgary has no land transfer tax.

That said, new homebuyers in Calgary are still eligible for federal first-time home buyers’ programs.

To learn more about how you can qualify for a Calgary mortgage, click below to book an appointment or start an application. We will try to get you best mortgage rates!