TODAY'S
MORTGAGE RATES IN Saskatoon

Finding a mortgage in Saskatoon is not a one-size-fits-all process. The city has a wide mix of options, from Canada's biggest banks to local credit unions and independent mortgage brokers. Each group serves different needs, whether you want the reach of a national lender, the community focus of a credit union, or the flexibility of a broker who can shop around on your behalf. These choices give buyers the chance to compare rates and terms before committing. It also means you can tailor your mortgage search to your lifestyle, whether you are settling into a family home in Lakeview, buying a townhouse in Stonebridge, or considering a move to nearby Warman or Martensville.

Big Banks in Saskatoon

Canada's largest banks remain a core part of Saskatoon's mortgage market. All five major banks operate branches across the city, including RBC, TD Canada Trust, BMO, CIBC, and Scotiabank. The National Bank of Canada is present as well, and Saskatoon is also home to the headquarters of First Nations Bank of Canada. These institutions provide a wide range of mortgage products, from standard fixed and variable rates to programs for first-time buyers and newcomers. Their extensive branch networks provide visibility and convenience for many borrowers.

Major Credit Unions in Saskatoon

Saskatoon has some of Saskatchewan's most established credit unions. Affinity Credit Union is one of the province's largest, with its headquarters in the city, offering multiple branch locations and full mortgage services. TCU Financial Group, originally formed for teachers, now serves the wider community with several Saskatoon branches. The Saskatoon City Employees Credit Union, while smaller, is a long-standing option that provides personalized service to both municipal employees and residents.

Credit Unions Serving the Area

Several credit unions headquartered outside the city maintain a strong Saskatoon presence. Conexus Credit Union, the province's largest, operates branches here and offers a wide selection of mortgage products. Innovation Federal Credit Union, the third-largest in Saskatchewan, also has members in Saskatoon and provides competitive lending options.

Cornerstone Credit Union, though based in Yorkton, serves members throughout the region, including the greater Saskatoon area. These institutions give borrowers access to cooperative-style banking with province-wide reach.

New and Regional Options

The credit union landscape in Saskatchewan has shifted in 2025. Prosperity Credit Union, created from the merger of Prairie Centre, Cypress, and Diamond North Credit Unions, now serves a broad rural membership that includes many communities surrounding Saskatoon. In addition, smaller players such as Accent Credit Union, Radius Credit Union, and Unity Credit Union continue to support members in nearby towns. These newer and regional lenders are worth noting for buyers considering properties outside Saskatoon's city limits.

Mortgage Brokers and Alternative Lenders

For buyers who prefer a wider search, Saskatoon has a growing network of mortgage brokerages. National firms like True North Mortgage, TMG The Mortgage Group, Dominion Lending Centres, and The Mortgage Centre operate locally, alongside independent brokers such as Mint Mortgage, Mortgage Now Inc., and Elite Mortgage Choice. Well-known local brokers include Deb Murdoch of TMG, Tammy Wandzura of The Mortgage Associates, and Carmen Kerr of Kerr Mortgage. Brokers can compare rates from banks, credit unions, and alternative lenders, which helps buyers navigate a competitive market.

Online and alternative lenders also serve Saskatoon. Companies like iSask Mortgage Brokers and other fintech-style providers offer digital applications and quicker approvals. Alternative lenders may be suitable for buyers who are self-employed, new to Canada, or managing credit challenges. While rates can be higher, they provide more flexible criteria when traditional options fall short.

Saskatoon's housing market has been moving quickly, shaped by strong demand and limited supply. Prices have climbed steadily over the past two years, and by 2025 the benchmark residential price hit an all-time high. Detached homes lead the way, but condos and townhomes are also in high demand as more buyers look for entry points into the market. Population growth and job opportunities continue to fuel demand, while new listings have not kept up. This has created a seller's market across most neighbourhoods. Buyers face competition and tighter timelines, while sellers benefit from record values. Understanding these trends is key to navigating the Saskatoon market with confidence.

Where We've Come From

Saskatoon's housing market in 2024 was busy and competitive. The city recorded just over 5,000 residential sales, which was eight percent higher than in 2023 and well above the ten-year average. Buyers were active, but they were working with a very limited choice. Inventory sat about 25 percent lower than the year before and nearly half the level seen over the past decade. That tight supply created pressure and sparked competition, with many homes attracting multiple offers.

Prices responded to the lack of listings. The benchmark residential price rose more than seven percent year over year to about 395,000 dollars by the end of 2024. Detached homes averaged roughly 466,000 dollars, up six percent. In comparison, the average sale price across all property types in August reached 390,000 dollars. Affordability remained better than in larger cities like Calgary or Toronto. Yet, the jump in costs was noticeable for first-time buyers.

Construction helped, but did not keep pace with demand. About 225 new homes sold in the first quarter of 2024, mostly single-family, but the city's population growth outstripped the number of new units hitting the market. Multi-unit developments gained momentum, especially apartments and townhomes, while single-detached starts lagged. Rental vacancies stayed very low, with two-bedroom rents climbing close to nine percent.

