Find the best mortgage rate in Saskatoon
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Best Saskatoon mortgage rates
The rate table shows 5-year fixed mortgage rates in Saskatoon. To compare other rate types and terms, click on the filters icon beside the down payment percentage.
As of:
Saskatoon mortgage rates: FAQ
What is the mortgage rate in Saskatoon?
As of October 25, 2024, the best 5-year fixed mortgage rate in Saskatoon is 4.09%, while the best 5-year variable mortgage rate in Saskatoon is 4.70%.
Be sure to consult our rate table above to see the best mortgage rates available to you in Saskatoon. Our rate tables are updated throughout the day to reflect any changes, so you can rest assured that you’re always seeing the most current Saskatoon mortgage rates.
Who generally has the best mortgage rates in Saskatoon?
As of October 25, 2024, the Big 5 Bank offering the lowest 5-year fixed mortgage rates in Saskatoon is CIBC, at a rate of 4.34%. RBC has the lowest 5-year variable mortgage rate in Saskatoon, at 5.05%.
While these are currently the best Big 5 Bank mortgage rates in Saskatoon, they are not the best mortgage rates available. Saskatoon has a vibrant mortgage market with numerous providers competing for your business, so you should always shop around to ensure you’re getting the best rate. Consult our rate table above, where you can compare all of the lowest mortgage rates in Saskatoon – it’s updated regularly, so you can be sure you’re seeing the most current information available.
What will mortgage rates be in 2024?
2022 and 2023 saw the Bank of Canada carry out a historically steep rate hiking cycle to rein in runaway inflation, leading to a total of 10 rate hikes that brought the target for the overnight rate up from its pandemic-era low of 0.25% to 5% by the end of 2023. Spurred on by the same out-of-control inflation, bond yields went climbing, causing fixed mortgage rates to double over the same period. After all of that, it’s no wonder that people in Saskatoon and all across the country are hoping for some better news in 2024.
It looks like there’s room for us to be cautiously optimistic about what the new year will bring. In its seventh announcement of the year on October 23, the Bank of Canada lowered the target for the overnight rate from 4.25% to 3.75%, marking the fourth consecutive rate cut of the year. The Bank cited declining inflation as the driving factor behind its decision, noting that September's CPI of 1.6% came in below the target, while inflation is also falling in the United States and around the world. Given this, most expert observers now believe that the Bank will carry out several more rate cuts through the end of 2024 and into 2025, for a possible total of 200 basis points (including the 125 basis points from the past four rate cuts). Should this prove true, with each rate cut, the prime rate will fall, and, with it, variable mortgage rates.
Fixed mortgage rates are tied directly to the bond market, as opposed to the Bank of Canada’s rate decisions. In 2024, bond yields have been on a rollercoaster ride as jumpy investors react to various key economic reports from Canada, the United States and around the world. In recent news, the days leading up to the Bank’s October 23 announcement saw bond yields fall to the 2.9-3.0% range, and a few lenders reduced their fixed mortgage rates as anticipation of a rate cut grew. In the long term, provided the Bank of Canada’s rate strategy is successful in keeping inflation down, bond yields will almost certainly come down as well and bring fixed mortgage rates lower with them.
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Getting the best mortgage rates in Saskatoon
Jamie David, Sr. Director of Marketing and Mortgages
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.
Best mortgage rates in Saskatoon +
Rates updated:
Rate | Term | Type | Provider |
---|---|---|---|
4.09% | 3 years | Fixed | Big 6 Bank |
4.14% | 5 years | Fixed | Canadian Lender |
4.44% | 4 years | Fixed | Big 6 Bank |
5.29% | 2 years | Fixed | Big 6 Bank |
5.29% | 7 years | Fixed | Big 6 Bank |
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:
Jamie David, Director of Marketing and Head of Mortgages
Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio
Want to learn more? Check out our comprehensive education centre
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