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Check out today's best mortgage rates in Canada by type and term.
| Insured ? | 80% LTV ? The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | 65% LTV ? The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | Uninsured ? | Bank Rate ? | ||
|---|---|---|---|---|---|---|
Insured 4.64% | 80% LTV 4.19% | 65% LTV 4.19% | Uninsured 4.99% | 4.99% | ||
Insured 3.99% | 80% LTV 3.89% | 65% LTV 3.89% | Uninsured 4.44% | 4.53% | ||
Insured 3.69% | 80% LTV 3.79% | 65% LTV 3.79% | Uninsured 3.9% | 4.39% | ||
Insured 3.84% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.39% | 4.44% | ||
Insured 3.69% | 80% LTV 3.55% | 65% LTV 3.55% | Uninsured 3.69% | 4.19% | ||
Insured 4.19% | 80% LTV 4.24% | 65% LTV 4.24% | Uninsured 4.89% | 5% | ||
Insured 5.04% | 80% LTV 4.34% | 65% LTV 4.34% | Uninsured 5.24% | 6.09% | ||
Insured 3.9% | 80% LTV 3.95% | 65% LTV 3.9% | Uninsured 3.9% | 5.95% | ||
Insured 3.45% | 80% LTV 3.45% | 65% LTV 3.45% | Uninsured 3.5% | 4.24% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.45% | 80% LTV 5.45% | 65% LTV 5.45% | Uninsured 5.5% | N/A |
There are three main drivers behind mortgage rates in Saskatchewan and Canada at large:
The Bank of Canada influences mortgage rates through its policy rate. The Bank’s objective is to keep inflation in the target range of 1% to 3% and preserve the value of the Canadian dollar. It achieves this by setting the target overnight rate, also known as the policy rate.
As of today, the policy rate is 2.25%. The central bank uses the target rate to influence how the banks set their own rates and acts as a barometer for the rate at which banks borrow and lend among themselves.
The higher the inflation, particularly if it’s above 3%, the higher the likelihood of a rate hike. Though inflation does not directly affect mortgage rates, the Bank tends to raise rates to cool down economic activity and force homebuyers to retreat from the market. It’s worth noting that government bond yields, which influence fixed rates, are affected by inflation as well, in addition to factors like oil prices, geopolitical tensions and broader economic conditions (which currently remain uncertain).
Banks, credit unions, monoline lenders and other financial institutions compete to attract borrowers across Saskatchewan and beyond. During competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders — including local Saskatchewan credit unions like Affinity Credit Union — can often result in a better mortgage rate.
So, what is the best mortgage rate you can get in Saskatchewan? It depends. Several factors determine the interest rate lenders will offer, and each lender has their own criteria. Here’s what lenders look at when you submit your mortgage application:
1. Down payment
Your down payment will have the greatest influence on your mortgage rate. In general, a large down payment for a Saskatchewan mortgage is preferable to a small one, as it can improve your chances of securing a low interest rate. Across Canada, there are rules around minimum down payments, depending on the price of the home.
Technically, it's possible to acquire a mortgage with no down payment in Saskatchewan if you pay for it using a loan. However, banks and trust companies are prohibited from issuing down payment loans, so you’ll need to find an alternative lender to provide you with financing. Zero-down mortgages in Saskatchewan are uncommon and aren’t recommended because they’re riskier and more expensive.
2. Debt service ratios
Your ability to handle mortgage payments is a critical factor that lenders assess when assigning your mortgage rate. They do this by analyzing two debt service ratios:
3. Credit score
Your credit score is a financial metric that measures how creditworthy you are. In Canada, credit scores range from 300 to 900. When you apply for a mortgage, lenders will review your credit history to gauge your ability to manage debt. A high score indicates that you can handle credit responsibly and pay your bills on time. On the other hand, a low credit score signifies that you have a history of not paying bills on time and carrying a lot of unpaid debt. To increase your chances of obtaining a low mortgage rate in Saskatchewan, strive to maintain a credit score of at least 600.
Saskatchewan home buyers with bad credit can expect higher mortgage rates to compensate lenders for the increased risk of default. Private mortgage lenders in Saskatchewan charge higher rates than banks, and as a result, may be more willing to provide financing for those with poor credit.
4. Employment and income
Lenders will require proof that you have a steady income to cover your mortgage payments. Whether you earn a living through a job, a business, rental properties or investments, you must submit documentation that shows you have a reliable income stream.
Some commonly requested documents include your tax return, pay stub, and bank statements if you're employed. If you’re self-employed, expect to provide more details, such as financial statements, business license, business credit score, and contracts showing expected future revenue.
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How do these mortgage types differ? Conventional (low-ratio) mortgage requires a down payment of 20% or more, with no mandatory insurance, while a high-ratio mortgage requires a down payment of below 20%, plus mandatory insurance.
