Find the Best Saskatoon Mortgage Rates

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Saskatoon Mortgage Rate Comparison

Evaluate all of Saskatoon'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 4.99% 6.49% 6.49% 6.69%
2-year fixed rate 5.94% 6.04% 6.04% 6.04%
3-year fixed rate 4.84% 4.94% 4.94% 4.94%
4-year fixed rate 5.09% 5.09% 5.09% 5.09%
5-year fixed rate 4.84% 4.89% 4.89% 4.94%
7-year fixed rate 5.60% 5.59% 5.59% 5.65%
10-year fixed rate 5.90% 6.05% 6.05% 6.05%
3-year variable rate 6.10% 7.00% 7.00% N/A
5-year variable rate 5.99% 6.20% 6.20% 6.25%
HELOC rate 7.70% 7.40% 7.40% 7.40% N/A
Stress test 6.74% 6.79% 6.79% 5.25% N/A
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Written By Joel Kranc

Contributing writer


Mortgage rates in Saskatoon

Mortgage rates have steadily climbed in 2022 due to the Bank of Canada’s decision to raise overnight lending rates to banks in light of growing inflation. The desired effect is cooling off economic activity. One area this has happened dramatically is in the housing market.

Saskatoon’s housing market has seen this effect as noted in an 11% decline of sales year-to-date, according to the Canadian Real Estate Association.

Despite that most recent decline, however, the market remains relatively competitive as historic sales were still 23% above the five-year average and 18% above the 10-year average. Buyers looking for a house in the area are still facing a relatively competitive market.

The average house price in Saskatoon in 2022 is $383,700 compared with 360,200 at the same time last year. This is an increase of 6.5% compared to last year.

A similar trend had occurred the year before with an increase in average monthly mortgage payments. According to Statista, in Q3 2020 Saskatoon homeowners had an average monthly mortgage payments of $1,283. The following year, in Q3 2021, they had gone up to $1,291.

Tips for first time homebuyers in Saskatoon, Saskatchewan

There are incentives for first time homebuyers in Saskatchewan looking to buy a home in Saskatoon or elsewhere.

The First-Time Homebuyers’ Tax Credit is a provincial non-refundable income tax credit of up to $1,050 to eligible taxpayers on qualified homes. The tax credit is determined by applying the provincial tax credit rate of 10.5% to the first $10,000 of an eligible purchase home. 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.

Other tactics that first time homebuyers may also want to consider include:

  • Budget: Figure out what you can comfortably afford before you look at too many “out-of-reach" options.
  • Pay off debt: Deal with existing debt. If you have debts that can be paid off or paid down, look at those first to shore up your credit rating.
  • Down payment: Before purchasing your first home, try to save up as much as possible for a down payment. The more you can provide, the less of a risk you are, which banks look favourably on.
  • Take advantage: Use the First Time Homebuyers’ Tax Credit.
  • Look at your needs today: That first home may be your forever home, or it may be a starter home. Look to the future and see if you can determine your housing needs. It may inform you of the kind of home you are looking at and how much you want to spend versus save for a future purchase.
  • Comparison shop: Use RATESDOTCA to compare mortgage rates and options for your financing needs.

Frequently asked questions about mortgages in Saskatoon, Saskatchewan

We answer your questions about getting a mortgage in Saskatoon.

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

Comparing Saskatoon 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.

Why should I compare Saskatoon mortgage rates with RATESDOTCA?

Knowledge is power and having the most information possible about mortgage rates being offered in Saskatoon allows you to make informed decisions that will suit your financial and homebuying needs – and save you money.

RATESDOTCA provides the most up-to-date mortgage rate comparisons in Saskatoon and can connect you with a lender that will work with you on your homebuying journey.

Are Saskatoon mortgage rates higher than other Saskatchewan cities?

Mortgage rates in Saskatoon 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 pay a little more than residents in those provinces, you can still find great rates through RATESDOTCA and rates will vary by lender. So, it’s prudent to shop around and compare rates.

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

Fixed-rate mortgages offer predictability. During the duration of your mortgage term, the interest rate on your mortgage will remain constant; you'll know what your mortgage payments will be every month.

Variable-rate mortgages tend to have lower interest rates compared to fixed-rate mortgages, but that can change during the mortgage term. So long as the Bank of Canada maintains low-interest rates, variable-rate mortgages will seem more cost-effective. However, as banks have begun raising their prime lending rates in 2022, the interest rate and borrowing costs on variable rate mortgages have also increased.

Joel Kranc ,

Joel Kranc is a freelance writer and content provider who has worked with RATESDOTCA since 2019. He holds an MA in political science from the University of Toronto and a film certificate from New York University.

He has been published in and worked for such companies as CNN, Rogers Media, Institutional Investor Magazine, The Globe and Mail, Infrastructure Investor, BenefitsPRO Magazine, Global Finance Magazine, With Intelligence, the CPP Investment Board, Hospitals of Ontario Pension Plan, and many more financial services and industry publications.

He is the author of "Retirement Planning in 8 Easy Steps," which, when released in 2015, was No. 11 on the Publisher's Weekly US Bestseller List for Business and Finance, beating out Mark Cuban's "How to Win at the Sport of Business."

  • Master's of Political Science, University of Toronto
Featured in
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