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*Illustration purposes only. Use our Mortgage Calculator for accurate payments
If you don’t meet the requirements of our lowest advertised rate, don’t worry we still have you covered with great low rate options! The above range represents realistic rates if you don’t meet the outlined criteria. Factors like equity in your home, credit rating, and other variables will impact your final rate and True North Mortgage is committed to providing you with the best rate regardless of these factors.
Additional premiums may apply to rentals, extended amortizations, non-standard properties and alternative lending options.
True North Mortgage offers the top mortgage rates in Saskatchewan.
It doesn't matter if you are refinancing, renewing, or purchasing a new home – our team will be there throughout the entire mortgage process to ensure you have the best possible experience. We partner with a large network of lenders so that we can obtain a volume discount, and we pass these savings directly to our clients. Our expert mortgage brokers understand the Saskatchewan housing market and will provide high-quality service to ensure your unique needs are met.
Saskatchewan is one of Canada's prairie provinces and is best known for its vast plains. The economy has been historically based on agriculture but has recently diversified to include mining and natural gas production. This has drawn in a talented workforce and increased the demand for homes.
The average price of a home in Saskatchewan is about $280,000 – this is very affordable compared to other regions of Canada with much higher averages. Currently, the market is considered a buyer's market, meaning there are many homes to choose from and prospective buyers are at an improved position for bargaining.
The Saskatchewan market has also proven to be resilient and has continued to grow amidst the global pandemic. The Saskatchewan Realtors Association (SRA) put a stop to open houses in March, but online video tours replaced them to allow prospective buyers to find their perfect home.
Year-over-year sales grew by almost 50% compared to June of last year. This growth is impressive, considering the negative impacts that COVID-19 has had on the global housing market.
There are two mortgage rate options available when buying a home: fixed and variable.
Fixed-rate mortgages tend to be a bit higher because the interest rate is guaranteed for the life of the loan. The higher payment is the premium that you pay to ensure your mortgage costs will not increase. This allows for easier budgeting as your payments will remain the same.
In contrast, variable-rate mortgages have interest rates that will fluctuate over time. If interest rates are rising your mortgage payment will go up, and if interest rates are falling the payments will go down. These rates are usually lower as there is no premium to reduce the risk of rate changes.
Five-Year Fixed Rate
Five-Year Variable Rate
Mortgage brokers in Saskatchewan are regulated by the Financial and Consumer Affairs Authority; or the 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).
Regulations require that mortgage insurance be purchased anytime a borrower buys a home with less than a 20% down payment. This insurance protects the lender from the risk that the borrower will default, and mitigating this risk allows them to offer better interest rates and lower down payment requirements.
Mortgage 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 Genworth Financial.
Most buyers use the Canada Mortgage and Housing Corporation, so mortgage insurance is often called CMHC.
At True North Mortgage, we work closely with our clients to understand their 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, so they do not work for any particular lender. This allows them to choose the right lender for your needs and guarantee the best rate and service.
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.
True North Mortgage can complete mortgages anywhere in Canada efficiently over the phone.