Saskatchewan Mortgage Rates

Also known as The Breadbasket of Canada, Saskatchewan has a population of 1,221,439 as of 2023 and is located in the middle of the Canadian Prairies. Saskatchewan accounts for just under half of all field crop farm land in Canada, including canola, spring wheat, and lentils. Saskatchewan grows just over half of the world's lentils, and is also the world's largest exporter of canola, oats, peas, and durum wheat.

The capital city of Regina is home to 226,404, while Saskatoon's population is estimated to be 266,141. Prince Albert, Saskatchewan's third-largest city, is the gateway to Prince Albert National Park, one of Saskatchewan's two national parks. Moose Jaw, sitting on the Trans-Canada Highway west of Regina in southern Saskatchewan, is the province's fourth-largest city and is home to the famed Tunnels of Moose Jaw.

Further west along the Trans-Canada Highway is Swift Current, the province's fifth-largest city, known for its clear skies and for having plenty of sunshine. In fact, Swift Current had the third most hours of sunshine and the fifth clearest skies in Canada.

Saskatchewan's second national park, Grasslands National Park, is located south of Swift Current along the border with the United States. Grasslands National Park is renowned for its harsh semi-arid climate, prairie dogs, and plains bison. While the area had millions of bison in the past, Grasslands National Park is now home to only 400 to 500 bison today as conservation efforts to re-introduce bison into the area continue. The plains bison is the official symbol of Manitoba, and the white-tailed deer is Saskatchewan's official animal.

Located in the far northwest corner of the province is Athabasca Sand Dunes Provincial Park, nestled along the shores of Lake Athabasca. The Athabasca Sand Dunes are the largest sand dunes in Canada with dunes reaching up to 30 metres in height. For those looking to visit, you can only reach the park by float plane or boat. For a more accessible park, the Great Sand Hills in southwestern Saskatchewan is Canada's second-largest sand dunes, located northwest of Swift Current and northeast of Medicine Hat, Alberta.

For March 2024, the average price of a home in Saskatchewan was $305,490. That’s an annual decrease of 0.58%. In comparison, the average price of a home in Canada was $-. This means that a home in Saskatchewan is - cheaper than the national average home price.

Saskatchewan's two main housing markets are the urban cities of Saskatoon and Regina. The CMHC predicts that a growing population and a stronger economy will cause home prices to rise, even as mortgage rates remain elevated.

By 2025, the CMHC predicts that Saskatoon housing prices will rise to between $355,000 and $439,000 for an average Saskatoon home. That’s up to 24% higher than the report’s base price of $354,000. It’s also a larger price increase compared to some other housing markets, such as Toronto's housing market, where house prices are expected to increase by 14% in the upper-end or decrease by 7% on the lower-end of CMHC’s estimates by 2025.

Regina's housing market closely follows Saskatoon's housing market. The CMHC predicts that Regina’s housing market will slightly outperform Saskatoon in terms of price growth by 2025, with average home prices in Regina growing as much as 25% on the upper-end of the range or shrinking as much as 9% on the lower-end by 2025.

The Big Six Banks are all present in Saskatchewan, including RBC, TD, Scotiabank, BMO, CIBC, and National Bank. Saskatchewan has 33 provincially regulated credit unions, with the largest being Conexus Credit Union and Affinity Credit Union. Saskatchewan has designated these two credit unions as Provincial Systemically Important Financial Institutions.

Other credit unions in Saskatchewan include Innovation Credit Union, Synergy Credit Union, and Cornerstone Credit Union. Saskatchewan’s credit unions were the first in Canada to use automated teller machines (ATMs), revolutionizing the way that Canadians do banking.

Both Affinity Credit Union and Conexus Credit Union have been designated as Provincial Systemically Important Financial Institutions (P-SIFIs) by the Saskatchewan Credit Union Deposit Guarantee Corporation (CUDGC) which highlights the large size and interconnectedness of these two credit unions. Credit unions in Saskatchewan are regulated by the CUDGC, which also guarantees deposits at Saskatchewan credit unions. CUDGC ensures all deposits with no limit.

