TODAY'S
MORTGAGE RATES IN Saskatchewan

As of June 2025, the Bank of Canada's overnight policy rate is 2.75%, and Governor Macklem held it there in the June 4 announcement. That translates to a prime rate of 4.95% across Canada, so Saskatchewan borrowers can expect variable rates around 4.95%–5.25%.

Fixed rates are reacting to bond yields, which rose slightly in May 2025. Many broker-quoted 5-year fixed rates are just above 4.1%, with the very best offers dipping to about 3.99%. Most borrowers are seeing rates between 4.1% and 4.3%.

Saskatchewan Housing Trends: What You Need to Know

Saskatchewan's housing market remains strong despite a national cooling. In May 2025, there were about 1,750 sales — slightly below last year's record but well above the long-term average. Inventory is tight, with only 2.1 months of supply available.

The benchmark home price hit $369,500 in May 2025 — an 8–9% year-over-year gain. Saskatoon led the way with an average price of $438,000 (+14% YOY), Regina stayed steady at $339,000, and Prince Albert saw 12% growth to $285,000.

Construction is surging to meet demand. Urban housing starts rose 108.6% year-to-date (Jan–May 2025) compared to last year, with May alone seeing a 205.9% jump, driven by multi-family builds.

Key Stats (May 2025)

• Sales: 1,750 (down 3% from April, up 8% YOY)
• New Listings: 2,200 (up 15% from April)
• Inventory: 2.1 months of supply
• Average Price: $369,500 (+8.5% YOY)
• Days on Market: 28 (down from 35 last year)
• Housing Starts: 205.9% increase in May alone

In Saskatchewan, you need at least 5% down, and 20% to avoid mortgage insurance. Based on May 2025 prices, that works out to:

• 5% down: $18,475 on a $369,500 home

• 20% down: $73,900 on a $369,500 home

If you can't reach 20%, you'll need mortgage default insurance from CMHC, Sagen, or Canada Guaranty. In a rising market, keep in mind your down payment target may need to adjust quickly.

Saskatchewan offers several programs to help first-time buyers:

• Homeownership Program: Provides down payment assistance up to $15,000

• First-Time Home Buyer Tax Credit: Federal program offering up to $1,500 in tax savings

• RRSP Home Buyers' Plan: Withdraw up to $35,000 from RRSPs tax-free

Municipal grants are limited, and Saskatchewan doesn't offer provincial rebates like BC or Ontario. The Métis grant and provincial tax credit are the main provincial supports.

Beyond your down payment, budget for these additional costs:

• Legal fees: $1,500–$2,500
• Title insurance: $200–$400
• Home inspection: $400–$600
• Appraisal: $300–$500 (if required)

Land Transfer Tax

Saskatchewan doesn't have a land transfer tax. Instead, the Land Titles Registry charges:

• Registration fee: $50–$200 depending on property value
• Mortgage registration: $50–$200
• Title search: $25–$50

On a $400,000 home, closing costs are typically $4,000–$5,000. There are no first-time buyer rebates on these fees.

Mortgage rules follow federal standards, with oversight by the Financial and Consumer Affairs Authority (FCAA). Brokers must be licensed under the Saskatchewan Mortgage Brokerages Act.

Borrowers must pass the OSFI stress test — the higher of 5.25% or your contract rate + 2%. Amortizations are capped at 25 years for uninsured mortgages, but insured first-time buyers of new builds can get up to 30 years.

In short, Saskatchewan lending criteria are the same as the rest of Canada, with FCAA ensuring local broker licensing.