Overall, 2024 showed that Saskatoon's housing market was resilient. Sales grew, prices climbed, and sellers benefited from the competitive environment. Buyers needed larger budgets and quicker decisions to secure a property. The stage was set for another year of strong activity as 2025 began.

Current Market Conditions in 2025

By the summer of 2025, Saskatoon set new records. The benchmark residential price reached 435,900 dollars in August, which was nearly eight percent higher than the same month in 2024. Detached homes carried the highest values, with a benchmark price slightly above 500,000 dollars. Apartments and townhouses remained more affordable, yet they continued to see heavy demand as buyers searched for entry points into the market.

Sales numbers were steady but not overheated. August recorded 451 transactions, which was just one percent lower than last year. Even with that slight dip, sales remained higher than the long-term trend, proving that demand has not slowed. Inventory was still extremely lean, sitting at about two months of supply. That figure is far below the four to six months needed for a balanced market, which meant Saskatoon firmly stayed in seller's market territory.

The pressure came not only from buyers inside the city but also from new residents. Population growth, driven by international migration and job gains, continued to outpace the number of homes available. At the same time, new listings in August fell ten percent compared to a year earlier, leaving buyers with even fewer choices. This combination of low supply and steady demand is the key force behind today's rising prices.

Neighbourhood trends reflected these conditions. Brighton, Kensington, and Aspen Ridge saw strong activity, especially among new Canadian buyers. Established areas like Lakeview, Lakeridge, and Willowgrove held their value and remained family favourites. On the west side, neighbourhoods such as Confederation Park and Fairhaven offered detached homes in the $ 250,000 to $ 350,000 range, keeping them attractive to buyers watching their budgets. Beyond the city, Warman and Martensville stood out as growing commuter hubs, with most homes selling between $ 300,000 and $ 450,000.

Changes Since 2024

Compared to last year, 2025 has shown sharper price growth and tighter supply. Average values are up seven to eight percent, continuing the steady climb that began in 2023. Inventory, already scarce a year ago, tightened further as active listings dropped by another ten percent. This left buyers with fewer choices than ever, even as more people entered the market.

Construction provided some relief, but the type of housing built did not fully align with demand. Multi-family starts increased, adding more condos and apartments, while single-detached housing starts struggled to keep up. This imbalance meant that entry-level buyers found slightly more options in the condo market, while families looking for detached homes continued to face strong competition.

Affordability challenges became more obvious in 2025. More first-time buyers in their late twenties and early thirties began turning to family support to secure down payments. This shift highlighted the rising gap between incomes and home prices, even in a city long considered one of Canada's more affordable. Still, Saskatoon remained less expensive than many larger urban centres, which supported steady demand despite higher borrowing costs.

Outlook for the Rest of 2025

Analysts expect prices to continue climbing through the final months of the year, although at a more moderate pace. Forecasts call for another three percent increase in average sale prices across all property types. Sales volumes are also projected to edge slightly higher, adding about one to one and a half percent compared to 2024.

Saskatoon will almost certainly remain a seller's market until inventory improves. Population growth and job stability are fueling demand faster than new homes can be built. Emerging neighbourhoods will continue to attract interest, while established communities near schools and amenities will remain steady.

For buyers, the best approach is to act quickly and stay flexible, especially in popular price ranges. For sellers, market conditions remain favourable, with record prices and strong demand supporting confidence. Developers and builders will see opportunities, but relief on the supply side will take time.

Neighbourhood Spotlight

• Lakeview (East): Average home prices were about $541,000 in August 2025, slightly higher than the city average. Its tree-lined streets and strong schools keep it popular with families.

• Confederation Park (West): Detached homes here range from $275,000 to $340,000, making it one of the more budget-friendly neighbourhoods in Saskatoon.

• Evergreen (North): Median listing prices were around $546,000 in July 2025, down slightly from June but still above average. Modern homes and green space make it attractive to new buyers.

• Nutana (South): Detached homes often sell between $500,000 and $650,000. The area's character homes and proximity to downtown continue to drive strong demand.

• Warman (Beyond City): Just outside Saskatoon, Warman's average prices range from $300,000 to $450,000, though new builds can climb higher. It has become a go-to choice for buyers looking for more space within a short commute.

Buying a home in Saskatoon comes with plenty of choices, and the numbers tell a clear story. The citywide average for detached homes is just over $507,000. At the same time, the benchmark price across all property types sits at $435,900 as of August 2025. Prices vary widely by neighbourhood, from budget-friendly west-side options to higher-end communities in the east and south.

For buyers, the biggest question is often how much of a down payment is required. The rules depend on the purchase price. Homes under $500,000 qualify for a minimum of five percent down. Anything above that triggers a blend: five percent on the first 500,000 dollars and ten percent on the remainder. Of course, a twenty percent down payment eliminates the need for mortgage insurance.

That means the difference between neighbourhoods is more than just price. It also affects how much cash buyers need up front, whether it's $15,000 for a starter home in Confederation Park or more than $190,000 for a luxury property in The Willows. The table below breaks down average prices across Saskatoon and the surrounding area, alongside the estimated five percent and twenty percent down payments buyers would need today.