Credit Union Central of Saskatchewan, now known as SaskCentral, helps with the management of Saskatchewan credit unions, from providing phone banking systems, bill payments, card issuance, digital banking services, and providing liquidity. SaskCentral is owned by all 33 Saskatchewan credit unions. SaskCentral also works to strengthen Saskatchewan's credit union system by making investments in industry partners. For example, Concentra Bank, a chartered bank that provides wholesale services to credit unions, was majority-owned by SaskCentral before being acquired by Equitable Bank in November 2022. Concentra Bank also owned Wyth Financial.

Many credit unions have profit sharing programs that provide an interest rebate on your mortgage. This can make Saskatchewan credit union mortgage rates even lower, as you will receive an annual rebate on mortgage interest paid if your credit union has a profit sharing program.

Affinity Credit Union

Affinity Credit Union has 56 branches all over Saskatchewan, including Saskatoon, Regina, Moose Jaw, and Prince Albert. Affinity Credit Union mortgages are only available to residents of Saskatchewan. Through the Credit Union Deposit Guarantee Corporation of Sasktahcewan, the maximum mortgage amortization offered by Affinity Credit Union is 30 years. Affinity also offers agricultural mortgages. Affinity Credit Union mortgages have a rate hold of up to 130 days, longer than the standard 90 to 120 days by the major banks.

To become a member, you'll need to purchase a $5 member share. Affinity First in Line offers Affinity members the opportunity to purchase event tickets in Saskatoon and Regina before they are made public. Member Perks through Affinity's Member Card also gives exclusive discounts within your local community.

As the 10th largest credit union in Canada with over 140,000 members, Affinity has a strong community presence by investing up to 6% of their annual pre-tax profits into local community organizations and sponsorships.

This includes donations to public libraries, schools, sports teams, art galleries, fire departments, museums, and charities throughout the province. In 2022, this amounted to 4.84% of Affinity's annual pre-tax profit, with $3.1 million given to 668 organizations across Saskatchewan.

Conexus Credit Union

Conexus Credit Union is Saskatchewan's largest credit union with 137,000 members and 30 branches. Conexus is only open to residents of Saskatchewan.

Conexus offers conventional mortgages, high-ratio mortgages, HELOCs, construction mortgages with a 5% minimum down payment, and self-builder mortgages with a 35% minimum down payment. You may also be able to get a Conexus mortgage with an amortization of up to 30 years.

Conexus participates in their local community by donating up to 5% of their profits back into local initiatives. In 2022, this amounted to $1.79 million for 81 different programs.

Conexus stopped patronage allocation dividends after 2013. Instead, excess profits help to fund Conexus's no-fee chequing and saving accounts.

Innovation Credit Union

Innovation Credit Union is Saskatchewan’s first federal credit union, which means that deposits are insured by the CDIC and that they can operate outside of the province, excluding Quebec. Innovation Credit Union mortgages are also subjected to the mortgage stress test, a requirement at federally regulated mortgage lenders.

Innovation Credit Union offers personal, business, and agricultural mortgages. With Innovation Credit Union's Member Rewards program, you will receive a yearly cash dividend based on the mortgage interest that you've paid on your mortgage.

Synergy Credit Union

Based in Lloydminster, the only city in Canada that is located on the border of two provinces, Synergy Credit Union has had a long history of being guided by co-operative values.

Synergy Credit Union's ProfitShares Program gives up to 20% of the credit union's annual profits back to members. For Synergy Super Mortgage borrowers, you will receive an interest rebate on the mortgage interest paid each year. This effectively reduces your credit union mortgage rate. Synergy Simplicity Mortgages are not eligible for profit sharing rewards, however, posted Simplicity mortgage rates are lower than Super mortgage rates by 0.5% to 1.0%.

Cornerstone Credit Union

Cornerstone Credit Union has 15 branches in rural Saskatchewan, with a particular focus on supporting farmers. An unique mortgage that Cornerstone offers is the Straight Rate Mortgage, which doesn't allow features such as early mortgage renewals or skipping a mortgage payment, but gives you a low Saskatchewan mortgage rate in return. Cornerstone also offers variable mortgages rates with a capped rate, business mortgages up to 75% LTV, and agricultural mortgages up to 75% LTV.

The Financial and Consumer Affairs Authority regulates mortgage brokers, associates, brokerages, and administrators in Saskatchewan. Saskatchewan mortgage brokers must act in the best interests of the borrower, however, there can be exceptions, such as if the mortgage lender is a private investor such as a private lender. If the mortgage lender is a private investor, the mortgage broker must act in the best interests of the private investor. This includes negotiating and arranging the mortgage, as well as providing advice on the suitability of the mortgage. The broker will have to disclose to the mortgage borrower that they are acting on behalf of the investor.

In Saskatchewan, mortgage associates are equivalent to mortgage agents in other provinces, and work for a licensed mortgage brokerage. Mortgage administrators collect mortgage payments on behalf of private mortgage investors. The only licensed mortgage administrator in Saskatchewan is Sun Mortgage Corporation.

There are 67 licensed mortgage brokerages and 422 mortgage brokers in Saskatchewan as of 2023. That’s up from 43 licensed mortgage brokerages and 319 mortgage brokers in 2021. Some mortgage brokerages in Saskatchewan include Dominion Lending Centres, Mortgage Alliance, Invis, The Mortgage Group, and Verico. Others include Blue Pearl Mortgage Group, CCI Mortgages, First Foundation, Focus Mortgage Solutions, and Saskatoon Mortgage Centre.

Dominion Lending Centres

As the largest mortgage brokerage in Canada, Dominion Lending Centres has ten licensed affiliated mortgage brokerages operating in Saskatchewan. These are The Mortgage Firm (Regina), NexGen Mortgages (Prince Albert), Mortgage Excellence, Mortgages Are Marvellous (Calgary), City Centre Mortgages (Regina), Atlas Mortgage Group (Regina), Mortgage Mentors, Fresh Mortgage Co. (Saskatoon), Neighbourhood Dominion Lending Centres, and BlueTree West - Powerhouse Mortgages (Regina and Saskatoon).

Dominion Lending Centres can help borrowers looking to consolidate debt, purchasing investment or vacation properties, renovation financing, first-time buyers and those new to Canada, self-employed borrowers, and borrowers with bad credit.

Verico

Verico has one of Canada's largest mortgage broker networks. In Saskatchewan, Verico operates through Verico Canadian Mortgage Lender (CML) and Verico Crown Mortgage Services, both located in Regina. Verico Xeva Mortgage is also licensed to operate in Saskatchewan. Special mortgages that Verico offers include reverse mortgages and spousal buyout mortgages.

The Mortgage Centre

The Mortgage Centre operates in Regina and Saskatoon through Design Mortgages, Sky Financial, and The Mortgage Centre Elite. Mortgages offered by The Mortgage Centre in Saskatchewan include construction mortgages, self-build mortgages, multi-residential mortgages, commercial mortgages, second mortgages, and private mortgages.

Saskatchewan’s competitive mortgage marketplace means that Regina mortgage rates are largely the same as Saskatoon mortgage rates. As many Saskatchewan mortgage lenders operate in both Regina and Saskatoon, getting a low mortgage rate in Regina is just as likely as getting a low mortgage rate in Saskatoon.

Of course, mortgage rates in Saskatchewan will vary from lender to lender. Comparing mortgage rates from Regina mortgage lenders and Saskatoon mortgage lenders can help you find the lowest Saskatchewan mortgage rate.

Many banks, credit unions, and mortgage lenders in Saskatchewan offer farm mortgage loans and agricultural mortgages. These are used to purchase farm land and buildings, to construct new farm buildings, and to purchase farm equipment.

Agricultural mortgages work just like a residential mortgage. You can choose between a fixed or variable agricultural mortgage rate, have an amortization of up to 25 years, make limited prepayments for closed agricultural mortgages, and select a term length.

With a CIBC Farm Mortgage Loan or a Scotiabank Farm Mortgage, you can choose a term from 1 year up to 10 years. CIBC, Scotiabank, and RBC all allow you to make up to 10% in mortgage prepayments every year. Other agricultural mortgage lenders, such as Synergy Credit Union, allow you to make up to 20% in annual prepayments.

Agricultural mortgages can require a higher down payment. Synergy Credit Union and Cornerstone Credit Union require a 25% down payment. Agricultural and farm mortgage loans guaranteed by the Government of Canada are eligible for a lower down payment requirement. The Canadian Agriculture Loans Act (CALA) program guarantees certain farm loans if your annual revenue is less than $10 million, and allows you to borrow up to $500,000 with a down payment as low as 10%. For farmers that have been in business for more than six years, a 20% down payment or equity is required. CALA program loans have a 0.85% fee of the borrowed amount.

