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.
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.
| Month | Average LR.ca 5-year fixed rate | Average bank 5-year fixed rate |
|---|---|---|
| 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% |
| Nov 2018 | 3.25% | 5.34% |
| Dec 2018 | 3.19% | 5.34% |
| Jan 2019 | 3.37% | 5.34% |
On a $400,000 mortgage, that's an average savings of:
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%.
| Month | Average LR.ca 5-year fixed rate | Average LR.ca 5-year variable rate |
|---|---|---|
| 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% |
| Nov 2018 | 3.25% | 2.61% |
| Dec 2018 | 3.19% | 2.60% |
| Jan 2019 | 3.37% | 2.60% |
On a $400,000 mortgage, that's an average savings of:
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.
✝Based on borrowers in Saskatchewan who applied for a mortgage at LowestRates.ca since 2014.
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.
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.
| Province | Two-Storey | Condo |
|---|---|---|
| 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 |
| Province and territory | Average home price (2016)* | Year- |
|---|---|---|
| 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
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.
