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In Canada, there are two main types of mortgage products homebuyers can secure when purchasing a home. These include the conventional mortgage contract and the high ratio mortgage contract. A conventional mortgage refers to a contract where the homeowners have put at least 20% of the home’s price towards a down payment. A high ratio mortgage refers to a contract where the homeowners have put less than 20% of the home’s price towards a down payment. Homebuyers with high ratio mortgages also need to purchase mortgage insurance from the CMHC, which often means that high ratio mortgage rates are slightly lower than conventional mortgage rates. An lender or broker can give you more insight into which type of mortgage might work for you.

Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Saskatchewan

DateAverage Conventional RateAverage High Ratio Rate
04/20 2.78%2.55%
05/20 2.45%2.29%
06/20 2.31%2.18%
07/20 2.14%1.99%
08/20 2.01%1.86%
09/20 1.93%1.79%
10/20 1.91%1.78%
11/20 1.84%1.69%
12/20 1.82%1.63%
01/21 1.82%1.62%

Last Updated: February 1, 2021

Variable or fixed mortgage rates: which one is best?

How do the best variable rates stack up against the best fixed rates? We compared 5-year fixed rate mortgages and 5-year variable rate mortgages that Canadians have applied for on our site to find out. Turns out, variable rates are just a bit lower. For Saskatchewan borrowers looking for the lowest rate, variable is the way to go. If you want your payments and interest rates to stay the same for the entire mortgage term, then fixed is a better option.

5-year fixed vs. 5-year variable mortgage rates in Saskatchewan

04/20 2.24%2.74%
05/20 2.08%2.53%
06/20 1.95%2.37%
07/20 1.95%2.20%
08/20 1.92%2.34%
09/20 2.04%1.95%
10/20 1.91%1.94%
11/20 1.82%1.68%
12/20 1.63%1.73%
01/21 1.62%1.70%

Last Updated: February 1, 2021

Your Saskatchewan mortgage questions, answered.

Looking for mortgage info? Check out our Home Buyers Guide.

Variable or fixed: which is more popular?

After you’ve determined how much money you’re able to put down to purchase your home, you’ll then need to decide whether you prefer a variable or fixed rate structure. While variable rates have been known to yield more savings for homebuyers, there are a number of factors to consider when making the decision. For instance, your risk tolerance might influence whether a fixed or variable rate is more appropriate for you.

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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