HomebuyingTwo of the world’s least affordable housing markets are in Canada
Two Canadian cities rank among the world's severely unaffordable cities according to a global survey by Demographia.
The best mortgage rates in Saskatchewan? Get ‘em right here!
Find the best rate in just seconds.
Compare mortgage rates in Saskatchewan.
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 = bigger 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.
On average, 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:
$430 Per Month
$5,164 Per Year
$129,108 In a Lifetime
5-year fixed mortgage rate from LowestRates.ca in Saskatchewan vs 5-year bank rate
| Month | Average LR.ca 5-year fixed rate | Average bank 5-year fixed rate |
|---|---|---|
| 02/18 | 2.88% | 5.14% |
| 03/18 | 2.99% | 5.14% |
| 04/18 | 3% | 5.14% |
| 05/18 | 3.09% | 5.34% |
| 06/18 | 3.09% | 5.34% |
| 07/18 | 3.09% | 5.34% |
| 08/18 | 3.09% | 5.34% |
| 09/18 | 3.14% | 5.34% |
| 10/18 | 3.2% | 5.34% |
| 11/18 | 3.25% | 5.34% |
| 12/18 | 3.19% | 5.34% |
| 01/19 | 3.37% | 5.34% |
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%.
On average, variable rates are almost half a percentage point lower than fixed rates.On a $400,000 mortgage that’s an average savings of:
$156 Per Month
$1,876 Per Year
$46,892 In a Lifetime
5-year fixed mortgage rate in Saskatchewan vs 5-year variable rate from LowestRates.ca
| Month | Our average 5-year fixed rate | Our average 5-year variable rate |
|---|---|---|
| 02/18 | 2.88% | 2.18% |
| 03/18 | 2.99% | 2.15% |
| 04/18 | 3% | 2.19% |
| 05/18 | 3.09% | 2.15% |
| 06/18 | 3.09% | 2.15% |
| 07/18 | 3.09% | 2.33% |
| 08/18 | 3.09% | 2.4% |
| 09/18 | 3.14% | 2.4% |
| 10/18 | 3.2% | 2.4% |
| 11/18 | 3.25% | 2.61% |
| 12/18 | 3.19% | 2.6% |
| 01/19 | 3.37% | 2.6% |
Focus On
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 | $283,916 | $367,382 |
| 2013 Q2 | $285,423 | $372,775 |
| 2013 Q3 | $287,966 | $388,651 |
| 2013 Q4 | $288,600 | $381,900 |
| 2014 Q1 | $300,158 | $399,945 |
| 2014 Q2 | $291,596 | $402,605 |
| 2014 Q3 | $296,764 | $409,388 |
| 2014 Q4 | $303,195 | $416,410 |
| 2015 Q1 | $296,457 | $425,062 |
| 2015 Q2 | $296,242 | $438,866 |
| 2015 Q3 (F) | $298,100 | $445,000 |
| 2015 Q4 (F) | $297,300 | $438,200 |
| 2016 Q1 (F) | $298,000 | $440,800 |
| 2016 Q2 (F) | $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
| 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 |
Your Saskatchewan mortgage questions, answered.
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?✝
- of Saskatchewan borrowers apply for 5-year variable mortgages
- 51%
- of Saskatchewan borrowers apply for 5-year fixed mortgages
- 49%
✝Based on borrowers in Saskatchewan who applied for a mortgage at LowestRates.ca since 2014.
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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