The mechanics resemble a margin loan more than a home mortgage. The lender holds your Bitcoin as security, lends against a conservative fraction of its current value because prices move so much, and can demand more collateral or force a sale if the value drops below a set threshold.
This sits entirely outside the CMHC-insured system most Saskatoon buyers use, which requires a minimum credit score of 600 and standard income documentation rather than a pledged asset. The two products solve different problems for different borrowers.
For most Saskatoon buyers, a conventional insured mortgage remains the simpler and better-understood path. Get your hand-reviewed valuation from Joel Dyck.