A minimum down payment of 5 percent applies up to $500,000, then 10 percent on the portion above, and a First Home Savings Account, up to $8,000 a year to a $40,000 lifetime limit, or the Home Buyers' Plan RRSP withdrawal of up to $60,000 per person can shorten that saving period considerably.
Renting longer makes sense if you are still confirming that Martensville, rather than a Saskatoon neighbourhood or another RM municipality, is the right fit for commute, schools or lifestyle, since reversing a purchase decision costs far more than another year of rent.
Once your down payment and your commitment to the area are both solid, a lawyer, typically $800 to $1,500, and a look at what is actually listed in Martensville right now will tell you more than a general waiting period.
Get your hand-reviewed valuation from Joel Dyck.