Compare the Best Mortgage Rates in Alberta and find the lowest Fixed and Variable Mortgage Rates currently offered by banks, brokers & credit unions. Getting the right mortgage can help you save thousand over the course of your mortgage.
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Alberta Mortgage Rates
You work hard for your money and there is no reason you should throw it away just so you can buy a house. This is why getting the best mortgage rate possible is so important. A 1% or 2% lower interest rate over the length of your mortgage will translate directly into huge savings for you down the road.
CompareMyRates.ca goes through the work of shopping the most competitive brokers, banks, and lenders in Alberta so you don’t have to. Our comparison tools make it easy for you to see all the options available in one place and help you make the most informed decision. And they are updated daily so you know you’re getting the most up-to-date information possible; all free of charge!
To give you an idea of the possible savings: this year, our 5-year fixed-rate mortgage rates in Alberta have been averaging less than 2.5%. That is more than 1.5% less than the same bank-posted averages in Alberta!
If you’re wondering how that translates into numbers. Imagine your $400,000 dollar mortgage, and with our rates, you would save more than $100,000 over the life of the mortgage.
Alberta Mortgages– Variable Rate vs Fixed Rate?
Deciding whether or not to go with a variable mortgage rate or a fixed-rate mortgage is one of the biggest factors on how much interest you will pay. Just ask any of happy Albertans who have used CompareMyRates.ca to shop for a mortgage and chosen a variable-rate mortgage; they will tell you all about the savings they are enjoying.
Due to our variable rates being consistently lower than fixed rates, half of the Albertans who use CompareMyRates.ca opt for the variable-rate mortgage. The average savings between a 5-year variable-rate mortgage in Alberta compared to the same fixed-rate mortgage has been at least 0.5%. That may not seem like much, but it sure adds up over time!
Lowest Mortgage Rates in Alberta
Alberta has every kind of mortgage plans to offer- and this is where CompareMyRates.ca comes in. If you had to actually look through and compare the 100s of Mortgage Rates Alberta on your own- let’s not even try to imagine how complex and inefficient it would all be.
With comparemyrates.ca, you can sort and filter through the lowest mortgage rates Alberta to find not only the cheapest, but also the most suited mortgage plan for your needs. You can look for specific mortgage amounts, pin codes, type of rate and even term to find the ideal plan for your needs!
Mortgage Rate Comparison Alberta
The hardest task while buying a house begins when you have to compare mortgage rates Alberta has to offer. It is not just about getting the lowest rate- but one that fits within your specific criteria. Finding Mortgage Brokers Alberta may seem like an easy way out, but is nothing more than a rookie way.
With CompareMyRates.ca, you can filter out the middleman and do the entire process on your own in just a few clicks. With this, you can find the mortgage plan that YOU want without paying anything extra to anyone. Get all the information about mortgage rates within seconds using CompareMyRates.ca!
Alberta Housing Market Outlook
Alberta's housing starts are forecast to increase by 15.3 percent to 29,200 units in 2012, following a 6.5 percent decrease in 2011 to 25,325 units.
These robust gains are a result of a number of factors. Firstly, the economy is projected to show relatively strong growth over the forecast period. In 2011, the real gross domestic product is expected to rise by 3.1 per cent, followed by 3.5 per cent in 2012.Note, however, a pullback in oil prices during the summer, along with various wildfires, briefly slowed economic conditions, but these effects have dissipated.
Secondly, employment growth is projected at 3.4 percent in 2011, lowering the unemployment rate from 6.5 per cent to 5.6 per cent. By 2012, the unemployment rate is expected to be lowered to 5.1 percent. As a result, this will put upward pressure on Alberta's housing sector.
Finally, the demographic outlook for Alberta is positive. With an improving economy generating jobs, it is expected more migrants will choose Alberta as their home. Last year was a 15-year low for migration to Alberta. Moving forward, expect significant growth in migration this year with further gains in 2012.These gains are also expected to put upward pressure on the demand for housing within the province.
Single Starts: Single-detached starts are projected to decline about ten per cent in 2011, as builders mitigate the risk of rising inventories. Over the balance of the forecast period, demand for single-detached homes will improve with a growing economy and job creation. In 2012, single detached starts are expected to rise by over 15 percent to 18,400 units. The number of single-detached units under construction in August was at approximately half the level reported five years ago. However, with the inventory of completed and unabsorbed units up from the previous year, builders have been cautious about expanding production.
Multiple Starts: More affordable condominium projects are now competing with the resale market and enticing some renters to move into new condominium units. After a slow start to this year, the pace of multi-family starts has picked-up and is expected to edge past last year's level of production. In 2012, demand is expected to improve with rising incomes and new household formation, raising the level of multifamily production by 14.6 percent to 10,800 units.
Resales: The number of MLS® sales in Alberta is projected to increase by over six percent in 2011 to 52,800 units.In 2012, MLS® sales are projected to rise to 53,900 units.
Prices: Most of Alberta's major urban centers remain in buyers' market conditions as indicated by a sales-to-new listings ratio that has fluctuated around 50 percent this year.The average resale price in 2011 is expected to rise fractionally above last year's average, with much of the price movement attributed to compositional effects. As Alberta's economy generates employment and attracts more migrants, demand will rise and improve market balance. The average resale price in Alberta is projected to rise by more than two percent in 2012 to $362,700.
Source: Canada Mortgage and Housing Corporation (CMHC)
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If you are looking for new mortgage rates, 5-year variable rate mortgages are a great choice. Read on to learn more.