Mortgage Blog

What is the Average Mortgage Refinancing Rate Trend in Calgary Over the Past few Years?

January 17, 2026 | Posted by: Trintty Mortgage

Calgary Mortgage Refinancing follows a wider Canadian mortgage cycle over the past several years. 

However, the Mortgage refinancing rates in Calgary were very low during the COVID era, and this motivated many homeowners into long-term, cheap mortgages. A sharp policy rate spike in the past few years made refinancing rare and costly, and a fall in the rates has again reopened refinancing opportunities for some borrowers.

What is the Average Mortgage Refinancing Rate in Calgary?

As of early 2026, the average mortgage refinancing rate in Calgary is generally in the mid 3% to low 4% range for competitive lender offers. 

The current best 5-year fixed rates are often around 3.7-3.9%, and variable rates as low as approximately 3.4% through individual borrower rates can differ based on credit profile, down payment and lender negotiations.

The Average Mortgage Refinancing Rate Trend in Calgary over the Past Year

Historically Low Rates and Lots of Take-Outs – 2019-2021

During Covid 19 and especially through 2020-2021, posted fixed and variable mortgage rates hit multi-decade lows. Lenders were offering aggressively priced five-year fixed terms and prime-linked products that made refinancing attractive for homeowners who wanted either lower monthly payments or to extract equity. These low posted rates were driven by the accommodative Bank of Canada policy during the COVID years.

Ten Consecutive Rate Hikes and Refinancing Freezes- 2022- Mid 2024

From the beginning of March 2022, the Bank of Canada began raising its policy rate to fight high inflation. By the mid of 2023, many borrowers faced much higher variable and renewal rates, and fixed rates also increased with the rise in bond rates.

This increment made refinancing, especially cash-out or rate and term refis, largely uneconomic for homeowners who have secured very low Covid-Era terms. Industry tables show average five-year conventional lending rates moved sharply higher during 2022 and 2023.

Mortgage Refinancing Rate Trends Calgary 2024-2025

The fixed mortgage prices in Calgary are set by the bond yields. The bond yields increased in late 2023, then gradually fell through 2024. By June 2024, the Bank of Canada’s rate cycle had reached its peak, and markets began to decline.

This decline translated into lower posted 5 – year fixed offers and reductions in some variable rate products, which revived refinancing interest by late 2024 and into 2025. 

The mortgage brokers and analysts began reporting a decline in refinance activity as rates came off their 2023 highs. 

How have mortgage refinance rates changed in Calgary this Year?

• Early 2025 – Rates Start Rising: At the beginning of 2025, the refinancing ecosystem of Calgary reflected the legacy of higher rates from 2023-2024, with many lenders quoting 5-year fixed rates around 4% range- lower than mid 6% seen at 2023’s peak but still elevated compared with the lowest during the Covid period. The variable mortgage offers also circulated during this period, giving the homeowners refinancing flexibility if they anticipated rate cuts.
• Mid-Year 2025: Stable with slight downward pressure: When working on the Calgary Mortgage Refinancing Rate Trends over the last 12 months, one can witness stability with slight downfall. Thanks to the Bank of Canada’s policy rate holds and cuts later in the year, the market rates are stable or drifting slightly downward. Once the rates were stabilized, the mortgage brokers reported slightly higher refinance inquiries compared to early 2025, as some borrowers sought to lock in current lower pricing before potential rate increases.
• Late 2025: More Competitive Offers: By the last quarter of 2025, five-year rates around 3.79% were commonly advertised in Calgary, along with competitive variable options, making refinancing more feasible for homeowners who renewed at higher rates earlier in the year. There was a modest increase in variable rate adoption- showcasing that, as overall rates softened slightly, some borrowers began to consider hybrid refinance strategies.

Current v/s Past Mortgage Refinance Rates Calgary

Current – Early 2026: Calgary refinance mortgage rates, including the famous 5-year terms, have eased from recent peaks and are generally around the high 3% to low 4% range for competitive lender offers. These lower rates reflect the Bank of Canada policy cuts, bringing the overnight rate down to 2.25% by late 2025, helping mortgage pricing stabilize and improve refinancing attractiveness. 

Past (Pre-2025): In 2023-2024, refinance rates were much higher, with a five-year fixed average often above 7% due to the Bank of Canada hiking rates, dropping below 3%, making refinancing extremely attractive and inexpensive.

Calgary refinance rates have shifted from very low to very high during 2023 and early 2024. They were more moderate during 2025-2026, improving options for homeowners looking to refinance compared with the recent high-rate period. 

How do Mortgage Brokers help Homeowners understand the Mortgage Refinancing Trend in Calgary?

When searching for Calgary Mortgage Refinance Rate History Year-by-Year, consider a professional mortgage broker who will help you understand the trends.  

• Explain Rate Movements in Simple Terms: Mortgage brokers break down how refinancing rates in Calgary change based on decisions by the Bank of Canada, bond yields and lender pricing, helping homeowners understand why rates rise or fall, not just what the rates are. 
• Compare current v/s past rates: Brokers show homeowners how today’s refinance rates compare with pandemic lows and peak rate period of 2023-24, giving realistic expectations instead of emotional decisions.
• Provide Calgary’s specific insights: Rather than national averages, brokers focus on local lender trends, regional promotions and Alberta-based lending policies that directly affect Calgary homeowners. 
• Assess the Refinance Timing: Mortgage Brokers help their clients decide whether to refinance now or wait by analyzing rate trends, mortgage terms and long-term interest savings. 

With frequent changes in the mortgage rates, the dedicated mortgage specialist acts as a trusted advisor- filtering market noise and turning complicated refinancing trends into clear, practical decisions for Calgary homeowners.

During the Covid Era, refinancing in Calgary was common and cheap; the rates increased largely in 2022-2023, shutting the market down, and mid 2024 onwards saw rates ease and refinancing activity begin to recover.

FAQs

1. Were mortgage refinance rates in Calgary during 2024 low?
As per the historical standards, the mortgage refinance rates in Calgary were not low but gradually eased from very high levels of 2023, making refinancing slightly more feasible towards the second half of the year. Work with Manpriit Pabla to understand the refinance rate trends for 2026 in Calgary to make informed decisions.

2. Did mortgage refinance rates in Calgary improve after 2023?
Yes, refinance rates eased in 2024-2025 compared to the 2023 peak, improving affordability but remaining higher than pandemic-era lows.

3. Is refinancing more attractive in Calgary now than in previous years?
Refinancing is more attractive than it was during 2023’s high –rate period, especially for homeowners who renewed at higher rates, but it still depends on fees and individual financial profiles.

About the Author

Manpriit Pabla is a Calgary-based mortgage refinance and lending expert who helps local homeowners navigate the complicated mortgage decisions, compare refinancing options and secure competitive rates tailored to their financial goals. 

With years of experience in this niche, he offers personalized advice, access to a wide network of lenders and support through every step of the refinancing process. He helps his clients understand the market trends and break down fixed v/s variable rate impacts on refinance decisions.

By combining industry knowledge with practical client-focused services, he ensures his clients make informed refinance choices.

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