- With a fixed rate mortgage, the interest rate and the regular payments you make will stay constant for the term of your mortgage, offering stability.
- With a variable rate mortgage, the interest rate will change when the TD Mortgage Prime Rate changes. This means that the portion of your payment that goes toward the principal may increase or decrease over the term of your mortgage.8
Get pre-approved or apply for your mortgage
The Calgary housing market: Things to know
- The average cost of a home in Calgary is just above $400,000— lower than the national average.11
- First-time homebuyers & move-up buyers are driving demand, which is expected to continue.12
- The federal government has taken steps to make homeownership more affordable for certain first-time buyers whether in Calgary or elsewhere by introducing the First-Time Home Buyer Incentive.13
- Before you start searching for your home, it’s important to consider how much debt you can take on. Enter your details to find out how much you might be able to borrow.
Mortgage rules

Canada’s mortgage qualification rules were updated on June 1, 2021 and we want to help you understand how you may be affected. Our TD Mobile Mortgage Specialists are ready to help guide you through these changes.
Mortgage basics
- Down payment
A down payment is the amount of money you put towards the price of a home at the time of purchase. - Amortization period vs term
The amortization period and a mortgage term have different meanings.
The amortization period is the total number of years it takes to pay off your mortgage assuming the interest rate and payment amount remains the same. If your down payment is less than 20%, your maximum allowable amortization period is 25 years. If your down payment is greater than 20%, you could have an amortization period of up to 30 years.
A mortgage term is the length of time you’re committed to a mortgage rate, lender, and associated conditions. TD has mortgage terms ranging from 6 months to 10 years, with 5 years being the most common option. - Payment frequencies
Enjoy the flexibility of choosing how often to pay. You can determine your payment schedule, such as Weekly, Bi-Weekly, Monthly or several other options.
Did you know? Paying every other week might seem the same as paying twice a month but it's not. You’ll be making two extra principal and interest payments a year potentially saving thousands of dollars in interest over the term.
What is the cost to buy a home? In Calgary (or in Canada)
Some costs to consider include the down payment, mortgage payments, appraisal fee, renovations, home inspection, legal fees and title insurance.
There are also additional costs that vary by province, such as land transfer tax, mortgage registration fee and possibly even a municipal land transfer tax. Plus, don’t forget the moving costs!
How can I get a mortgage in Calgary (or in Canada)?
- You could start by filling out a mortgage pre-approval to find out how much you may be able to borrow.
- Getting a mortgage pre-approval is a great way to find out how much you may be able to borrow. It’s a tool that can help guide you.
- Once you find the house you would like to purchase, you would apply for the mortgage.
- You may need to pass a stress test. Learn about mortgage rules in Canada.
- Once a lender approves the loan, you’ll review the terms and conditions of your mortgage.
Additional resources
TD Mortgage Affordability Calculator
TD Mortgage Payment Calculator
Discover mortgages across Canada
- Rates - Toronto
- Rates - British Columbia
- Rates - Quebec