Saskatoon Mortgage Rates

The experts at True North Mortgage are proud to be considered the best mortgage brokers in Saskatoon.

Their ability to provide the best service while offering the lowest rates has made us the top-rated broker in the area - just check out our Google reviews! We have a vast network of lenders and produce a large volume of mortgages, so we are able to access a significant volume discount. This means that we can get you the best rate guaranteed, or we pay you $500.

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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
Rates From
Payments as low as
1 Year Fixed
$1678 /mo
2 Year Fixed
$1678 /mo
3 Year Fixed
$1678 /mo
4 Year Fixed
$1678 /mo
5 Year Fixed
$1678 /mo
5 Year Variable
$1678 /mo
$1678 /mo

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

The Saskatoon Real Estate Market

Saskatoon is often called the Hub City since it is strategically located in the centre of the country for logistics and distribution purposes. This makes it a great location to purchase a home.

The Saskatoon real estate market is very resilient and has been able to continue to grow during the global COVID-19 pandemic. According to the Saskatchewan Realtors Association (SRA), home sales in June 2020 were almost 50% higher than sales in June 2019, showing that the housing market is as strong as ever, despite the extreme economic environment.

Likewise, the homes on the market seem to be selling even faster. It took an average of 43 days to sell a house in June 2020, compared to 49 days in June 2019. The median home price also increased to almost $330,000.

This real estate growth has been spurred by government incentives such as the mortgage flexibility support program. This program aims to increase affordable homeownership and offers a 5% down payment grant from the City of Saskatoon for qualified home buyers.

Historic Mortgage Rates in Saskatoon

Mortgage rates fluctuate over time, and the rate that you qualify for is different depending on if you have a fixed-rate or variable-rate mortgage.

A fixed-rate mortgage has a stated interest rate that is fixed for the life of the loan. Generally, these rates are a bit higher, as you are paying a premium for the guarantee that your interest rate will not change.

In contrast, a variable-rate mortgage has an interest rate that is linked to an underlying benchmark. The interest rate on the loan will move with this benchmark, so your mortgage payments can change over time. Variable-rate mortgages are most appealing in a decreasing interest rate environment, as the risk of having higher payments is lower.

Here are both fixed and variable mortgage rates over the last four years:

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%

How are Mortgages Regulated in Saskatoon?

The Financial and Consumer Affairs Authority of Saskatchewan – the FCAA – regulates mortgage brokers and real estate agents in Saskatoon. They strive to protect consumers and the public interest, as well as to support a strong economy through marketplace regulation.

The FCAA enforces mortgage regulations and is responsible for investigating consumer complaints and mediating solutions for all parties.

The MBMA Regulations, including the Mortgage Brokerages and Mortgage Administrators Act, serves as the regulatory framework for all mortgage brokers and lenders in the province. All those who conduct business in brokering or administering mortgages must comply with these laws and register with the FCAA.

What Mortgage Insurance is Available?

In Saskatoon, you can purchase mortgage insurance from the Canada Mortgage and Housing Corporation (CMHC), Canada Guaranty, or Genworth Financial. The most common insurer is the Canada Mortgage and Housing Corporation, so mortgage insurance is often referred to as CMHC.

Mortgage insurance is required when you purchase a home with a down payment of less than 20%. This is a requirement across Canada and applies to mortgages in Saskatoon as well. The insurance premiums are an additional cost to the borrower and are based on the total mortgage amount. This extra cost is added to the monthly mortgage payment.

Lenders require mortgage insurance to lower the risk of default on the mortgages they issue. By mitigating this risk, lenders can offer lower interest rates and reduce down payment requirements for purchasing a home.

Working with Our Clients to Find the Best Rate

At True North Mortgage, our clients’ needs always come first. Our brokers are salaried employees that do not work for a particular lender, so they have no conflict of interest and will work hard to find you the best possible rate and service.

We understand the ins-and-outs of the Saskatoon housing market, and our online tools will help you make an informed decision. Whether you are refinancing, buying new, or renewing, our brokers will be there every step of the way to ensure that you have a smooth mortgage experience.

Saskatoon 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.