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Evaluate all of Regina's best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms.
Rates are based on a home value of $500,000
| Insured | 80% LTV | 65% LTV | Uninsured | Editor's Tips GREAT RATE |
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Therefore, current Regina mortgage rates are competitive given the amount of product on the market and the fact that lenders are looking to attract buyers that are still considering a purchase. All the major lenders such as the big banks, as well as others such as motusbank, Investors Group, Canadian Western, and Canada Life are all players in the market. Regina mortgage brokers are also influential on pricing and can drive rate competition given their prevalence in the market through comparison websites.
The national average value of new mortgages in the second quarter of 2022 was $374,635. In Regina, that number is below the national at $266,612. Lenders in that region are taking on less risk while buyers are taking on less debt than elsewhere in the country. As would be expected, scheduled monthly payments follow a similar pattern where the national average stands at $1,758 per month and $1,379 per month in Regina.
Both the mortgage loan value and payments are trending down in Q2 as economic factors such as inflation and the subsequent rise in interest rates have affected buyers' appetites for homes. This continues as the Bank of Canada has indicated more rate hikes.
Sources:
Ever since inflation started creeping up and the Bank of Canada began raising interest rates, home prices in many regions across Canada began to fall. Prices in the Regina area, which are below the national average, actually rose in July to an average $330,600 according to the Saskatchewan Realtors Association. Also, according to the Association, there are more than 450 listings available.
That’s up from May 2020, where an average house in Regina would cost $287,800. According to the Saskatchewan Realtors Association – an increase of about four percent over the past two years. Home prices are still up about five percent year-over-year as interest rates and costs have risen.
For first-time homebuyers there are incentives to get into this competitive market. The First-Time Homebuyers' Tax Credit provides a provincial non-refundable income tax credit to eligible first-time homebuyers.
Whether you are a first-time homebuyer or you’ve done this before there are tried and true tips for your journey. They include:
Find answers about questions you may have about mortgages in Regina, Saskatchewan.
The best way to save when comparing current Regina mortgage rates is to do your homework. Using sites like RATESDOTCA will provide up-to-date mortgage rates and provide lender comparisons. It saves a lot of research and hassle and arms you with the information you need to make an informed decision.
Comparing current Regina mortgage rates on RATESDOTCA is a one-stop-shop that provides comparisons of lenders in your area and the mortgage rates they offer. Just a few clicks and you’ll have mortgage rates from top providers. RATESDOTCA can also easily connect you with the vendor of your choice.
Given that Saskatchewan is a smaller province, mortgage rates are generally higher than in other higher-demand provinces. However, Regina mortgage rates are relatively similar to areas such as Saskatoon.
Variable rate mortgages fluctuate with the makret interest rate (prime rate). Over time they can be less expensive but due to their fluctuating nature can be difficult for home buyers who need to budget their finances.
Fixed mortgage rates set a duration of time and the interest rate (and payment) for the mortgage. The most common fixed rate is the 5-year mortgage rate which provides peace of mind regarding monthly payments, and alleviating budget anxiety.
*Based on the difference between estimated deep-discount 5-year fixed rates from Canada's top six banks and the lowest comparable rates on RATESDOTCA, as of January 14, 2022.
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