Get the Best Mortgage rates in Saskatchewan

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MORTGAGE RATES IN Saskatchewan

If you’re buying a home in Saskatchewan, making wise financial decisions like shopping for the best mortgage rates can mean substantial savings over the life of your mortgage. Although many factors contribute to the interest rate lenders offer you, it’s always best to shop around for the best interest rates and mortgage products. Here we offer an easy-to-use guide on mortgage rates in Saskatchewan and an overview of the real estate market to help make your journey toward home ownership less stressful.

Saskatchewan Mortgage Rate Market

The Saskatchewan mortgage rate market is highly competitive, making it easier to find a better rate. When lenders compete, they are more open to negotiating and meeting or beating the rate other lenders offer. However, navigating the complexities of mortgages and understanding what is right for you can be challenging. It’s essential to remember that rate is not the only factor. 

So speaking to unbiased experts such as a mortgage broker or your real estate agent can help you find the answers to make an informed decision. Because rates are based on your financial history, it can be difficult to find the lowest rate if your credit score is less than stellar or your history is not yet established. Therefore, seeking assistance from a mortgage broker to weigh your options is the most direct route to better mortgage rates.

Saskatchewan Housing Market

Saskatchewan housing sales were down 21% year-over-year in April, a noted drop below long-term, 10-year averages. Despite a 4% reduction in new listings from 2022, there were still nearly five months of inventory. Lower inventory tends to drive prices higher, which was noted in Saskatchewan’s benchmark price of $323,600. 

There is more balance province-wide, but the location impacts the price range, as always. Conditions are tight in areas where prices are low, which is expected. More balance is seen in areas with higher prices. With higher mortgage rates, it makes sense that buyers are seeking the best purchase price to get more for their budgets.

Tips for First-Time Homebuyers in Saskatchewan

If you have your sights set on home ownership, there are a few tips you can use as a first-time home buyer to help reduce your mortgage burden, including:

  • Apply for pre-approval so you can a) ensure you qualify and b) understand the amount the banks are willing to lend you to set a realistic budget
  • Pay off debt before applying for a mortgage to a) reduce your debt to income ratio and b) improve your credit rating to increase your chances of qualifying for a mortgage  
  • Save as much as you can for your down payment to reduce your monthly mortgage payments and have a more favourable history lenders prefer
  • Speak to a real estate agent to learn more about available funding, such as the First Time Homebuyers’ Tax Credit
  • Shop around for a mortgage with the help of a mortgage broker like Citadel to get the right mortgage for your needs and the best mortgage rates Saskatchewan offers

How to Get the Best Mortgage Rate in Saskatchewan

Comparison shopping is always recommended to find the best mortgage rate in Saskatchewan. However, this is a time-consuming and stressful process as you will need to apply for mortgages to understand the rate you’d qualify for. Instead, using a mortgage broker like Citadel Mortgages will provide an easier way to learn more about the rates available across a comprehensive selection of lenders in the province. They will consider your financial history and apply to the lenders that make the most sense for your situation.

Saskatchewan Mortgages Rates vs. Canada Mortgage Rates

Because the province’s population drives Canada’s mortgage rates, Saskatchewan tends to have fewer options compared to Ontario, British Columbia, and Alberta. That said, Saskatchewan is experiencing increasing competition in the mortgage industry which can help keep interest rates lower. Higher delinquency rates can also impact interest rates, making lenders in Saskatchewan areas such as Regina more hesitant to offer their best rates than in an area such as Saskatoon, where delinquency rates are lower. Here is a comparison between the best rates in Saskatchewan and Canada:

Saskatchewan

Rate

Insured

80% LTV

65% LTV

Uninsured

1-year Fixed rate

5.95%

5.95%

5.95%

5.95%

2-year Fixed rate

5.00%

5.38%

5.38%

5.38%

3-year Fixed rate

4.84%

5.14%

5.14%

5.14%

4-year Fixed rate

4.59%

4.59%

4.59%

4.59%

5-year Fixed rate

4.59%

4.59%

4.59%

4.59%

7-year Fixed rate

4.89%

4.89%

4.89%

4.89%

10-year Fixed rate

5.09%

6.00%

6.00%

6.00%

3-year Variable rate

5.85%

6.95%

6.95%

6.95%

10-year Fixed rate

5.75%

6.15%

5.80%

6.20%

Canada

Rate

Insured

80% LTV

65% LTV

Uninsured

1-year Fixed rate

4.99%

5.19%

5.19%

5.19%

2-year Fixed rate

4.99%

4.99%

4.99%

4.99%

3-year Fixed rate

4.69%

4.99%

4.99%

4.99%

4-year Fixed rate

4.36%

4.36%

4.36%

4.59%

5-year Fixed rate

4.49%

4.59%

4.59%

4.59%

7-year Fixed rate

4.89%

4.89%

4.89%

4.89%

10-year Fixed rate

5.09%

5.14%

5.14%

5.69%

3-year Variable rate

5.85%

6.95%

6.95%

6.95%

10-year Fixed rate

5.75%

5.80%

5.80%

5.95%

Frequently Asked Questions About Mortgages in Halifax

You can save tens of thousands of dollars over the life of your mortgage by differences as little as .25%.

Down payment requirements are based on the mortgage amount as follows:

  • $500,000 or less: 5% of the purchase price
  • $500,000 to $999,999: 5% of the first $500,000 of the purchase price and 10% for the portion of the purchase price above $500,000
  • $1 million or more: 20% of the purchase price

The closing costs including legal fees, land transfer taxes, home inspection fees, etc., average between 1.5% and 4% of your home’s purchase price.

Yes. A mortgage broker will shop for the best mortgage rates on your behalf based on your financial circumstances.

The best mortgage rate in Saskatchewan is a five-year fixed mortgage at Canadian Lender for 4.69%.

You might find a better rate in Saskatoon, as the area has historically seen lower delinquency rates than Regina.

Find the best mortgage rates from Citadel Mortgages. Get yours approved today!

BMO Mortgage Rates - Citadel Mortgages

BMO 5-year Fixed Mortgage Rate

Rate Type5-Year-Fixed

Mortgage TypeClosed

Prepayment 20%

HSBC.png

HSBC 3-year Fixed Mortgage Rate

Rate Type3-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

6.09%

6.09%

CIBC MORTGAGE RATES - CITADEL MORTGAGES

CIBC 5-year Variable Mortgage Rate

Rate Type5-Year-Variable

Mortgage TypeClosed

Prepayment 20%

Best Mortgage Rates in Canada

citadel-mortgages.png

5 Year Fixed Rate
(High Ratio)

Rate Type 5-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

citadel-mortgages.png

3 Year Variable Rate
(High Ratio)

Rate Type 3-Year-Variable

Mortgage TypeClosed

Prepayment 20%

citadel-mortgages.png

5 Year Variable Rate
(High Ratio)

Rate Type 5-Year-Variable

Mortgage TypeClosed

Prepayment 15%

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DISCLAIMER

Citadel Mortgages operates an information-based website that displays mortgage rates from its partners. While the company strives to provide the best possible rates, it cannot guarantee their accuracy at all times. Therefore, Citadel Mortgages accepts no liability for the precision of the information presented and is not accountable for any damages resulting from its use. Terms and conditions apply, and it is necessary to speak with a mortgage broker for further details. Please note that the rates displayed in this article are for article use only.

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BMO 5-year Fixed Mortgage Rate

5.64%

BMO Mortgage Rates - Citadel Mortgages

5-Year-Fixed

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No

Pre-approval

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20%

Pre-Payments

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20%

Lump sum pre-payment

HSBC 3 Year Fixed Mortgage Rate

6.09%

HSBC.png

3-Year Fixed

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No

Pre-approval

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20%

Pre-Payments

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20%

Lump sum pre-payment

CIBC 5-Year Variable Mortgage Rate

7.00%

CIBC MORTGAGE RATES - CITADEL MORTGAGES

5-Year Variable Mortgage Rate

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No

Pre-approval

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10%

Pre-approval

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10%

Lump sum pre-payment

Citadel 5 Year Fixed High Ratio Mortgage Rate

5.29%

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5-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 3 Year Variable High Ratio Mortgage Rate

6.10%

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3-Year-Variable

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No

Pre-approval

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20%

Pre-approval

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20%

Lump sum pre-payment

Citadel 5 Year High Ratio Variable Mortgage Rate

5.90%

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5-Year-Variable

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

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Citadel 4-Year Fixed Mortgage Rates

6.44%

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4-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 4-Year Fixed Mortgage Rates

6.44%

citadel-mortgages.png

4-Year-Fixed

save-icon-1.png

Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment