Affinity Credit Union
Conexus Credit Union
Also known as The Breadbasket of Canada, Saskatchewan has a population of 1,179,906 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 230,725, while the City of Saskatoon estimates Saskatoon's population to be 322,568. 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 it's 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. While the plains bison is the official symbol of Manitoba, 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.
Saskatchewan’s housing market has been tamer than other Canadian housing markets. Home prices in Saskatchewan grew 8.9% in the first half of 2021, reaching an average home price of $288,500 in June 2021, and up 9.8% year-over-year compared to June 2020. This lags behind the 26% year-over-year increase in average sold prices for Canada's housing market.
Saskatchewan's two main housing markets, Saskatoon and Regina, saw similar tempered growth. Home prices only saw a 4.4% increase throughout 2020 in Saskatoon's housing market, even as the number of Saskatoon home sales increased by 23% in 2020. The CMHC predicts that rising Saskatchewan mortgage rates in the next few years will dampen price gains in 2022 and 2023, but Saskatchewan's recovering economy will still drive strong demand for housing in the province.
In a best case scenario, the CMHC predicts that Saskatoon housing prices will increase by 6% over the next two years into 2023, with a worst case estimate of a 1% increase in Saskatoon house prices. This trails behind other housing markets, such as Toronto, where house prices are expected to increase by 29.7% in the upper-end to 10.2% on the lower-end of CMHC’s estimates by 2023.
Regina's housing market closely follows Saskatoon's housing market, as Regina home prices grew by less than 2% for all of 2020. It’s also expected that Regina mortgage rates will slowly rise over the next few years. However, the CMHC predicts that Regina’s housing market will slightly outperform Saskatoon in terms of price growth by 2023, with average home prices in Regina growing as much as 7.6% on the upper-end of the range or as little as 2.3% on the lower-end by 2023.
|Average Home Price||2020||2021||2022||2023|
The Big Five Banks are all present in Saskatchewan, including RBC, TD, Scotiabank, BMO, and CIBC. Saskatchewan has 36 provincially regulated credit unions, with the largest being Conexus Credit Union and Affinity Credit Union. Others include Affinity Credit Union, 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.
|Lender||Number of Branches in Saskatchewan|
|Affinity Credit Union||56|
|Conexus Credit Union||30|
|Innovation Credit Union||25|
|Prairie Centre Credit Union||14|
|Synergy Credit Union||11|
|Diamond North Credit Union||10|
|Cornerstone Credit Union||9|
|Radius Credit Union||7|
|TCU Financial Group||5|
|Canadian Western Bank||4|
|Crossroads Credit Union||4|
|Weyburn Credit Union||3|
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 36 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, is majority-owned by SaskCentral.
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.
|Credit Union||Head Office|
|Accent Credit Union||Quill Lake|
|Affinity Credit Union||Saskatoon|
|Bengough Credit Union||Bengough|
|Biggar and District Credit Union||Biggar|
|Bruno Savings and Credit Union Limited||Bruno|
|Churchbridge Credit Union||Churchbridge|
|Conexus Credit Union||Regina|
|Cornerstone Credit Union||Yorkton|
|Crossroads Credit Union||Canora|
|Cypress Credit Union||Maple Creek|
|Diamond North Credit Union||Nipawin|
|Dodsland and District Credit Union||Dosland|
|Earl Grey Credit Union||Earl Grey|
|Edam Credit Union||Edam|
|Foam Lake Savings and Credit Union||Foam Lake|
|Innovation Credit Union||Swift Current|
|Kerrobert Credit Union||Kerrobert|
|Lafleche Credit Union||Lafleche|
|LeRoy Credit Union||LeRoy|
|Luseland Credit Union||Luseland|
|New Community Credit Union||Saskatoon|
|North Valley Credit Union||Esterhazy|
|Prairie Pride Credit Union||Alameda|
|Radius Credit Union||Ogema|
|Raymore Savings and Credit Union||Raymore|
|Rockglen-Killdeer Credit Union||Rockglen|
|Sandhills Credit Union||Leader|
|Saskatoon City Employees Credit Union||Saskatoon|
|St. Gregor Credit Union||Gregor|
|Stoughton Credit Union||Stoughton|
|Synergy Credit Union||Lloydminster|
|TCU Financial Group Credit Union||Saskatoon|
|Turtleford Credit Union||Turtleford|
|Unity Credit Union||Unity|
|Weyburn Credit Union||Weyburn|
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.
