Find the best mortgage rate in Saskatoon

As the most populated city in Saskatchewan, Saskatoon is one of the most important cities in the Canadian Prairies. While neighbouring Regina counts itself as the provincial capital and political centre of Saskatchewan, Saskatoon is arguably the more significant economic centre.

As such, Saskatoon has a strong mortgage and real estate market, offering a range of products to current and future homeowners. Because Saskatoon home prices tend to be much lower than Canada's other large cities, home buyers are especially spoiled for choice.

Below we've laid out some of the things you should consider before looking for a mortgage in Saskatoon. When you're ready, you can compare personalized quotes for mortgage rates in Saskatoon with the tools at the top of this page.

Saskatoon at a glance

• Population: 266,141 
• Average Home Price: $372,800 in January of 2023, a 2.2% year-over-year increase 
• Average Household Income: $79,001
• Percentage of Homeowners: 67%

Fun Facts About Saskatoon 

• The oldest archaeological site in Canada, Wanuskewin Heritage Park, is located just outside Saskatoon, and contains remains from multiple First Nations cultures going back some 6,000 years. 
• Saskatoon is famous for its love of perogies, and is home to Baba’s Homestyle Perogies, the world’s only perogy drive-through.
  
  

Comparing the best mortgage rates in Saskatoon

The comparison tables at the top of this page list the best mortgage rates available in Saskatoon, up to the minute. Comparing rates between multiple providers and mortgage brokers is the best thing you can do to get the lowest rate possible.

Of course, your personal rate may be different from the rates listed above. The rate you're eligible for can change based on things like your down payment, the price of the house, your credit score, which lender you choose, as well as what the property is being used for.

Luckily, you can get personalized quotes for mortgage rates without filling in a full mortgage application. Use the tools at the top of this page and we’ll provide you with personalized mortgage quotes from Saskatoon lenders in under two minutes.

Saskatoon closing costs

When applying for a new mortgage in Saskatoon, you'll need to consider the closing costs associated with all property purchases. Most of these costs will need to be paid upfront, so you’ll need to save the cash to pay for them (in addition to your down payment).

Mortgage Default Insurance: If your mortgage is an insured mortgage, you'll need to pay for mortgage default insurance, often known as CMHC insurance. This will normally be included as part of your mortgage, so you won't need to provide it in cash.

Saskatchewan Land Title Fees: While there is no land transfer tax in Saskatchewan, as there is in most other provinces, there is a schedule of land title fees. The exact fee you'll pay is dependent on the kind of transaction involved.

For typical home purchases, you'll pay a Title or Abstract Transfer Fee. For homes with a purchase price of $8,401 or more, this fee will be 0.3% of the purchase price, which is cheaper than land transfer tax rates in most provinces. The full schedule of fees is listed in the table below (Source: ISC Land Title Fees).

Registration Services	Fees
	Titles & Abstracts Valued At	Fee
Title or Abstract Transfer	$0 to $500	Free
	$501 to $8,400	$25
	$8,401 and greater	0.3% of the value of the title or abstract
Title Transmission	$0 to $500	Free
	$501 to $8,400	$12.50
	$8,401 and greater	0.15% of the value of the title or abstract
Title or Abstract Surrender	$0 to $500	Free
	$501 to $8,400	$12.50
	$8,401 and greater	0.15% of the value of the title or abstract, based on the value of the title being set up
Title or Abstract Set-up	$0 to $500	Free
	$501 to $8,400	$12.50
	$8,401 and greater	0.15% of the value of the title or abstract, based on the value of the title being set up
Transfer of Title to Surviving Joint Tenant	$0 to $500	Free
	$501 and greater	$12.50
Condominium First Raise of Title*	$0 to $500	Free
	$501 to $25,000	$25.00
	$25,001 and greater	0.1% of the value of the title or abstract
Title Consolidation* – where at least one owner remains the same before and after the transaction*	$0 to $500.00	Free
	$501 to $25,000	$25.00
	$25,001 and greater	0.1% of the value of the title or abstract
Parcel Consolidation* – where at least one owner remains the same before and after the transaction	$0 to $500	Free
	$501 to $25,000	$25.00
	$25,001 and greater	0.1% of the value of the title or abstract
Parcel Subdivision* – where at least one owner remains the same before and after the transaction	$0 to $500	Free
	$501 to $25,000	$25.00
	$25,001 and greater	0.1% of the value of the title or abstract
Adding or Removing a Joint Tenant From Title* – where at least one joint tenant remains the same before and after the transaction	$0 to $500	Free
	$501 to $25,000	$25.00
	$25,001 and greater	0.1% of the value of the title or abstract
Mineral Commodity Set-up		Free
Condominium Ownership Register Setup		Free
Alternate Authority Setup Per Title, Interest, or Share Affected		$60.00
Alternate Authority Removal per Title, Interest, or Share Affected		Free
Title or Abstract Print with Registration		$12.00 per title (Additional charges will apply for output in email, fax, or paper)

*Reduced rate only applies to constant owner. Additional owners will be charged regular set-up fees.

These are just some of the closing costs you’ll have to pay in Saskatoon. Learn more on our closing costs education centre page.

Saskatoon first-time home buyer rebates

Most of the first-time home buyers' programs in Canada are administered at the provincial level, and they typically involve a rebate of any applicable land transfer taxes. Unfortunately, there aren't any rebates of this type in Saskatchewan for first-time home buyers. However, title transfer fees in Saskatoon are generally cheaper than land transfer taxes in other provinces, so first-time home buyers in Saskatoon are still in a good position.

In any case, new home buyers in Saskatoon are still eligible for first-time home buyer programs at the federal level, including:

• RRSP Home Buyer’s Plan: This allows you to borrow up to $60,000 from your RRSP for your down payment. The money must be paid back within 15 years.
• First-Time Home Buyer’s Tax Credit: This is a tax credit of up to $750, available when you file your taxes for the year in which you bought your first home.
• GST/HST New Housing Rebate: If your home is newly built, it may be subject to GST or HST. This rebate gives you some or all of that tax back.

Each of these schemes has eligibility criteria and additional rules that apply, which you'll need to investigate further before you apply for them.

Sources: 

1. Statistics Canada
2. CREA
3. Statistics Canada
4. Tourism Saskatoon