Bank of Canada Decreases Rate by 0.25%

Find the Best Mortgage Rates in Saskatoon

Today’s Mortgage

5-year variable* 0.00% (Prime 0.00%)
5-year fixed* 0.00%

No rates at the moment

Save the most on your mortgage in Saskatoon.

Start with the best mortgage rate.

7 ways nesto helps you save on your mortgage in Saskatoon

1) Get hours of your time back by finding the best mortgage rate in Saskatoon without negotiation.

2) Get the best advice from our licensed and professional mortgage experts in Saskatoon.

3) Get a 100% transparent and digital mortgage journey, whether your property is located in Saskatoon or anywhere else in Canada.

4) Get a chance to become mortgage-free faster in Saskatoon before your friends.

5) Get access to the most competitive fixed mortgage rates in Saskatoon.

6) Get a better variable-rate mortgage with 0% risk of negative amortization in Saskatoon.

7) Get our low-rate guarantee when you submit your mortgage application in Saskatoon. 

How to Save On Your Mortgage in Saskatoon

Lock in the best mortgage rates 

See our competitors’ rates and then beat them. nesto’s Low Rate Guarantee says if you find a better rate, we’ll match it, beat it, or give you $500*.

Lock it in for longer

We beat our competitors’ rate hold periods by a long shot. Get up to 150 days to date your rate before you go steady with nesto’s super-long rate hold. Find a longer rate hold, tell us where so we can beat it.

With a side of cash 

You could get your nesto mortgage with a side of 1% cashback. Get up to $9,250* in cashback on your nesto mortgage. We’ll give you the cash, but you decide how to spend it.

Free Expert Advice 

Our licensed and professional mortgage experts work commission-free. You heard that right: nesto’s mortgage experts’ advice doesn’t cost you on your mortgage rate. Find great advice for free whenever you want it.

Anywhere, Anytime, All at Once

As a virtual lender, our 100% digital mortgage application is available wherever and whenever you are. You heard that right – we’re always open online. You don’t have to wait for nesto to open like you do for your bank branch. We’re online, so we’re open anytime. Anytime, you’ve got time.

Find the right home
for your budget

Not sure where to start? Check out our tools to get started

Mortgage
payment calculator

Mortgage
refinance
calculator

Mortgage
affordability
calculator

Top Big
Bank Rates

The top big bank rates are all in one easy-to-view table. See their rates, watch nesto beat them, or we’ll give you $500 cash with nesto’s Low Rate Guarantee.

*Toronto rates

Are you a first-time buyer?

Province

Current Mortgage Rates in Saskatoon

As of Thursday, June 20, 2024, current interest rates in Saskatoon are for a 5-year fixed mortgage and for a 3-year fixed mortgage. Shop around for mortgage rates to find the best offer.

High interest rates continue to make it challenging to qualify for a mortgage, making it harder for Saskatoon residents to afford a home. While it’s almost impossible to predict when rates will come down meaningfully, experts forecast that we should expect a gradual reduction over the next few years. 

Home prices remain high, with CREA reporting that the national average home price decreased 2.4% year-over-year to $733,300 in May 2024.

What are today’s mortgage rates in Saskatoon?

The average 5-year fixed mortgage rate from big banks in Saskatoon is 5.37%*, while nesto’s lowest 5-year fixed mortgage rate in Saskatoon is .

The average 5-year variable mortgage rate from big banks in Saskatoon is 6.61%*, while nesto’s lowest 5-year variable mortgage rate in Saskatoon is

The average 3-year fixed mortgage rate from big banks in Saskatoon is 5.94%*, while nesto’s lowest 3-year fixed mortgage rate in Saskatoon is

The average 3-year variable mortgage rate from big banks in Saskatoon is 7.40%*, while nesto’s lowest 3-year variable mortgage rate in Saskatoon is .

Note: The average rate is calculated based on the posted rates of the 6 biggest lenders in Canada that together make up over 70% of the retail mortgage market in the country. These 6 biggest lenders are the chartered banks: Toronto-Dominion Canada Trust (TD), Royal Bank of Canada (RBC), Bank of Montréal (BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC).

What are the lowest mortgage rates in Saskatoon today?

The average 5-year fixed insurable mortgage rate in Saskatoon is currently 5.37%, while nesto’s lowest 5-year fixed mortgage rate is

The average 5-year variable insurable mortgage rate in Saskatoon is currently 6.61%, while nesto’s lowest 5-year variable mortgage rate is

The average 3-year fixed insurable mortgage rate in Saskatoon is currently 5.94%, while nesto’s lowest 3-year fixed mortgage rate is

The average 3-year variable insurable mortgage rate in Saskatoon is currently 7.40%, while nesto’s lowest 3-year variable mortgage rate is

The average 2-year fixed insurable mortgage rate in Saskatoon is currently 6.76%, while nesto’s lowest 2-year mortgage rate is

The average 4-year fixed insurable mortgage rate in Saskatoon is currently 5.75%, while nesto’s lowest 4-year mortgage rate is .

