Best Mortgage Rates in Saskatchewan
Compare fixed and variable mortgage rates in Saskatchewan. Find the best mortgage for your home buying needs.8Twelve has partnered with over 65 Canadian mortgage lenders to provide competitive rates on over 7,000 mortgage products. 8Twelve can quickly match you with a lender and mortgage type that meets your needs — even if your financial situation is unique.
Saskatchewan mortgage rate update: July 2025
Variable rates are holding steady.
The BoC could change rates on July 30.
Fixed rates have seen recent declines but may increase.
July has brought a new sense of uncertainty to Saskatchewan mortgage rates.
In the last half of June, falling government bond yields allowed lenders and brokerages to lower their fixed rate offers. But July has seen those bond yields start creeping up again. If those bond yields keep increasing over a sustained period of time, fixed rates are likely to edge up, too.
As of July 8, 2025, three- and five-year fixed mortgage rates can still be found for around 3.9% at some brokerages, but they’re generally 4% or higher. If you’re worried about rates rising before you secure a mortgage this summer, consider getting pre-approved and locking in a rate sooner rather than later.
Variable mortgage rates have been stable since the Bank of Canada decided to hold its overnight rate at 2.75% on June 4. The country's lowest variable mortgage rates will stay around 4% until at least July 30, when the BoC is scheduled to make its next overnight rate announcement.
A rate cut in July will depend on both inflation and the state of Canada's tariff-rattled economy, so it'll be a challenging call for the Bank to make. Analysts expect the BoC to cut its overnight rate another two times this year, which could shave at least 0.5% off of current variable rates.
A July rate cut would make variable rates the most affordable option for borrowers in Saskatchewan. It's been over two years since that was the case.
What’s a good mortgage rate in Saskatchewan right now?
As of July 2025, some mortgage brokers in Saskatchewan are offering fixed rates for around 4.1% and variable rates for around 4%.
The rate offers you receive depend on factors like your credit score, total debt level and income, and whether you apply at a major bank or through a mortgage broker.
2025 Saskatchewan mortgage rate forecast
Mortgage rates may decrease further in the second half of 2025.
The Bank of Canada is expected to reduce its overnight rate again twice before the end of the year, which would lower variable mortgage rates by at least 0.5% versus today’s levels.
Fixed mortgage rates will likely continue hovering between 3.75% and 4.25% for the remainder of 2025.
Read more about the Bank of Canada's latest rate announcement.
The BoC makes policy interest rate announcements eight times a year. Find out how its latest decision might impact Canada's housing market.
Saskatchewan housing market update
Year-over-year home sales in Saskatchewan fell 10% in April. Despite the drop in sales, the benchmark price in Saskatchewan rose in April and now stands at $360,500, according to the Saskatchewan Realtors Association. That’s about 6% higher than a year ago.
In a press release, SRA CEO Chris Guérette said a lack of inventory is behind the drop in sales. “Although sales decreased in April compared to last year, this isn’t a demand issue — it’s an inventory issue. The current inventory situation directly impacts our market’s ability to sustain even higher sales.”
Saskatchewan home buyer resources
Saskatchewan first-time home buyer programs
There aren’t many provincial programs available to eligible first-time home buyers in Saskatchewan. Two of the only ones still available are:
The Mortgage Flexibilities Support Program, which allows homeowners earning income below certain thresholds to access new unis in designated housing projects in Saskatoon.
The First-Time Home Buyers’ Tax Credit, which provides a tax credit worth up to $1.050 to eligible taxpayers.
First-timers in Saskatchewan can also make use of federal programs like the Home Buyers’ Plan and the First Home Savings Account.
Land transfer taxes in Saskatchewan
In Saskatchewan, you're taxed on the value of your home and your mortgage amount. You'll pay a transfer fee equal to 0.4% of your property's value. You'll also pay a set fee based on your mortgage amount as follows:
- No fee for a transfer with a value up to $500
- $25 for a transfer with a value between $500.01 and $6,300
- 0.4% of a home's value for a transfer of $6,300.01 or more.
Mortgage calculators
Frequently asked questions
How do Saskatchewan lenders determine mortgage rates?
How do Saskatchewan lenders determine mortgage rates?
The mortgage rate you’re offered by a lender in Saskatchewan will be based on two primary factors; one based on the state of the economy and one based on your financial situation.
Economic factors
Variable mortgage rates are influenced by the Bank of Canada’s overnight rate. When the overnight rate increases or decreases, a lender’s prime rate follows suit. Variable mortgage rates are based on a lender’s prime rate, so as the prime rate rises or falls, so do variable rates.
Fixed mortgage rates are determined by activity in the government bond market, particularly the yields on one-, three- and five-year bonds. Fixed mortgage rates follow the movement of those yields.
Your financial situation
Factors specific to you also affect the rates you’re offered. These include:
Your credit score.
Your income.
Your total debts.
The loan type you choose.
The amount you’re borrowing.
The term length and amortization period of your loan.
Lenders look for signs of risk when assessing these aspects of your finances. The riskier they perceive you to be as a borrower, the higher the rate they’re likely to offer you.
Will mortgage rates come down in 2025?
Will mortgage rates come down in 2025?
The Bank of Canada overnight rate has been unchanged since March. If the bank lowers the rate, lower variable mortgage rates will follow. Fixed mortgage rates will likely continue hovering between 3.75% and 4.25% for much of the year.
How do you qualify for a lower mortgage rate in Saskatchewan?
How do you qualify for a lower mortgage rate in Saskatchewan?
Some of the mechanisms that shape rates are beyond your control, but there are steps you can take to convince lenders to offer you the best mortgage rates. For example, you can try:
Improving your credit score. A higher credit score generally results in better loan offers. Get a better score by eliminating existing debt and paying future bills in full and on time.
Increasing your income. It’s not always easy, but any additional income you can earn will improve your financial position. Lenders look at your income to assess your ability to afford a mortgage.
Decreasing your total debts. Lenders consider your total debt load when determining your mortgage rate. Pay down personal loans, student loans or other types of debts if you can.
Consider all your mortgage options. See if adjusting the loan type, the term length or the amortization period of your loan could result in you being offered a better rate.
DIVE EVEN DEEPER
Clay Jarvis