| Lender | Rate | Monthly Payment |
|---|---|---|
 Citadel Mortgages Get This Rate | 1.64% | $1,829 |
 Equitable Get This Rate | 1.99% | $1,905 |
 ATB | 1.99% | $1,905 |
 motusbank | 1.99% | $1,905 |
 Laurentian Get This Rate | 1.99% | $1,905 |
 Canada Life | 2.02% | $1,912 |
 First National Get This Rate | 2.09% | $1,927 |
 Peoples Bank Get This Rate | 2.09% | $1,927 |
 Tangerine | 2.14% | $1,938 |
 Canadian Western | 2.18% | $1,947 |
 HSBC | 2.19% | $1,949 |
Notes
- These rates are for Prime customers. To qualify, you generally need a good credit score and a steady job.
- The following rates may not be valid for uninsured mortgages.
Edmonton at a Glance
The City of Edmonton is the capital city of Alberta and is home to over 932K residents. The population of Edmonton increased by 15% from 2011 to 2016. Edmonton real estate prices increased by 8% from October 2019 to October 2020 and the average price of a house in Edmonton is $382K. From a long-term perspective, real estate prices in Edmonton have largely remained unchanged from September 2015, where the median house price was $399K, to September 2020, where the median house price was $400K.
| Edmonton at a Glance | |
|---|---|
| Province | Alberta |
| Settled Year | 1795 |
| Established Year | 1892 |
| Incorporated Year | 1904 |
| Population | 932,546 |
| City Area | 767.85 km 2 (296.47 sq mi) |
| Official Website | Edmonton Official Website |
Mortgage Prepayment Limit
| Bank or Lender | Annual Prepayment Limit | Frequency (per year) |
|---|---|---|
RBC | 10% | Once |
TD | 15% | Once |
Scotiabank | Varies, up to 20% | Once |
CIBC | Varies, up to 20% | Once |
BMO | 20% (10% for BMO Smart Fixed Mortgages) | Once |
HSBC | 20% | Once |
Equitable Bank | 15% - 20% | Once |
Peoples Bank | 20% | Once |
First National | 15% | Once |
motusbank | 20% | Once |
Tangerine | 25% | Multiple |
Simplii | Varies, up to 20% | Multiple |
MCAP | Varies, up to 20% | Multiple |
Laurentian | 15% | Once |
National Bank | 10% | Multiple |
Desjardins | 15% | Multiple |
CMLS | 20% | Multiple |
DUCA | 20% | Once |
Manulife | 20% | Multiple |
Alterna Savings | 20% | Once |
Mortgage Prepayment Penalties
Fixed Rate Mortgage Penalty Interest Rate
For fixed-rate mortgages, lenders usually use the greater of three months of interest or an interest rate differential (IRD). Each lender has their own IRD calculation. The interest rate that they use for their IRD is usually based on either their current advertised mortgage rates or their posted rates, which can often be much higher.
| Advertised Rate IRD | Posted Rate IRD |
|---|---|
RBC TD Scotiabank CIBC BMO HSBC Peoples Bank motusbank Simplii Laurentian Desjardins CMLS Equitable Bank* | Tangerine Manulife Alterna Savings First National MCAP DUCA |
Variable Rate Mortgage Penalty Interest Rate
Most lenders determine the mortgage break penalty for a variable rate mortgage by calculating three months of interest. The interest rate that they use can depend from lender to lender, but is usually either your current mortgage interest rate or the lender's prime rate.
| Based On Your Mortgage Rate | Based On the Lender's Prime Rate |
|---|---|
RBC TD Scotiabank BMO HSBC Equitable Bank First National motusbank Tangerine MCAP National Bank Desjardins CMLS DUCA Manulife Alterna Savings Laurentian* | CIBC Peoples Bank Simplii Laurentian |
While we try our best to get you the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.