Any down payment under 20 percent requires mortgage insurance through CMHC, Sagen or Canada Guaranty, and Saskatchewan applies provincial sales tax to that insurance premium at closing, a cost that is easy to miss when budgeting a first purchase.
First-time buyers can also draw on the Home Buyers' Plan, an RRSP withdrawal of up to $60,000, or the First Home Savings Account, contributions of $8,000 a year to a $40,000 lifetime limit, to help reach a larger down payment and avoid or reduce mortgage insurance costs.
Joel Dyck can help you map your specific savings against a real Saskatoon purchase price. Get your hand-reviewed valuation from Joel Dyck.