Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Prince Albert homebuyers.
Based on $$245,000 average home price at current Saskatchewan rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $12,250 | $9,310 | $242,060 | $1,393/mo | $1,185/mo |
| 10% | $24,500 | $6,836 | $227,336 | $1,308/mo | $1,113/mo |
| 15% | $36,750 | $5,831 | $214,081 | $1,232/mo | $1,048/mo |
| 20%NO CMHC | $49,000 | $0 ✅ | $196,000 | $1,128/mo | $959/mo |
The average home price in Prince Albert is approximately $245,000 as of 2026, representing a +3.1% change year-over-year.
Current 5-year fixed rates in Prince Albert start around 4.84%, while variable rates start around 3.29%. Credit unions in Saskatchewan often offer rates 0.25–0.50% below major banks.
To afford a $245,000 home in Prince Albert with 10% down at 4.84%, you would need approximately $39,046/year gross income to meet the GDS ratio of 39%.
For a $245,000 home, the minimum down payment is 5% ($12,250). With 5% down, CMHC insurance of $9,310 is added to your mortgage.
With the Bank of Canada holding at 2.25%, variable rates (3.29%) are currently lower than 5-year fixed (4.84%). Variable saves money if rates stay flat or drop, but fixed gives payment certainty. Consult a mortgage broker for your specific situation.