Saskatchewan Mortgage Rates

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Rules have changed. Everyone's rate is unique.

Canadian regulations have changed the way mortgages work. You must now qualify for your rate. Factors like equity in your home and personal credit will impact the rate.

Get Your Best Rate
Mortgage
Size
Term
Rates From
Payments as low as
1 Year Fixed
1.79%
$1678 /mo
2 Year Fixed
1.49%
$1678 /mo
3 Year Fixed
1.49%
$1678 /mo
4 Year Fixed
1.69%
$1678 /mo
5 Year Fixed
1.89%
$1678 /mo
5 Year Variable
1.24%
$1678 /mo
HELOC Open
2.95%
$1678 /mo

*Illustration purposes only. Use our Mortgage Calculator for accurate payments.

True North Mortgage offers the best mortgage rates in Saskatchewan.

Are you refinancing, renewing, or purchasing a home in Saskatchewan? Our expert True North mortgage brokers can help you throughout the entire process to ensure you have the best possible mortgage experience.

Because we partner with a large network of lenders, we're able to obtain a volume discount and pass it directly on to you. Often, we can get a lower rate (that you qualify for) from your own bank.

Our mortgage specialists understand the Saskatchewan housing market and will provide high-quality service to ensure your unique needs are met. In fact, we can complete your entire mortgage over the phone or online, no matter where you are in Saskatchewan, or Canada.

Call us today, or apply online now.

Overview of Saskatchewan’s real estate market

As the nation continues to deal with the global pandemic, Saskatchewan's real estate market is flourishing, recently pushing into a strong seller's market.

As a result of spending more time at home, people are looking for more living space or a yard, with renewed buying interest seen in suburbs. Others are investing to take advantage of historically lower rates and a previously undervalued market. Experts predict this current frenzy to stabilize over the coming months, as price increases and economic pressures affect the markets.

Historic mortgage rates in Saskatchewan

There are two mortgage rate options available when buying a home: fixed and variable.

Fixed-rate mortgages are often higher because the interest rate is guaranteed for the life of the loan. The higher payment is the premium you pay to ensure your mortgage costs will not increase, and allows for easier budgeting as your mortgage payments will remain the same.

In contrast, variable-rate mortgages have interest rates that will fluctuate over time. If interest rates rise, your mortgage payment will go up. If interest rates fall, the payments will go down. These rates are usually lower as there is no premium that reduces the risk of rate changes.

Five-Year Fixed Rate

  • 2019 - 2.84%
  • 2018 - 3.15%
  • 2017 - 2.59%
  • 2016 - 2.26%

Five-Year Variable Rate

  • 2019 - 2.71%
  • 2018 - 2.33%
  • 2017 - 1.94%
  • 2016 - 2.02%

Mortgage regulation in Saskatchewan

Mortgage brokers in Saskatchewan are regulated by the Financial and Consumer Affairs Authority (FCAA). The goal of the FCAA is to protect consumers and the general public by ensuring that regulations are being enforced. They also use marketplace regulation to support a strong economy and investigate consumer complaints.

All mortgage brokers must comply with MBMA Regulations, which is the legislative framework that governs brokers and mortgage administrators.

Bank mortgages are regulated by the Office of the Superintendent of Financial Institutions and the Financial Consumer Agency of Canada. Credit union mortgages, on the other hand, are managed by the Credit Union Deposit Guarantee Corporation (CUDGC).

Mortgage insurance requirements

Regulations require that mortgage default insurance be purchased whenever a borrower buys a home with less than a 20% down payment. This insurance protects the lender from the risk of the borrower defaulting, and allows them to offer better interest rates and lower down payment requirements.

Mortgage default insurance is an additional cost to the borrower and is combined with the monthly mortgage payment. The amount of the insurance premium is calculated based on the total value of the loan.

In Saskatchewan, you can obtain mortgage insurance from three vendors: the Canada Mortgage and Housing Corporation (CMHC), Canada Guaranty, or Sagen.

Most buyers use Canada Mortgage and Housing Corporation, so mortgage insurance is often simply referred to CMHC.

How we work with clients and lenders

At True North Mortgage, our expert mortgage brokers work closely with you to understand your individual needs. Not all advertised rates are available to everyone, so we will use our online tools to stress-test your finances and give you a better picture of what you can expect — with no obligation.

Our brokers are salaried employees and do not work for any particular lender. This allows them the flexibility to choose the right lender for your needs, plus guarantee the best rate and service.

We'll beat any competitor's offer

Saskatchewan Mortgage Rates

Mortgage Rates are different across Canada. Rates are shown based on your location. If you are planning to purchase out-of-province, be sure to choose rates where the property will be located.

Canada Wide Mortgages

True North Mortgage can complete mortgages anywhere in Canada efficiently over the phone.