The Canada Mortgage and Housing Corporation insures most Canadian mortgages below a 20 percent down payment, and the minimum you need to put down in Saskatoon is 5 percent up to $500,000, then 10 percent on the portion above that, which is the real starting number for that comparison, not a headline mortgage rate.
First-time buyers also have two federal tools renters often do not know about: the Home Buyers' Plan lets you withdraw up to $60,000 from an RRSP toward a down payment, and the FHSA lets you save up to $8,000 a year, to a $40,000 lifetime limit, tax-free for the same purpose.
Joel Dyck works with first-time buyers on exactly this math, landlord history aside. Get your hand-reviewed valuation from Joel Dyck.