Regina at a Glance
The City of Regina is the capital city of Saskatchewan located in the Rural Municipality of Sherwood and is home to over 215K residents. The population of Regina increased by 11% from 2011 to 2016. Regina real estate prices have slightly increased by 1% from October 2019 to October 2020 and the median price of a home in Regina is $285K. New listings increased slightly by 6% from October 2019 to October 2020 but inventory and active listings of homes in Regina decreased significantly by 44% during the same time period due to sales outpacing new listings. The decrease in inventory on the Regina real estate market pushes real estate prices up and creates a seller‘s market.
Regina at a Glance | Province | Saskatchewan |
Settled Year | 1882 |
Established Year | 1883 |
Incorporated Year | 1903 |
Population | 215,106 |
City Area | 179.97 km 2 (69.5 sq mi) |
Official Website | https://www.regina.ca/ |
Mortgage Prepayment Limit
Bank or Lender | Annual Prepayment Limit | Frequency (per year) |
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| 10% | Once |
| 15% | Once |
| Varies, up to 20% | Once |
| Varies, up to 20% | Once |
| 20% (10% for BMO Smart Fixed Mortgages) | Once |
| 20% | Once |
| 15% - 20% | Once |
| 20% | Once |
| 15% | Once |
| 20% | Once |
| 25% | Multiple |
| Varies, up to 20% | Multiple |
| Varies, up to 20% | Multiple |
| 15% | Once |
| 10% | Multiple |
| 15% | Multiple |
| 20% | Multiple |
| 20% | Once |
| 20% | Multiple |
| 20% (or 30% for “You’re the Boss” Mortgage) | Once (or multiple for “You’re the Boss” Mortgage) |
| 20% | Once |
Mortgage Prepayment Penalties
Fixed Rate Mortgage Penalty Interest Rate
For fixed-rate mortgages, lenders usually use the greater of three months of interest or an interest rate differential (IRD). Each lender has their own IRD calculation. The interest rate that they use for their IRD is usually based on either their current advertised mortgage rates or their posted rates, which can often be much higher.
Advertised Rate IRD | Posted Rate IRD |
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* Equitable Bank’s IRD depends on your mortgage product
Variable Rate Mortgage Penalty Interest Rate
Most lenders determine the mortgage break penalty for a variable rate mortgage by calculating three months of interest. The interest rate that they use can depend from lender to lender, but is usually either your current mortgage interest rate or the lender's prime rate.
Based On Your Mortgage Rate | Based On the Lender's Prime Rate |
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* Laurentian’s 3 Months’ Interest is based on the greater of your mortgage rate or the current prime rate.
Calculate your mortgage break or prepayment penaltyWhile we try our best to get you the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.