The average 7-year fixed insurable mortgage rate in Saskatoon is currently 6.43%, while nesto’s lowest 7-year mortgage rate is .

The average 10-year fixed insurable mortgage rate in Saskatoon is currently 7.14%, while nesto’s lowest 10-year mortgage rate is .

Note: The average rate is calculated based on the posted rates of the 6 biggest lenders in Canada that together make up over 70% of the retail mortgage market in the country. These 6 biggest lenders are the chartered banks: Toronto-Dominion Canada Trust (TD), Royal Bank of Canada (RBC), Bank of Montréal (BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC).

What is today’s prime rate in Saskatoon?

The Bank of Canada prime rate in Saskatoon is currently . This rate affects all lenders’ discounts on variable and adjustable mortgages.

What are the average 5-year mortgage rates in Saskatoon?

The average 5-year fixed mortgage rate from big banks in Saskatoon is currently 5.37%*, while nesto’s lowest 5-year fixed mortgage rate in Saskatoon is .

The average 5-year variable mortgage rate from big banks in Saskatoon is currently 6.61%, while nesto’s lowest 5-year variable mortgage rate in Saskatoon is .

Note: The average rate is calculated based on the posted rates of the 6 biggest lenders in Canada that together make up over 70% of the retail mortgage market in the country. These 6 biggest lenders are the chartered banks: Toronto-Dominion Canada Trust (TD), Royal Bank of Canada (RBC), Bank of Montréal (BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC).

Saskatoon Mortgage Rate Trends: June 2024

While it’s difficult to predict where mortgage rates will trend, the consensus among experts suggests that we could see rates remain higher for longer. Forecasts suggest we won’t see interest rates return to the neutral rate range of 2 to 3% until the end of 2025. 

Bank of Canada Rate Announcement

The latest Bank of Canada (BoC) announcement on June 5th was a policy interest rate decrease to . The decision to decrease rates came as the BoC cited that continued evidence of inflation easing led to the decision that monetary policy no longer needed to be restrictive.

While inflation has eased, the growth in shelter costs, particularly rent and mortgage interest costs, is currently the largest contributor to inflation remaining elevated. The Governing Council continues to monitor core inflation numbers when assessing policy rate decisions to ensure there is sustained downward momentum in inflation.

The next announcement will be on July 24th. Using nesto’s proprietary overnight index swap and forward rate calculation data, bond markets are currently pricing in a small probability of further rate cuts. However, without further reductions to core inflation, the Bank may decide to leave the key rate unchanged.

Real Estate Market Update

The Canadian Real Estate Association (CREA) released its home sales data for May on June 17th. The data showed that home sales declined 0.6% between April and May, remaining slightly below the average of the last 10 years. May’s home sales activity reported new listings increased 0.5% month-over-month with a sales-to-new-listings ratio of 55%. Slower sales and more new listings are increasing the number of homes available for sale across the majority of the Canadian housing market.

This month of slower sales may likely be the last as the Bank of Canada’s rate cut on June 5th may increase real estate activity going forward. It’s anticipated that the rate cut may bring some pent-up demand back into the market, with buyers having more housing options to choose from than at any point in almost 5 years. Prices have stagnated across most markets except for Calgary, Edmonton, and Saskatoon, where prices have steadily climbed since last year.

CPI Inflation Update

The latest inflation data by Statistics Canada on May 21st showed the Consumer Price Index (CPI) rose 2.7% year-over-year in April, down from 2.9% in March. Food prices, services and durable goods led to the deceleration in CPI, balanced by gasoline prices, which rose faster in April, up 6.1% compared to 4.5% in March.

Shelter prices continued to be a more significant driver of inflation in April, up 6.4%, down slightly from the 6.5% increase in March. Alberta’s average rent increased 16.2% year-over-year in April, much higher than the national increase of 8.2%. This is the eighth consecutive month that average rental prices in Alberta have increased higher than the national average. This is attributed to the demand from higher interprovincial migration to the province.

Inflation is expected to remain around 3% throughout the first half of 2024, with the Bank of Canada predicting it will return to the 2% target in 2025. 

Mortgage Statistics for Saskatchewan

Home prices in Saskatchewan remain well below the national average and haven’t increased as much as other provinces in the last 10 years. Here are some mortgage statistics for the housing market in the province: 

  • Average home value (as of May 2024): $340,400 (CREA)
  • Canadian homeownership rate (as of 2021): 66.5% (StatsCan)
  • Number of home sales (as of May 2024): 1,841 (SRA)
  • Number of new listings (as of May 2024): 2,783 (SRA)

Mortgage Options in Saskatoon

Saskatoon conventional mortgage: Conventional or uninsured mortgages require a 20% or more downpayment. Mortgage default insurance is not required, as the equity from your downpayment amount is enough to protect the lender. There is no maximum limit on the purchase price of a home with an uninsured mortgage, allowing you to purchase homes valued at $1 million or more. With conventional mortgages, you can extend the amortization to 30 years with prime lending.    

