What Are Mortgage Renewal Rates in Alberta Right Now?
Rates are market-dependent and change frequently. The table below is a benchmark — call (403) 465-3937 for today's actual rates from the full lender market.
Rate Snapshot — [UPDATE MONTHLY]
| Term | Type | Bank Posted (est.) | Broker Best* |
|---|---|---|---|
| 5-Year | Fixed | [UPDATE] | [UPDATE] |
| 3-Year | Fixed | [UPDATE] | [UPDATE] |
| 2-Year | Fixed | [UPDATE] | [UPDATE] |
| 1-Year | Fixed | [UPDATE] | [UPDATE] |
| 5-Year | Variable | Prime +/- [x]% | Prime - [x]% |
*Best available rates through broker channel for qualified borrowers. Subject to change.
The 2021–2022 Renewal Wave — Why This Year Matters
From mid-2020 through early 2022, the Bank of Canada held rates at historic lows. Tens of thousands of Albertans locked in 5-year fixed mortgages at rates between 1.5% and 2.5%. Those terms are now expiring — and those borrowers are renewing into a very different rate environment.
The practical implication:
If you locked in at 2.0% in 2021 and are renewing in 2026, your payment is changing regardless. The question is whether it changes to your bank's first offer, or to the best available rate across 50+ lenders. The difference can be hundreds of dollars per month.
What Factors Affect Your Personal Renewal Rate?
- Credit score — the biggest variable. 720+ gets best pricing; 680–719 is strong; below 640 narrows options
- Loan-to-value ratio — more equity (below 80% LTV) means lower rate risk for lenders
- Property type — owner-occupied, rental, condo, and rural all priced differently
- Employment and income type — T4 salaried income qualifies most easily
- Which lender you choose — posted rates vs wholesale rates through a broker can differ by 0.5–1.0%
- Term length and type — shorter terms typically price lower but require renewal sooner
Why Your Bank's Renewal Offer Is Rarely Their Best Rate
Banks send renewal offers knowing that most clients will sign without shopping. The offered rate is their opening position, not their best rate. Even when you call to negotiate, you're negotiating against one lender's rate sheet.
A broker negotiates with 50+ lenders simultaneously. That competition consistently produces rates below what any individual borrower can achieve on their own.
The Renewal Timeline — When to Start Shopping
- 6 months out: some lenders allow early renewal at this stage — ask Deane if yours does
- 4 months out (120 days): standard penalty-free window — this is your target start date
- 3 months out: minimum for most lenders — still enough time to shop properly
- Renewal date: auto-renews at bank's offered rate if you take no action