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Evaluate all of Canada’s best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms.
Insured | 80% LTV | 65% LTV | Uninsured | Bank Rate | |
---|---|---|---|---|---|
1-year fixed rate | 5.44% | 5.69% | 5.69% | 6.63% |
5.94%
|
2-year fixed rate | 4.99% | 5.09% | 5.09% | 5.92% |
5.54%
|
3-year fixed rate | 4.44% | 4.29% | 4.29% | 4.79% |
4.74%
|
4-year fixed rate | 4.54% | 4.59% | 4.54% | 4.54% |
4.64%
|
5-year fixed rate | 3.99% | 4.39% | 4.19% | 4.19% |
4.34%
|
7-year fixed rate | 5.35% | 5.04% | 5.04% | 5.90% |
5.06%
|
10-year fixed rate | 5.75% | 5.80% | 5.80% | 5.80% |
7.14%
|
3-year variable rate | 5.10% | 5.20% | 5.10% | 5.10% |
7.35%
|
5-year variable rate | 4.80% | 5.05% | 4.85% | 4.85% |
5.05%
|
HELOC rate | N/A | N/A | N/A | N/A | N/A |
Stress test | 5.25% | 5.25% | 5.25% | 5.25% | N/A |
While the Bank of Canada may still be in rate-raising mode, consumers would be wise to shop around for the best Saskatchewan mortgage rates possible.
Mortgage regulation in Saskatchewan is handled at the provincial level and overseen by The Mortgage Brokerages and Mortgage Administrators Act (MBMA Act).
The MBMA Act and Regulations came into force on October 1, 2010. The MBMA Act and the MBMA Regulations provide the legislative framework for the regulation of mortgage brokerages, brokers, associates and mortgage administrators in Saskatchewan. Every person carrying on the business of brokering or administering mortgages in Saskatchewan is required to comply with the Act.
There are four licence types under the Act:
Quarter | Mortgages | Mortgages in arrears | Mortgages in arrears (%) |
---|---|---|---|
Q2 2022 | 132,868 | 803 | 0.60% |
Q1 2022 | 132,754 | 816 | 0.61% |
Q4 2021 | 132,851 | 810 | 0.61% |
Q3 2021 | 132,575 | 871 | 0.66% |
Q2 2021 | 132,179 | 955 | 0.72% |
Q1 2021 | 131,762 | 1,026 | 0.78% |
Q4 2020 | 131,961 | 1,056 | 0.80% |
Q3 2020 | 131,100 | 1,134 | 0.86% |
Q2 2020 | 130,526 | 1,213 | 0.93% |
Q1 2020 | 130,334 | 1,175 | 0.90% |
Q4 2019 | 130,352 | 1,138 | 0.87% |
Q3 2019 | 130,262 | 1,112 | 0.85% |
Q2 2019 | 130,047 | 1,105 | 0.85% |
Q1 2019 | 130,304 | 1,114 | 0.86% |
Q4 2018 | 130,330 | 1,072 | 0.82% |
Q3 2018 | 130,350 | 1,050 | 0.81% |
Q2 2018 | 130,337 | 1,022 | 0.78% |
Q1 2018 | 130,588 | 1,016 | 0.78% |
Q4 2017 | 130,694 | 974 | 0.75% |
Q3 2017 | 130,343 | 964 | 0.74% |
Q2 2017 | 129,732 | 916 | 0.71% |
Q1 2017 | 129,345 | 898 | 0.69% |
Q4 2016 | 129,252 | 839 | 0.65% |
Q3 2016 | 128,480 | 783 | 0.61% |
Q2 2016 | 128,098 | 756 | 0.59% |
Q1 2016 | 127,901 | 716 | 0.56% |
Q4 2015 | 127,848 | 632 | 0.49% |
Q3 2015 | 127,142 | 552 | 0.43% |
Q2 2015 | 125,991 | 515 | 0.41% |
Q1 2015 | 125,572 | 507 | 0.40% |
Q4 2014 | 125,248 | 460 | 0.37% |
Q3 2014 | 124,684 | 409 | 0.33% |
Q2 2014 | 123,348 | 373 | 0.30% |
Q1 2014 | 122,561 | 384 | 0.31% |
Q4 2013 | 121,200 | 369 | 0.30% |
Q3 2013 | 118,560 | 369 | 0.31% |
Q2 2013 | 117,036 | 344 | 0.29% |
Q1 2013 | 115,808 | 351 | 0.30% |
Q4 2012 | 115,241 | 364 | 0.32% |
Q3 2012 | 114,162 | 367 | 0.32% |
Q2 2012 | 112,662 | 337 | 0.30% |
Q1 2012 | 111,376 | 374 | 0.34% |
Source: Canadian Bankers Association
According to the Canadian Bankers Association, over the past 10 years, Saskatchewan homeowners have faced more challenges in paying their mortgages on time compared to other regions in Canada.
In mid 2019, the province's arrears rate stood at 0.86%, the highest in the nation. CBA noted that this totalled 1,118 mortgages in arrears for three or more months out of the 130,106 extant mortgages in Saskatchewan at the time.
To compare, the national average arrears rate in that period was 0.23%. The rate was just 0.14% in BC, 0.35% in Manitoba, and 0.5% in Alberta.
The major drivers of the phenomenon are believed to be the sustained low interest rate environment in the years after the 2008-2009 financial crisis plus the fact that many young buyers entered the housing market during this time.
It won’t surprise anyone to hear that year-over-year residential sales in Saskatchewan have declined. Recent interest rate hikes and spikes in inflation have caused the slow down. Year-over-year sales were down 9.2% and year-to-date they are down 9.7%.
Still, the 10-year average spread remains in positive territory with an average increase of 4.2% and year-to-date an increase of 22.4%.
New listings have remained in a down cycle both in the short-term and longer term. Listings are down to 2,494 – a decrease of 1.7% year-over-year and 8.2% year-to-date. Over a 10-year cycle the average has been a decline of 9.0% and 9.2% year-to-date.
Relatively tight conditions are supporting further price gains in the province at a time when many cities in Canada are seeing some retraction of prices. In July, the benchmark price reached $335,100, slightly higher than the previous month and over five per cent higher than levels recorded in July 2021.
First time homebuyers likely have questions given their inexperience and the complicated ins-and-outs of purchasing a home. First time homebuyers may want to consider the following tips:
Learn what you need to know about getting a mortgage in Saskatchewan.
Comparing Saskatchewan mortgage rates is the best way to save money on interest rates. Sites like RATESDOTCA can assist with those comparisons and expedite the mortgage approval process when you decided on the best Manitoba mortgage rate to meet your needs.
Mortgage rates in Saskatchewan and other provinces with smaller populations, are generally a little bit higher than the more populous provinces of Ontario and B.C. due to reduced lender selection and limited competition.
While you may end up with a greater mortage rate in Saskatchewan, you can still find great rates through RATESDOTCA – which will vary by lender. So shopping around is a must.
The prime rate in Canada is 5.45%. That is due to the recent rate hikes by the Bank of Canada to stave off inflation.
Generally, the minimum down payment required is 5% of the home's purchase price. Recent changes to the rules now allow this down payment to be borrowed, or you must possess this minimum as either available cash resources or as a gift from a family member.