Saskatoon high-ratio mortgage: High-ratio or insured mortgages allow you to purchase a home with less than 20% as a downpayment. Mortgage default insurance is required to reduce the lender’s risk if you default on the mortgage. Borrowers are limited to a purchase price of less than $1 million and an amortization of 25 years. 

Saskatoon fixed-rate mortgage: Fixed-rate mortgages lock in your interest rate for the term. This provides stable, predictable mortgage payments with a set principal and interest amount paid throughout the term. Penalties on fixed-rate mortgages are calculated based on the higher of the interest rate differential (IRD) or 3 months’ interest. 

Saskatoon variable-rate mortgage: Variable-rate mortgages have interest rates that fluctuate based on the Bank of Canada policy rate changes. Adjustable-rate mortgages (ARM) are variable mortgages that immediately adjust your mortgage payment to reflect your lenders’ prime rate when rates change. The principal portion remains fixed, while the interest can increase or decrease based on changes to the prime rate. Variable-rate mortgages (VRM) are variable mortgages that have fixed mortgage payments despite changes to your lenders’ prime rate. The principal and interest proportions will adjust with more going to interest and less to principal if the prime rate increases or more going to principal and less to interest if the prime rate decreases. 

What Affects My Mortgage Rate in Saskatoon

Mortgage rates are determined based on the risks associated with the mortgage, the property used as collateral, and the borrower. The specific interest rate you are offered will be based on various personal factors like your credit score, income, capital, downpayment, loan purpose, and loan-to-value (LTV) ratio. Some of the most important determining factors affecting your mortgage rate include:

  • Downpayment – Your downpayment determines your LTV ratio and whether you will be required to purchase mortgage default insurance. Insured and insurable mortgages have better rates as there is lower risk to the lender. These rates apply to properties valued at less than $1 million with amortizations up to 25 years. 
  • Amortization Period – With prime lending, the amortization period cannot exceed 30 years on uninsured mortgages with a downpayment of 20% or more. Uninsured mortgages typically have higher interest rates to account for the added risk to the lender. On mortgages with less than a 20% downpayment, the maximum allowable amortization is 25 years. 
  • Property Usage – Your primary residence, known as owner-occupied, generally has lower interest rates. Investment properties you intend to rent will typically have higher interest rates. Purchasing a primary residence with a second separate legally registered suite is considered an owner-occupied rental and will have access to the same rates as a primary residence. 
  • Mortgage Type – The type of mortgage will affect your mortgage rate. Open mortgages have higher rates due to their flexibility. Refinances have higher rates than renewals and new mortgages. 
  • Your Credit Score – Your credit score will determine the type of lender that approves you for a mortgage. If you have good to excellent credit, you can typically use prime lending and benefit from the best rates. If you have poor credit, you may need to look at alternative lending solutions with higher rates to offset the lender’s risks. 

First-Time Home Buyer Programs in Saskatchewan

  • Métis Nation Saskatchewan First-Time Home Buyers Program – a program open to eligible Métis citizens providing a maximum contribution of $15,000 toward the downpayment and a further $2,500 to help cover closing costs. 
  • First-Time Homebuyers’ Tax Credit – a provincial income tax credit of up to $1,050 for eligible first-time buyers with eligibility requirements mirroring those of the federal government program. 
  • First-Time Homebuyers Tax Credit (HBTC) – a federal government program that allows first-time buyers to claim up to $10,000 for a maximum $1,500 tax credit to help offset closing costs. 

Land Transfer Tax in Saskatchewan

Saskatchewan has Land Titles Fees that vary based on the property’s purchase price. In addition to the land transfer tax, other registration fees may apply. 

Property ValueFee
$0 to $500$0
$500.01 to $6,300$25.00
$6,300.01+0.4% 

How to Find the Best Mortgage Rate in Saskatoon

  • Step 1: Understand your credit score:  Before looking for a mortgage lender or applying for a mortgage, check your credit score regularly. This will help you immediately report and remedy errors that could negatively affect your score. If necessary, improve your credit score to help with your mortgage approval.
  • Step 2: Determine your borrowing capacity: To find the right mortgage solution, you’ll need to know how much house you can afford based on your income and downpayment. 
  • Step 3: Know your mortgage needs: Analyze different mortgage solutions’ features, risks, and costs. Careful research and comparisons of the available options can help you choose a mortgage that best meets your immediate and long-term financial needs.
  • Step 4: Find a suitable mortgage strategy: Get expert guidance to choose the best strategy for your homeownership goals. Your mortgage strategy shouldn’t just be based on the lowest rate.
  • Step 5: Compare rates and terms: Not all mortgages are equal. Choosing a lender like nesto for your mortgage can help you compare rates and terms for multiple lending solutions, ensuring you find the best fit. 
  • Step 6: Get prequalified for a mortgage: Begin your journey towards homeownership by taking advantage of nesto’s prequalification process. By analyzing your downpayment and financial stability, nesto will provide you with a comprehensive prequalification outlining the maximum mortgage amount you can qualify for. This information is crucial as it helps you set realistic expectations and narrow your search for a suitable home within your budget.