Regina Mortgage Market Overview
Regina is one of Saskatchewan's key real estate markets. The average home price in Saskatchewan is $340,000, though prices in Regina can vary by neighbourhood and property type. Whether you're purchasing your first home, renewing your mortgage, or refinancing to access equity, comparing rates from multiple lenders is the most effective way to reduce your total borrowing cost.
The Saskatchewan mortgage market is regulated at the federal level by OSFI and the Financial Consumer Agency of Canada (FCAC). All mortgages must pass the federal stress test, which requires you to qualify at your contract rate plus 2%, or 5.25%, whichever is higher. This ensures you can afford your mortgage even if rates rise.
How to Get the Best Mortgage Rate in Regina
Compare multiple lenders — banks, credit unions, and mortgage lenders all offer different rates. Never accept the first offer.
Improve your credit score before applying. A score above 720 typically qualifies for the best rates available.
Choose your amortization period carefully. A 25-year amortization is standard, but shorter periods mean higher payments and less total interest.
Consider both fixed and variable rates. Fixed rates offer predictability; variable rates have historically been lower over time but carry more risk.
Factor in all costs including land transfer tax (No land transfer tax), legal fees, home inspection, and CMHC insurance if your down payment is under 20%.
Mortgage FAQs for Regina Homebuyers
What is the average mortgage rate in Regina?
Mortgage rates in Regina, Saskatchewan vary by lender and product type. Current 5-year fixed rates from major Canadian lenders typically range from 4.5% to 6.5%. Variable rates may be lower. Use our rate comparison tool to see today's best offers.
How much do I need for a down payment to buy a home in Regina?
In Regina, the minimum down payment depends on the home price. For homes under $500,000, the minimum is 5%. For homes between $500,000 and $999,999 (like the average in Saskatchewan at $340,000), it is 5% on the first $500K plus 10% on the remainder. Homes over $1 million require 20% down.
Do I need a mortgage broker in Regina to get the best rate?
A mortgage broker can be helpful in Regina as they have access to multiple lenders and can negotiate on your behalf. However, RateView lets you compare rates from 30+ Canadian lenders instantly, giving you a clear picture of the market before you speak with anyone.
What is the land transfer tax in Saskatchewan?
The land transfer tax in Saskatchewan is No land transfer tax. N/A (no LTT).