The Canada Revenue Agency administers both the tax credits and the registered accounts, and the Canada Mortgage and Housing Corporation sets the mortgage insurance rules that govern most first purchases. None of these programs change the minimum down payment itself, which is 5 percent on the first $500,000 of the price.
The two accounts work together rather than against each other: money can move from a First Home Savings Account into a Home Buyers' Plan withdrawal in the same purchase, which is why the order you contribute in matters more than most buyers realize.
With the citywide benchmark at $444,700, a large share of Saskatoon listings sit inside the range these programs reach, which is worth knowing before ruling out a purchase on down payment alone. Get your hand-reviewed valuation from Joel Dyck.