For many homeowners, it still feels like yesterday when five-year fixed mortgage rates dipped below 2%. If you bought a home or renewed during the pandemic, you may have locked into one of the lowest rates Canada has ever seen. But here’s the reality: those ultra-low rates aren’t coming back, and that changes how we need to think about mortgages today.

Those rates were never meant to last. They were a response to an economic emergency, when the Bank of Canada slashed rates to help Canadians keep moving during lockdowns. Fast forward to today, and we’re living in a very different world. Inflation is stubborn, government spending is high, and employment numbers are strong across Canada. All of these factors mean rates in the 4 to 6 percent range are now the new normal.

If you’re renewing soon, buying your first home, or moving to Alberta, it’s time to think of a strategy. Here in Alberta, we’re in a better position than many other provinces. The cost of living is lower, property prices are more affordable, and our economy is still booming thanks to steady job growth and investment. That makes higher rates more manageable compared to places like Toronto or Vancouver, where prices are stretched much further.

So what does this mean for you? If you’re buying, the key is to focus less on chasing the lowest rate and more on finding the right mortgage product for your lifestyle. Variable rates, shorter terms, or hybrid solutions can all give you flexibility if you believe rates will ease slowly over the next few years. For investors, Alberta’s secondary markets are thriving - places like Red Deer, Lethbridge, and Grande Prairie are seeing real growth, making them smart spots to consider for rental opportunities.

If you bought during the pandemic and your mortgage is up for renewal in 2025 or 2026, you may be facing higher payments than you expected. Instead of waiting for renewal day, the best move is to plan ahead. Extending your amortization, consolidating other debts into your mortgage, or even switching lenders could make your payments easier to manage. That’s where working with a broker really matters: we can shop across multiple lenders, compare offers, and build a strategy that fits your goals, whether that’s paying off your home faster, managing cash flow, or investing in a second property.

The bottom line is simple: ultra-low rates are gone, but Alberta still offers some of the best opportunities in the country to buy, build, or invest in real estate. With affordable housing, low taxes, and strong growth, higher mortgage rates don’t have to hold you back.

If you’re thinking about moving to Alberta, buying a rental property, or planning for your renewal, let’s connect and build a plan that works for you.

Contact us at mergemortgage.ca to get started.