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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 | Editor's Tips GREAT RATE |
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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.
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:
We answer your questions about getting a mortgage in Saskatoon.
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.
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.
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.
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.
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