Start with the monthly comparison. A mortgage payment at the Saskatchewan REALTORS Association benchmark of $444,700, plus property tax on 80 percent of assessed value and typical insurance, usually lands a bit above comparable rent in Saskatoon, though the gap here is smaller than in a larger city.
Then run the years. Most of that gap closes and eventually flips in owning's favour somewhere around the three-to-five-year mark, once enough of each mortgage payment has shifted from interest to principal and rent has risen a couple of times while your payment has not.
The math is straightforward once you have real numbers for your specific price point and down payment rather than citywide averages. Get your hand-reviewed valuation from Joel Dyck.