Saskatchewan is one of Canada’s most affordable provinces for homebuyers. The average home price in Regina is approximately $320,000 and in Saskatoon around $390,000, both well below the national average. Combined with no land transfer tax, Saskatchewan offers excellent value. Current mortgage rates are shown below.
| Name | 2-Year Fixed | 3-Year Fixed | 4-Year Fixed | 5-Year Fixed | 5-Year Variable |
|---|---|---|---|---|---|
| BMO | 7.34 | 6.95 | 6.74 | 6.79 | 6.7 |
| CIBC | 6.99 | 6.99 | 6.74 | 6.84 | 6.7 |
| Nesto | 5.84 | 4.79 | 4.89 | 4.34 | 5.4 |
| Pine | 6.24 | 4.24 | 4.54 | 4.34 | 4.75 |
| RBC | 5.89 | 5.09 | 4.99 | 4.94 | 6.1 |
| Scotiabank | 7.19 | 6.74 | 6.54 | 6.59 | 7.15 |
| TD | 7.34 | 5.22 | 6.74 | 5.12 | 6.19 |
| True North | 4.99 | 4.84 | 4.84 | 4.49 | 5.5 |
This table was last updated on December 21, 2024 rates are from the data available on each institution’s website.
Fixed vs. variable mortgage rates in Saskatchewan
| Feature | Fixed Rate | Variable Rate |
|---|---|---|
| Rate type | Locked for the term | Fluctuates with prime rate |
| Typical 5-year rate | 4.0% - 5.0% | 4.5% - 5.5% |
| Payment certainty | High | Lower |
| Penalty to break | Higher (IRD) | Lower (3 months interest) |
| Best when | Rates expected to rise | Rates expected to fall |
The Bank of Canada reduced the overnight rate from 5.00% to 2.75% through 2024-2025, making variable rates more competitive.
Monthly payment examples for Saskatchewan home prices
Based on a 25-year amortization with minimum down payment:
| Home Price | Down Payment | Rate | Monthly Payment |
|---|---|---|---|
| $250,000 | $12,500 (5%) | 4.0% | ~$1,248 |
| $320,000 | $16,000 (5%) | 4.5% | ~$1,686 |
| $390,000 | $19,500 (5%) | 4.5% | ~$2,054 |
| $450,000 | $22,500 (5%) | 5.0% | ~$2,497 |
| $500,000 | $25,000 (5%) | 5.0% | ~$2,775 |
Use the Saskatchewan mortgage payment calculator for exact figures at your rate and amortization.
No land transfer tax in Saskatchewan
One of the biggest advantages of buying in Saskatchewan is the absence of a land transfer tax. This saves buyers thousands at closing:
| Province | LTT on $400,000 Home |
|---|---|
| Saskatchewan | $0 |
| Alberta | $0 |
| Manitoba | ~$5,350 |
| Ontario | ~$4,475 |
| British Columbia | ~$6,000 |
On a $400,000 home, you save $4,475 to $6,000 compared to buying the same home in Ontario or BC.
Saskatchewan housing market overview
- Regina — average home price ~$320,000, the most affordable major city in the province
- Saskatoon — average ~$390,000, slightly higher but still very affordable nationally
- Moose Jaw / Prince Albert — even more affordable markets for buyers on a budget
- Stable market — Saskatchewan has experienced modest, stable growth without the dramatic swings seen in Ontario or BC
The Saskatchewan mortgage affordability calculator shows what you can afford based on your income and debts.
Down payment requirements in Saskatchewan
| Purchase Price | Minimum Down Payment |
|---|---|
| Under $500,000 | 5% of purchase price |
| $500,000 to $999,999 | 5% of first $500K + 10% of remainder |
| $1 million+ | 20% of purchase price |
For a $320,000 home (Regina’s average), the minimum down payment is just $16,000. Less than 20% down requires mortgage default insurance. Use the down payment calculator for exact amounts.
Impact of rate changes on Saskatchewan mortgages
Even small rate changes have meaningful impact:
| Rate | Monthly Payment ($350K) | Total Interest (25 years) |
|---|---|---|
| 4.0% | ~$1,840 | ~$202,000 |
| 4.5% | ~$1,940 | ~$232,000 |
| 5.0% | ~$2,040 | ~$262,000 |
| 5.5% | ~$2,150 | ~$295,000 |
A 1% difference in rate adds approximately $93,000 in total interest over 25 years on a $350,000 mortgage.
Frequently asked questions
What are the best mortgage rates in Saskatchewan?
The best 5-year fixed rates range from approximately 3.9% to 5.0% depending on the lender and mortgage type.
Does Saskatchewan have a land transfer tax?
No. Saskatchewan does not charge a land transfer tax, saving buyers thousands compared to provinces like Ontario and BC.
Should I choose fixed or variable in Saskatchewan?
Fixed provides certainty; variable may save money with declining Bank of Canada rates. Your risk tolerance should guide the decision.
Related guides
- Saskatchewan mortgage payment calculator
- Saskatchewan mortgage affordability calculator
- Saskatchewan sales tax calculator
- Down payment calculator
- Mortgage insurance calculator
- Mortgage rates across Canada
