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Saskatoon Mortgage Rates

The best mortgage brokers in Saskatoon.

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

Our dedication 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. That means that we can get you the best rate guaranteed, or we pay you $500.

Call us, or apply online today.

The Saskatoon real estate market

Saskatoon, often referred to as the Hub City, is strategically located in the centre of the country for logistics and distribution purposes — which makes it a great location to own a home.

The Saskatoon real estate market has continued to improve during the global COVID-19 pandemic, recently seeing significant activity, with sales jumping 108 per cent in March 2021 compared to a year ago. With historically lower interest rates and buyers looking for a change of scenery, the Saskatoon housing market will likely see this strong growth continue; however, experts are vary of future economic pressure from increased house prices and effects of pandemic restrictions.

Historic mortgage rates in Saskatoon

Mortgage rates fluctuate over time, and the rate that you qualify for is different depending on whether 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 lowered.

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 (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, serve 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 default insurance from the Canada Mortgage and Housing Corporation (CMHC), Canada Guaranty, or Sagen. The most common insurer is the Canada Mortgage and Housing Corporation, so mortgage insurance is often referred to as CMHC.

Mortgage default 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.

How we work 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're planning to purchase out-of-province, be sure to choose rates where the property will be located.

Canada Wide Mortgages

True North Mortgage can efficiently complete your mortgage anywhere you are in Canada — online, over the phone or at our store locations.