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 11th largest credit union in Canada with over 120,000 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 2020, this amounted to 3.5% of Affinity's annual pre-tax profit, with $1.34 million given to 555 organizations across Saskatchewan.
Conexus Credit Union is Saskatchewan's largest credit union with 130,000 members and 30 branches. Conexus is only open to residents of Saskatchewan with three years of credit history.
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. For newcomers to Canada, Conexus accepts international credit reports for those with no Canadian credit history, and allows newcomers to make a 5% 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 5% of their profits back into local initiatives. In 2020, this amounted to $1.5 million for 55 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 claims to have some of the best mortgage rates in Canada, and 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.
Innovation Credit Union is in the process of becoming a federal credit union by the end of 2021. Becoming federally regulated means that deposit insurance for eligible deposits will change from the Credit Union Deposit Guarantee Corporation of Saskatchewan (CUDGC) with unlimited deposit guarantees to the Canada Deposit Insurance Corporation (CDIC) with limited deposit guarantees. Innovation Credit Union mortgages will also eventually be subjected to the mortgage stress test, a requirement at federally regulated mortgage lenders.
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 has 9 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 Ssaskatchewan 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 43 licensed mortgage brokerages and 319 mortgage brokers in Saskatchewan. Some mortgage brokerages 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
Huys Mortgage Group
8Twelve Mortgage Corporation
Axiom Mortgage Solutions
Belmor Mortgage Corp
Blue Pearl Mortgage Group
Brokers for Life
LM Financial Services
Bridges Mortgage Services
Mortgage Alliance - Enrich Mortgage Group
Focus Mortgage Solutions
iSask Mortgage Brokers
Murrary & Company
Quantus Mortgage Solutions
Sun Mortgage Corporation
The Mortgage Associates
True North Mortgage
Your Mortgage Link
As the largest mortgage brokerage in Canada, Dominion Lending Centres has six licensed affiliated mortgage brokerages operating in Saskatchewan. These are The Mortgage Firm (Regina), NexGen Mortgages (Prince Albert), Mortgage Excellence, City Centre Mortgages (Regina), Fresh Mortgage Co. (Saskatoon), 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 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. Special mortgages that Verico offers include reverse mortgages and spousal buyout mortgages.
The Mortgage Centre operates in Regina and Saskatoon through Design Mortgages, Sky Financial, and Saskatoon Mortgage Centre. 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.
For example, Dominion Lending Centres operates in Regina through City Centre Mortgages, and operates in Saskatoon through Fresh Mortgage Co. Both City Centre Mortgages and Fresh Mortgages Co have largely the same Saskatchewan mortgage rates. The posted 5-year fixed mortgage rate in Regina is 2.09%, while the posted 5-year fixed mortgage rate in Saskatoon is 2.09%, as of July 2021. Mortgage rates for 1-year fixed terms up to 10-year fixed terms are also the same for these Regina and Saskatoon mortgage brokerages. The only difference is for the posted 6-month fixed mortgage rate, with the mortgage rate in Regina being 1.00%, and the mortgage rate in Saskatoon being 2.79%.
While the Regina-based mortgage brokerage happens to have a lower mortgage rate in this case, City Centre Mortgages does have a higher variable mortgage rate. The Regina-based mortgage brokerage's posted variable mortgage rate was 5.00% as of July 2021, compared to the Saskatoon-based Fresh Mortgage Co’s variable rate of 1.45%. 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. Simplicity Credit Union and Cornerstone Credit Union both 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.
There are 1,379 licensed mortgage brokerages in Ontario, and when compared to Saskatchewan’s 43 licensed mortgage brokerages, Saskatchewan’s mortgage industry can seem slightly barren. 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.
In July 2021, there were at least seven mortgage lenders in Ontario offering 5-year fixed high-ratio mortgage rates of 1.99% or less. In Saskatchewan, there were at least four mortgage lenders at 1.99% or less. Even so, Saskatchewan’s reliance on volatile commodity prices means that mortgages in Saskatchewan can be slightly more risky than other provinces. In fact, Saskatchewan had the highest mortgage delinquency rate in the country from 2018 to 2021, with the delinquency rate in Saskatchewan often being double the national average. This might give pause to some mortgage lenders in Saskatchewan when considering their Saskacthewan mortgage rates.
