Anything under 20 percent down requires mortgage insurance through CMHC, Sagen or Canada Guaranty, and Saskatchewan charges PST on that premium at closing, a cost first-time buyers often leave out of their budget until the lawyer's final statement of adjustments.
The Home Buyers' Plan lets you pull up to $60,000 from an RRSP toward that down payment, and a First Home Savings Account shelters up to $8,000 a year to a $40,000 lifetime limit for the same purpose, both through the Canada Revenue Agency.
Get your hand-reviewed valuation from Joel Dyck.