Best Variable Rate
CanWise Financial

CanWise Financial

Term 5 Year
Type Variable Closed
Rate 2.55%
Best Fixed Rate
CanWise Financial

CanWise Financial

Term 5 Year
Type Fixed Closed
Rate 3.32%
True North Mortgage

True North Mortgage

Term 5 Year
Type Variable Closed
Rate 2.65%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Variable Closed
Rate 4.10%
CanWise Financial

CanWise Financial

Term 1 Year
Type Fixed Closed
Rate 3.14%
CanWise Financial

CanWise Financial

Term 3 Year
Type Fixed Closed
Rate 3.19%
True North Mortgage

True North Mortgage

Term 5 Year
Type Fixed Closed
Rate 3.39%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Fixed Closed
Rate 3.69%
First National

First National

Term 5 Year
Type Fixed Closed
Rate 3.79%

Saskatchewan mortgage rates

LowestRates.ca brings Saskatchewan borrowers the lowest rates from the top mortgage brokers and banks operating in the province. Comparing rates on our site is free and takes just a few moments.

Check out the charts below to find out how much you can save on interest and see how the province’s housing market has been performing.

Lower rates = huge savings

So, how much can you save by comparing mortgage rates in Saskatchewan? We crunched the numbers and the answer is, quite a bit. For example, 5-year fixed rates at LowestRates.ca now average less than 2.5% in Saskatchewan, while bank-posted 5-year fixed rates average more than 4.5%.

On a $400,000 mortgage, that difference in rates would result in more than $5,000 of savings per year.

Mortgage Interest Savings in Saskatchewan:
5-year fixed from LR.ca vs. 5-year fixed posted bank rate
MonthAverage LR.ca 5-year fixed rateAverage bank 5-year fixed rate
Nov 2017 2.84% 4.99%
Dec 2017 2.69% 4.99%
Jan 2018 2.88% 5.14%
Feb 2018 2.88% 5.14%
Mar 2018 2.99% 5.14%
Apr 2018 3.00% 5.14%
May 2018 3.09% 5.34%
Jun 2018 3.09% 5.34%
Jul 2018 3.09% 5.34%
Aug 2018 3.09% 5.34%
Sep 2018 3.14% 5.34%
Oct 2018 3.20% 5.34%
Average LR.ca 5-year fixed rate Average bank 5-year fixed rate 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5%
  • Nov 2017
  • Dec 2017
  • Jan 2018
  • Feb 2018
  • Mar 2018
  • Apr 2018
  • May 2018
  • Jun 2018
  • Jul 2018
  • Aug 2018
  • Sep 2018
  • Oct 2018
LR.ca rates are more than 2 full percentage points lower than posted bank rates.

On a $400,000 mortgage, that's an average savings of:

$437
Per month
$5,239
Per year
$130,974
Per lifetime

Variable or fixed: which is lower?

How do the best variable rates compare to the best fixed rates in Saskatchewan? We compared the 5-year fixed rate mortgages and the 5-year variable rate mortgages that homebuyers in Saskatchewan have applied for on our site: variable rates are now almost half a percentage point lower on average, and the rates are well under 2%.

Mortgage Interest Savings in Saskatchewan:
5-year variable vs. 5-year fixed from LR.ca
MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
Nov 2017 2.84% 2.15%
Dec 2017 2.69% 1.95%
Jan 2018 2.88% 1.95%
Feb 2018 2.88% 2.18%
Mar 2018 2.99% 2.15%
Apr 2018 3.00% 2.19%
May 2018 3.09% 2.15%
Jun 2018 3.09% 2.15%
Jul 2018 3.09% 2.33%
Aug 2018 3.09% 2.40%
Sep 2018 3.14% 2.40%
Oct 2018 3.20% 2.40%
Average LR.ca 5-year fixed rate Average LR.ca 5-year variable rate 1.5% 2.0% 2.5% 3.0% 3.5%
  • Nov 2017
  • Dec 2017
  • Jan 2018
  • Feb 2018
  • Mar 2018
  • Apr 2018
  • May 2018
  • Jun 2018
  • Jul 2018
  • Aug 2018
  • Sep 2018
  • Oct 2018
Our variable rates are almost half a percent lower than our fixed rates.

On a $400,000 mortgage, that's an average savings of:

$101
Per month
$1,216
Per year
$30,389
Per lifetime

Variable or fixed: which is more popular?

Of the thousands of Saskatchewan borrowers who have shopped for a mortgage at LowestRates.ca between 2014 and 2016, the majority have taken 5-year variable rate loans rather than 5-year fixed rate loans.

5-Year Fixed Rates vs. 5-Year Variable Rates in Saskatchewan: Who Takes What?✝
51%
of Saskatchewan borrowers apply for 5-year variable mortgages
49%
of Saskatchewan borrowers apply for 5-year fixed mortgages

✝Based on borrowers in Saskatchewan who applied for a mortgage at LowestRates.ca since 2014.

Saskatchewan housing

Weak oil prices have taken a toll on the housing sector in Saskatchewan. Home starts are down, sales are down, and prices are flat. Average resale home prices in Saskatchewan continue to hover around $300,000 in 2016 — more than $100,000 lower than the Canadian average. The Canada Mortgage and Housing Corporation says home prices should firm up in 2017, but further declines in oil prices could dash that prediction.

Resale Home Prices in Saskatchewan
Saskatchewan
Canada
2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 (F) 2015 Q4 (F) 2016 Q1 (F) 2016 Q2 (F) $200k $400k $600k $300,600 $441,800

Homebuyers in Saskatchewan are paying $375,500 on average for a standard two-storey house — over $50,000 less than the national average. Meanwhile, Saskatchewan’s condo prices are actually on par with condo prices nationally. Overall, Saskatchewan housing remains affordable compared to other major provinces, especially when pitted against Ontario or British Columbia.

Two-Storey Home and Condo Prices by Province
ProvinceTwo-StoreyCondo
British Columbia $749,500 $319,400
Alberta $405,000 $255,100
Saskatchewan $384,500 $246,100
Manitoba $322,600 $207,500
Ontario $528,900 $280,800
Québec $323,700 $201,400
Canadian Average $466,100 $254,800
Two-Storey
Condo
$0k $200k $400k $600k $800k
British Columbia
Alberta
Saskatchewan
Manitoba
Ontario
Québec
Canadian Average

Average home prices by province and territory

Saskatchewan vs. Canada
Province and territoryAverage home price (2016)*Year-over-year change
Saskatchewan$292,303+0.4%
Alberta$395,648+2.7%
British Columbia$625,871-6.4%
Manitoba$282,511+4.2%
Newfoundland and Labrador$265,395-2.4%
New Brunswick$158,295+2.0%
Nova Scotia$218,332+1.7%
Northwest Territories$423,222-0.1%
Ontario$571,696+21.2%
Prince Edward Island$165,406+0.0%
Quebec$291,232+2.6%
Yukon$289,312-15.9%

*Numbers courtesy of The Canadian Real Estate Association (CREA), November 2016

About Saskatchewan

Sitting between Alberta and Manitoba, the province of Saskatchewan is located in the heart of the prairies. This is Canada's very own “big sky country,” a place for people who love wide open spaces and friendly people. A province with seemingly endless farmland and vast stretches of wilderness and parks, Saskatchewan is also home to the bustling city of Regina, its capital and commercial centre. The province's economy relies heavily on natural resources, with Saskatchewan producing more than half of Canada's wheat and a major portion of its oil refining capacity.

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