Saskatchewan Mortgage Rates

About Saskatchewan

Saskatchewan is a Canadian Prairie province that’s bordered on the west by Alberta, on the north by the Northwest Territories, on the north-east by Nunavut, on the east by Manitoba, and on the south by the US states of Montana and North Dakota. Grassland covers its southern plains, and to the north are the rugged rock of the Canadian Shield plateau, coniferous forests, rivers and lakes. 

Key facts about Saskatchewan:

• Regina, the provincial capital and second-largest city, is home to the Royal Saskatchewan Museum, with exhibits on natural history and the people of Canada’s First Nations
• The province’s largest city is Saskatoon
• There are 70 First Nations in Saskatchewan with Cree, Dakota, Dene (Chipewyan), Nakota (Assiniboine) and Saulteaux people. Cree is the second most spoken language in the province with over 20,000 native speakers
• Nearly 10% of Saskatchewan area is fresh water, composed mostly of rivers, reservoirs, and the province’s 100,000 lakes
• Saskatchewan has two national parks and about 40 provincial parks
• Saskatchewan has 100 km of sand dunes – the most northerly in the world along the south shore of Lake Athabasca. There are more dunes up to 25 m high in Great Sand Hills in SW Saskatchewan

About the Saskatchewan Housing Market

Building off the strong performance seen in June 2020, the real estate sector continued to show signs of resilience throughout the summer. Across the province, year-over-year sales were up over 56% from July 2019, new listings were up over 9% year-over-year and the median sale price was up 2.7%. Inventories were also down in all markets that the Saskatchewan Realtors Association tracks, suggesting that people are still eager to buy and take advantage of the opportunities that exist. While there has been an uptick in the number of COVID-19 cases across the province, the precautions put in place earlier this year seem to have reduced people’s anxiety about homebuying, suggesting that, while COVID-19 is still a concern, people and the economy are adapting.

What are the Different Types of Mortgages?

• Fixed Mortgages. Fixed-rate mortgages make up 70% of all mortgages in Canada. A fixed-rate mortgage keeps your interest rate steady over the term of your mortgage (1-10 years). There’s no doubt that the five-year fixed-rate mortgage is the most common choice selected by Canadian homeowners. But, this isn’t the best option for everyone, regardless of its popularity. Fixed-rate mortgages appeal to homebuyers who are looking for a dependable payment schedule, manage a tight monthly budget or are generally more conservative. For instance, Millennials with large mortgages relative to their income may be better off opting for the peace of mind provided by a fixed rate and payments. 

• Variable Mortgages. A variable-rate mortgage fluctuates with the lender’s prime rate throughout your mortgage term. While your mortgage payment will remain the same over your term, your interest rate may change based on market conditions. So, if the prime rate rises or falls, this impacts the amount of principal you pay off each month. When rates on variable-rate mortgages drop, more of your payment is applied to your principal balance. And, conversely, if rates increase, more of your payment will go towards the interest portion of your mortgage. Historically, variable rates have paid off for Canadians over time.

How nesto Works

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Every mortgage professional knows the market’s best rates every time they check their email. Only a few of them will give you that rate without making you work for it. nesto’s here to change the industry for this very reason. You always get the best rate upfront with nesto.