What Saskatoon Homebuyers Can Expect for Mortgages After the Federal Election
Insights from a Top Mortgage Broker in Saskatchewan
If you’re planning to buy a home in Saskatoon or anywhere in Saskatchewan, there’s a new political landscape to navigate — and it could have a direct impact on your mortgage, financial strategy, and future real estate decisions.
Canadian voters have re-elected the Liberal Party, this time under new leader Mark Carney, giving them a fourth consecutive term in government. It’s another minority government, which means policies will be shaped by negotiations with other parties. While the dust is still settling, here’s what Saskatchewan homebuyers, homeowners, and investorsneed to know.
1. More First-Time Buyer Support May Be on the Way
One of the biggest promises from the Liberals was the removal of the GST on new homes under $1 million — but only for first-time homebuyers. That could save up to $50,000 on a new build.
For those looking to buy in Saskatoon, where new home builds are increasing, this could offer a significant boost. This incentive is expected to be part of the upcoming federal budget (likely in June), and may reshape the affordability landscape for first-time buyers across Saskatchewan.
Pro Tip from a Trusted Saskatoon Mortgage Broker: If you’re a first-time buyer, now is the time to get pre-approved and ready to act when these incentives go live.
2. Major Push for Homebuilding and Affordability
The Liberals have proposed $25 billion in low-cost financing to accelerate home construction, especially for affordable and rental housing. This initiative includes working with developers, municipalities, and non-profits to increase housing supply in the most in-demand areas.
This could unlock opportunities for real estate investors and renters looking to transition into homeownership, especially in growing cities like Saskatoon where housing supply has struggled to keep up with demand.
3. Zoning Reform and Infrastructure Investment
Expect more investment in public transit, utilities, and municipal upgrades — all aimed at enabling higher-density housing near transit corridors. This kind of reform is designed to lower building costs and increase housing accessibility, especially in urban centres like Saskatoon.
From a mortgage planning standpoint, these changes could affect property values, development trends, and where future homeowners should focus their search.
4. Interest Rate Cuts Still Possible – But Not Guaranteed
The Bank of Canada has already trimmed rates over the past year, and economists predict one or two more cuts before year-end. If that happens, variable-rate mortgage holders and clients coming up for renewal in 2025 could benefit.
However, uncertainty remains. With global economic headwinds and rising government debt, future rate decisions will depend heavily on economic performance.
Mortgage Broker Insight: This is a great time to review your mortgage strategy. Whether it’s locking in, staying variable, or preparing for renewal, personalized advice matters more than ever.
5. What’s Next for Homeowners and Buyers in Saskatchewan?
We’ll know more when the federal budget drops. But in the meantime, this is your opportunity to reassess your real estate goals and financial game plan. Whether you’re buying, refinancing, or renewing, planning now could help you stay ahead of market shifts.
Let’s Talk Strategy — With the Best Mortgage Broker in Saskatoon
I work with clients across Saskatchewan to simplify mortgage decisions, plan ahead, and take advantage of the right opportunities at the right time. Whether you're a first-time buyer, self-employed, or renewing in the next 6–12 months, this is the time to prepare.
Call or message me today to schedule your personal mortgage review. Let’s make your next move your smartest one yet.