Historically, Regina has had a higher mortgage delinquency rate than Saskatoon. This may also lead to Regina mortgage rates being slightly higher than Saskatoon mortgage rates.
|Q1 2018||Q1 2019||Q1 2020||Q1 2021|
Agriculture and natural resources make up a large portion of Saskatchewan’s economy. In 2019, over a third of Saskatchewan's GDP was through agriculture, mining, oil, gas, and other natural resources. Generally, rising interest rates will result in lower commodity prices, however, the opposite has largely been true in recent history: rising inflation can lead to higher commodity prices.
High inflation will cause the Bank of Canada to increase interest rates, which in turn causes mortgage rates to go up. High inflation also causes commodity prices to increase, directly benefiting a third of Saskatchewan's economy. This also benefits the thousands of Saskatchewan workers in the agriculture and natural resources sectors, helping to offset the effect of higher mortgage rates in Saskatchewan.
In 2020, Regina finally reached the level of home sales last seen in 2012. Not coincidentally, commodity prices peaked in 2012, with commodities such as wheat and corn in 2020 finally reaching 2012 price levels. Surging commodity prices in 2020 has helped to boost the number of home sales in Saskatchewan.
However, will high commodity prices lead to higher inflation? RBC's Chief Economist doesn't think so, suggesting that only 5% of commodity price increases will affect inflation rates. For example, the Bank of Canada Commodity Price Index (BCPI) increased 18% in 2020. This might only lead to a 0.9% increase in inflation.
Even so, other time periods and commodities show more worrying signs. The BCPI increased 65% from June 2020 to June 2021, suggesting a 3.25% increase to inflation. During this same period, corn prices increased 102%. Abnormally-high commodity price gains will lead to higher inflation, yet whether or not Saskatchewan homeowners will benefit will depend on if the economic benefits of higher commodity prices will outweigh higher Saskatchewan mortgage interest rates.
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%.
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 mortgages in 2019 had an average LTV of 54.1%, for an average down payment of 45.9%. Meanwhile, RBC mortgages in Saskatchewan and Manitoba in 2020 had an average down payment of 36%. Scotiabank had an average down payment of 31.4% in 2020, and TD had an average down payment of 36% in 2020.
|Lender||Average Down Payment|
|Affinity Credit Union||38.46%|
|Cornerstone Credit Union||45.90%|
|RBC (Saskatchewan and Manitoba)||36.00%|
|Scotiabank (Saskatchewan and Manitoba)||31.40%|
Currently, most major banks and credit unions in Saskatchewan have a prime rate of 2.45% as of July 2021. 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. Effective July 2021 to December 2021, the prime rate is 2.45%, with the interest rate charged being 5.45%.
The average closing costs in Saskatchewan is around $3,000 for an average detached home. In 2021, the average new mortgage in Saskatchewan was $233,000, according to the CMHC. Since the average down payment in Saskatchewan is over 30%, a $320,000 home with a 30% down payment will result in a mortgage size of $233,000.
Using WOWA’s closing cost calculator, the estimated closing costs for an average home in Saskatchewan would be around $3,000. This includes Saskatchewan land title transfer fees, which is charged instead of land transfer taxes.
Some Saskatchewan mortgage brokers offer workarounds that allow you to buy a house in Saskatchewan with zero down payment.
iSask Mortgage Brokers, based in Saskatoon, offer "Zero Dollar Down Payments" with no down payment required to buy a home. Usually, you will borrow the down payment through these programs instead.
If you're looking to purchase a home in Saskatoon and you have a household income under specified limits, you may be eligible for a 5% down payment grant. The City of Saskatoon's Mortgage Flexibilities Support Program provides up to 5% down payment if your household income is 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 also allows homebuyers to purchase without a down payment. In this program, developers of entry-level housing can 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 part of the HeadStart in a Home Program include:
If you purchase a home from a developer participating in the program and get 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.
This page covers Saskatachewan mortgage rates for the whole province by comparing rates from over 25 lenders. For more specific local mortgage rates, visit our Saskatoon mortgage rates and Regina mortgage rates pages.