Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Saskatoon homebuyers.
Based on $$390,000 average home price at current Saskatchewan rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $19,500 | $14,820 | $385,320 | $2,217/mo | $1,886/mo |
| 10% | $39,000 | $10,881 | $361,881 | $2,082/mo | $1,771/mo |
| 15% | $58,500 | $9,282 | $340,782 | $1,961/mo | $1,668/mo |
| 20%NO CMHC | $78,000 | $0 ✅ | $312,000 | $1,795/mo | $1,527/mo |
The average home price in Saskatoon is approximately $390,000 as of 2026, representing a +5.2% change year-over-year.
Current 5-year fixed rates in Saskatoon 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 $390,000 home in Saskatoon with 10% down at 4.84%, you would need approximately $62,123/year gross income to meet the GDS ratio of 39%.
For a $390,000 home, the minimum down payment is 5% ($19,500). With 5% down, CMHC insurance of $14,820 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.