Agricultural mortgage rates can vary under the CALA program. For example, CIBC variable agricultural mortgage rates under the CALA program is CIBC’s Prime Rate plus 1%, while CIBC fixed agricultural mortgage rates can be up to CIBC's residential mortgage rate plus 1%.

The mortgage industry is much more competitive in Canada’s most populous provinces, which means that there can be fewer options for Saskatchewan mortgage borrowers to work with. This is partially due to the higher average home prices in Ontario, British Columbia, and Alberta, which makes mortgages in these provinces more enticing. Their higher population also makes them more attractive for mortgage lenders and brokers.

There are 2,699 licensed mortgage brokerages in Ontario, and when compared to Saskatchewan’s 422 licensed mortgage brokers, Saskatchewan’s mortgage industry can seem relatively small. However, Saskatchewan's mortgage industry is becoming increasingly competitive and mortgage rates in Saskatchewan can be just as low as those seen in other provinces. Saskatchewan mortgage brokers can also help connect Saskatchewan borrowers with national mortgage lenders.

What is the minimum down payment required for a mortgage in Saskatchewan?

If you're purchasing a home that is less than $1 million in Saskatchewan, you'll need to make a minimum down payment of 5% for the first $500,000, and 10% for the remaining amount. You will also need to pay for CMHC mortgage insurance, however, Saskatchewan mortgage lenders often offer lower mortgage rates for high-ratio insured mortgages.

If your home is over $1 million, you will need to make a down payment of at least 20%.

What is the average down payment in Saskatchewan?

Uninsured residential mortgages originated in 2019 by Affinity Credit Union, the largest credit union in Saskatchewan, had an average loan-to-value (LTV) ratio of 61.54%. This means that the average down payment for a mortgage with Affinity Credit Union is 38.46%.

Other credit unions had similar average mortgage down payments. Cornerstone Credit Union uninsured mortgages in 2022 had an average LTV of 57.2%, for an average down payment of 42.8%. Meanwhile, RBC mortgages in Saskatchewan and Manitoba in 2022 had an average down payment of 27%. Scotiabank had an average down payment of 31.9% in 2022, and TD had an average down payment of 26% in 2022.

What is the prime rate in Saskatchewan?

Currently, major banks and credit unions in Saskatchewan have a prime rate of 7.20% as of April 20th, 2024. The prime rate will affect variable mortgage rates in Saskatchewan.

For Saskatchewan taxpayers that are subject to tax penalties, the interest rate applied by the Government of Saskatchewan is based on the prime rate plus 3%, and is set every six months.

Is there down payment assistance in Saskatchewan?

There are no longer any down payment assistance programs available at the municipal level in Saskatoon or Regina, or any assistance at the provincial level for Saskatchewan. The federal First-Time Home Buyer Incentive is a shared equity mortgage that contributes between 5% to 10% of your home’s purchase price as a down payment. You will still need to make a minimum down payment as well.

The City of Saskatoon's Mortgage Flexibilities Support Program, which ended in 2022, provided a grant for up to a 5% down payment if your household income was under $69,975 for a one-person household, $74,640 for a two-person household, or more for dependents.

The Saskatchewan HeadStart on a Home Program, which ended in 2020, allowed homebuyers to purchase a home in Saskatchewan without a down payment. In this program, developers of entry-level housing could choose to offer non-repayable down payment grants to homebuyers, or buyers can borrow the down payment from selected Saskactehwan credit unions at the prime rate for 5 years.

Saskatchewan credit unions that were part of the HeadStart in a Home Program included:

• Affinity Credit Union
• Conexus Credit Union
• Cornerstone Credit Union
• Diamond North Credit Union
• Innovation Credit Union
• North Valley Credit Union
• Synergy Credit Union
• Weyburn Credit Union
• Plainsview Credit Union
• Prairie Centre Credit Union

If you purchased a home from a developer participating in the program and got a mortgage from one of these credit union partners, you may be able to borrow your down payment for up to 5 years, with the down payment loan having an interest rate being the prime rate.

What are Regina and Saskatoon mortgage rates?

This page covers Saskatachewan mortgage rates for the whole province by comparing rates from over 30 lenders. For more specific local mortgage rates, visit our Saskatoon mortgage rates and Regina mortgage rates.

Mortgage Rates in Regina

Mortgage Rates in Saskatoon