What Canada’s Latest Jobs Report Means for 2025 Mortgage Rates in Regina and Saskatoon

December 9, 2025 | Posted by: Lisa Helfrick - Trusted Saskatoon, Regina and Saskatchewan Mortgage Broker

If you live in Regina or Saskatoon and have been wondering whether mortgage rates will finally start easing in 2025, the latest Canadian jobs data offers some encouraging signals. Most people do not have time to read economic reports, they simply want to know one thing, are mortgage rates going up, down, or staying put. This breakdown explains the December 2025 jobs numbers in plain language and connects them directly to what matters for Saskatchewan homebuyers, homeowners, and anyone with a renewal coming up.

The December Labour Force Survey shows a mix of moderate job growth and a slight increase in unemployment. In most cases, this would sound like bad news, but when it comes to interest rates, a cooling labour market can actually be a positive. The Bank of Canada closely watches job strength, wage growth, and inflation. When the economy slows at a controlled pace, it gives the Bank more room to reduce rates.

So what does this mean for mortgages in Regina and Saskatoon heading into 2025? Let’s break it down in simple terms.

What did the latest Canadian jobs report actually show?

Canada added a modest number of jobs in December while the unemployment rate edged slightly higher. Wage growth also eased, which is a key factor the Bank of Canada watches because strong wage increases can keep inflation higher. The data overall suggests the labour market is cooling gradually.

For mortgage shoppers in Saskatchewan, this is meaningful because a slower employment market tends to reduce inflation pressure. When inflation cools, the Bank of Canada has more confidence to begin lowering rates or continue a series of cuts.

Why does a cooling labour market matter for mortgage rates?

The Bank of Canada’s number one concern over the past two years has been inflation. Strong job growth and high wages were part of what kept inflation from falling as quickly as expected. With the labour market now softening, the Bank has fewer reasons to hold rates at restrictive levels.

In short, weaker job momentum often leads to lower interest rates. This is especially important for homeowners in Regina and Saskatoon where rising housing costs and higher borrowing expenses have squeezed family budgets.

What could this mean for first time home buyers in Regina and Saskatoon?

For many younger families or new buyers across Saskatchewan, the affordability challenge has been the biggest barrier. High rates reduced purchasing power and made monthly payments feel out of reach. If rates continue to trend lower in 2025, even small reductions can make a noticeable impact.

If you are planning to buy your first home, now is a great time to start the conversation. Getting a mortgage pre approval locked in allows you to hold a rate while watching market movements. This puts you in a strong position if rates dip further.

Saskatoon and Regina typically offer more attainable entry price points than larger provinces, however competitive homes still move quickly. Being prepared early is a major advantage.

How might the 2025 job trends affect homeowners looking to refinance?

Refinancing has become a popular topic for many homeowners in Saskatchewan, especially after two years of rate hikes increased monthly costs. With the Bank of Canada signaling that rate cuts are possible in 2025, refinancing could save households a significant amount depending on your current rate and remaining term.

If you want to explore your options, reviewing scenarios now can be incredibly valuable. You can visit the refinancing pages for both Regina refinancing and Saskatoon refinancing to see how a change in interest rates might affect your payments.

A refinance can help with: lowering monthly payments, consolidating debt, funding renovations, or switching from a variable to a fixed rate or vice versa. Even a one percent drop in rates can create meaningful savings over the life of your mortgage.

What should homeowners with renewals coming up in 2025 and 2026 expect?

If your mortgage renewal is coming due within the next 12 to 18 months, the jobs data provides cautious optimism. Many renewal clients in Regina and Saskatoon have been preparing for higher rates, but with the economy slowing, rate pressures may ease. This could mean renewing at a rate lower than what was expected just a few months ago.

Renewals are an important time to shop around, compare options, and explore savings. You can learn more by visiting the mortgage renewals page for both cities.

Do not simply sign your lender’s first offer. Saskatchewan borrowers often benefit from exploring multiple lenders because local mortgage brokers have access to rate options not always advertised publicly.

What steps can buyers and homeowners take right now to prepare?

There are several simple action steps that can position you well for changing interest rates in 2025.

• Start your mortgage pre approval early to secure a rate and increase confidence while shopping.
• Review refinance calculations to see if a potential rate drop could improve your cash flow.
• Gather required documents ahead of time so you can act quickly if an opportunity arises.
• Stay in touch with a Saskatchewan based mortgage professional for updates on rate movements.
• Explore whether a reverse mortgage option, such as the CHIP Reverse Mortgage, fits your long term financial strategy.

Even though the jobs data looks promising, timing matters and being prepared ensures you can take advantage of favourable shifts in the mortgage market.

Is Saskatchewan affected differently than other provinces when rates change?

Yes, the mortgage experience in Saskatchewan can be different from places like Ontario or British Columbia. Home prices in Regina and Saskatoon tend to be more stable and more affordable relative to national averages. This means even small rate reductions can have a noticeable impact on purchasing power here.

In addition, Saskatchewan’s housing market is less sensitive to large swings, which keeps buyer confidence steadier through economic cycles. Lower rates in 2025 could spark increased activity in both cities as more buyers re enter the market.

Where can homeowners learn more or get personalized advice?

Every borrower’s situation is unique and the best next step is to speak with a professional who understands Saskatchewan’s market. Whether you are buying your first home, planning a renewal, refinancing, or looking for guidance on your options, getting tailored advice makes a huge difference.

If you want local, friendly, and pressure free guidance, I am here to help. Encourage readers to book a consultation or contact me if you want to review your numbers, explore next steps, or get clarity on the latest jobs report and how it affects your mortgage.

Frequently asked questions about mortgages and rate changes

Will mortgage rates actually drop in 2025 based on the latest jobs data?

The cooling labour market supports the possibility of lower rates. While nothing is guaranteed, the data gives the Bank of Canada more flexibility to ease borrowing costs.

Is now a good time to get pre approved for a mortgage in Saskatchewan?

Yes, early pre approvals help you secure a rate and give you a competitive advantage when shopping. You can start the process through the pre approval page.

Should I wait to refinance until rates drop further?

It depends on your current rate and financial goals. Reviewing scenarios now helps you decide the best timing. You can explore options through the Regina refinancing page or Saskatoon refinancing page.

Will renewals be cheaper in 2025 compared to 2024?

Many renewal clients may see slightly better offers if rates move downward. It is important not to auto renew without comparing options.

How do rate changes affect homebuyers in Regina and Saskatoon specifically?

Because Saskatchewan home prices are more stable, even modest rate cuts improve affordability more noticeably than in higher priced provinces.

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