Which mortgage type offers cheaper rates? As of September 2026, the average conventional 5-year fixed rate is 4.38%. That’s 5 bps above the average high-ratio 5-year fixed rate, which stands at 4.33%.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 12/24 | 4.79% | 4.56% |
| 01/25 | 4.80% | 4.60% |
| 02/25 | 4.80% | 4.57% |
| 03/25 | 4.68% | 4.45% |
| 04/25 | 4.67% | 4.46% |
| 05/25 | 4.75% | 4.62% |
| 06/25 | 4.73% | 4.63% |
| 07/25 | 4.60% | 4.40% |
| 08/25 | 4.61% | 4.44% |
| 09/25 | 4.53% | 4.44% |
| 10/25 | 4.49% | 4.36% |
| 11/25 | 4.38% | 4.33% |
Last Updated: September 1, 2026
How do these mortgage rates differ? A fixed rate mortgage is a rate fixed over a period of time. Interest rates and the mortgage payments remain the same (and consistent) over that mortgage term. A variable rate mortgage is different. While the mortgage payment remains constant, the interest rate payments fluctuate with the prime interest rate.
Which rate is cheaper? As of September 2026, the 5-year fixed rate is 4.25%. That’s 43 bps below the 5-year variable rate, which stands at 4.68%.
| Month | Fixed | Variable |
|---|---|---|
| 09/25 | 4.27% | 5.07% |
| 10/25 | 4.24% | 4.90% |
| 11/25 | 4.17% | 4.68% |
| 12/25 | 4.25% | 4.69% |
| 01/26 | 4.36% | 4.69% |
| 02/26 | 4.34% | 4.69% |
| 03/26 | 4.23% | 4.68% |
| 08/26 | 4.25% | 4.68% |
Last Updated: September 1, 2026
New mortgage loan values have been trending upward throughout 2025, reaching the average of $285,366 in Saskatchewan and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in Saskatchewan from 2022 to 2025:
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Canada | $368,936 | $371,063 | $363,654 | $325,612 | $320,298 | $314,540 | $338,522 | $327,899 | $323,537 | $332,825 | $349,364 | $343,271 | $356,831 | $350,281 | $360,986 | $360,597 |
| Saskatchewan | $256,050 | $246,081 | $260,163 | $240,763 | $232,434 | $225,766 | $240,774 | $239,161 | $225,255 | $234,106 | $253,614 | $248,871 | $247,136 | $247,135 | $268,028 | $270,707 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $1,630 in Saskatchewan by the end of Q4 2025.
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $1,289 | $1,296 | $1,463 | $1,476 | $1,516 | $1,448 | $1,524 | $1,777 | $1,987 | $1,975 | $1,667 | $1,722 | $1,893 | $2,055 | $1,572 | $1,567 |
Closing costs are the one-time fees buyers pay upon purchasing property in Saskatchewan. Generally, closing costs include:
There is no land transfer tax in Saskatchewan. However, one must pay a land title transfer fee for transferring the property’s title. If the value of the property is over $6,300, the fee payable is equal to 0.4% of the property value. A flat fee $25 is applicable to properties valued from $500 to $6,300. If the property is valued under $500, there is no title transfer fee.
A mortgage term is the length of time your mortgage contract remains in effect at the interest rate set by your lender. Once the term ends, you can renew your contract at a new rate. The term renewal process continues until you pay off your mortgage in full. A variety of mortgage terms are available, ranging from six months to 10 years. The most popular term in Saskatchewan (and across Canada) is a five-year term. The term you select will have a direct impact on your mortgage rate. In general, short terms have lower mortgage rates because lenders assume more risk the longer a mortgage contract remains in force. The rate on a 6-month mortgage term in Saskatchewan will be different than one that extends 10 years into the future.
The amortization period is the amount of time it will take for you to pay off your mortgage in its entirety. In Canada, the maximum allowable amortization period is 35 years; however, it’s permitted only to homebuyers who contribute a down payment of 20% or more. If your down payment is less than 20%, the longest amortization period you can commit to is 25 years.
An open mortgage gives you the option to pay off your entire mortgage any time without being penalized. This payment structure is suitable for homeowners who want the added flexibility to make extra payments on their mortgage, or for those who expect to sell their home soon and want to build up some equity. Open mortgage rates in Saskatchewan are higher than closed mortgage rates because lenders bear the risk of losing out on interest income if borrowers pay off mortgages prematurely.
A closed mortgage commits you to a fixed payment schedule for the duration of the mortgage term, with no ability to contribute additional payments. Should you decide to break your contract before the term’s end date, you could face substantial penalties. However, most lenders will allow you some leeway and permit extra payments up to a predetermined amount. Interest rates on closed mortgages are lower than those on open mortgages.
Getting the lowest mortgage rate is just one factor. You also need to consider your mortgage contract's flexibility and explore what options can help save you money. Some features to investigate before signing your mortgage contract include pre-payment privileges, penalties, and portability.
LowestRates.ca works with top Canadian banks and brokers to bring you competitive mortgage rates. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage interest rates for Saskatchewan. There’s no obligation, but you can choose to speak with our broker partner to secure your best rate and see if you're eligible for more savings.
Yes, it’s safe — you no longer need to visit a bank branch or mortgage broker’s office in person to apply for a mortgage. It’s becoming increasingly common for Canadians to apply for mortgages online. LowestRates.ca only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.
We have a strong selection of lenders on LowestRates.ca including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research (it’s totally free, and you’re under no obligation).
The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most.
Taras Trofimov
About the Author
Taras is the Content Manager for LowestRates.ca. He has produced thought leadership content for organizations like Constellation Software, Facebook and Yellow Pages as well as outlets like The Globe and Mail, Autoblog and MSN Autos.
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