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Current Regina Mortgage Rates

Comparing mortgage rates with RATESDOTCA could save you up to $11,944 over 5 years.*

Best Current Mortgage Rates in Regina

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

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Written by Joel Kranc

Regina mortgage rates competition

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:

https://www.cmhc-schl.gc.ca/en/professionals/housing-markets-data-and-research/housing-data/data-tables/mortgage-and-debt/average-value-new-mortgage-loans-canada-provinces-cmas

https://www.cmhc-schl.gc.ca/en/professionals/housing-markets-data-and-research/housing-data/data-tables/mortgage-and-debt/average-scheduled-monthly-payments-new-mortgage-loans

Regina’s housing market

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.

  • Eligible homebuyers are able to claim the personal income tax credit.
  • This income tax measure provides a provincial non-refundable income tax credit of $1,050 to eligible taxpayers, determined by applying the provincial tax credit rate of 10.5% to the first $10,000 of an eligible home purchase. A similar federal non-refundable income tax credit of $750, determined by applying the federal tax credit rate of 15% to the first $5,000 of an eligible home purchase, is also available.

Top seven tips for first time homebuyers in Regina, Saskatchewan

Whether you are a first-time homebuyer or you’ve done this before there are tried and true tips for your journey. They include:

  1. Checking your credit and, if needed, working on it to make it as high as possible. The higher your credit score (being a good risk), the better your Regina mortgage rate will be.
  2. Once you’ve got your credit in order, know your budget and how much house you can afford. Mortgage, insurance and property taxes are primary monthly expenses to consider.
  3. Consider your needs and wants. You’ll need time to find the right neighborhoods you want and if the houses you are looking at will meet your familial needs.
  4. Compare. Websites like RATESDOTCA will help you assess the various lenders and who offers the best Regina mortgage rates for your needs.
  5. Get a pre-approved mortgage rate. Once you settle on a lender, a pre-approval will put you in a stronger position when you’re making an offer on a house and make the process easier once your offer is accepted.
  6. Work with an agent. There’s more to buying a house than just the current Regina mortgage rates. An agent who knows the area, and your needs, can advise you on market conditions and potential issues with a home or neighborhood.
  7. Eligible first-time homebuyers can claim a non-refundable tax credit of up to $1,050 on their income tax return.

Frequently asked questions about mortgages in Regina, Saskatchewan

Find answers about questions you may have about mortgages in Regina, Saskatchewan.

How much can I save by comparing the current Regina mortgage rates?

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.

Why should I compare Regina mortgage rates with RATESDOTCA?

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.

Are Regina mortgage rates higher than other Saskatchewan cities?

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.

What’s the difference between variable and fixed rate mortgages?

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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