Best mortgage rates - Calgary

If you are shopping for a home loan and looking for the best mortgage rates in Calgary, RateSupermarket.ca is your source to compare over 500 rates from the top lenders and Calgary mortgage brokers so you'll be sure to find financing for your property.

Calgary vital statistics

According to the latest Calgary civic census conducted in 2008, Calgary's vital stats are:

Population: Grew from 1,019,942 in April 2007 to 1,042,892 in April 2008 (increase of 22,950 = 2.25%)
Housing stats: Existing housing and under construction dwellings is 432,997
An increase of 12,686 over April 2007

Source: Calgary 2008 civic census

Calgary Mortgage Rates Will Remain Relatively Flat

The current average mortgage rates for Calgary, Alberta on July 24, 2008 as posted by the Calgary Real Estate Board (CREB) are:

All lender average 5 year closed fixed rate: 6.42%
All lender average 6 month open rate: 6.62%

The Canadian Mortgage and Housing Corporation (CMHC) has reported that posted mortgage rates eased by about 50 basis points in the first four months of this year, although rates in late April were 30 to 35 basis points higher than they were 12 months prior. Mortgage rates are expected to trend marginally lower throughout 2008, but will be within 25-50 basis points of their current levels.

Calgary 2008 Housing Outlook

The CMHC reported that market conditions during the first quarter of 2008 clearly favoured buyers. Active listings increased to a record high while demand has been cut by over a third. After one quarter, total MLS sales in the Calgary CMA amounted to 6,354 units, down 36% from the first quarter of 2007.

Calgary average resale prices were $419,396 in March 2008, up less than 1% from last year. Year-to-date, the total average price of $414,838 is 4.4% higher than the first quarter average of 2007. The 2008 average price is projected to be $429,000, only 3.6% higher than 2007. Once listings moderate by 2009, the resale market is expected to move out of buyers' market conditions and become more balanced. Nonetheless, price growth in 2009 will be limited. The total average resale price in 2009 is forecasted to rise to $450,000, up 4.9% from 2008.

CMHC Calgary housing market & Calgary mortgage rate forecast

Census Metropolitan Area		Total Housing Starts	MLS sales	MLS average price	Mortgage rates (1 year)	Mortgage rates (5 year)
Calgary	2007	13,505	32,176	$414,066	7.35%	7.54%
	2008 (F)	11,000	26,000	$429,000	6.95%	7.01%
	2009(F)	10,750	26,750	$450,000	6.83%	6.97%