Below 20 percent down, the mortgage insurance premium is added to the loan and Saskatchewan charges provincial sales tax on that premium at closing, which is a cost buyers sometimes miss when budgeting. Legal fees for a Mayfair closing typically run $800 to $1,500, and a home inspection adds another $400 to $600, both due before or at possession.
A First Home Savings Account and the Home Buyers' Plan can stretch the down payment further. The FHSA allows up to $8,000 a year to a $40,000 lifetime limit with a tax-free withdrawal, and the Home Buyers' Plan allows up to $60,000 pulled from an RRSP and repaid over 15 years. Used together, a couple can bring a meaningful down payment without draining non-registered savings.
Joel Dyck can run the numbers against a specific Mayfair listing so you know your real cash-to-close before you write an offer. Get your hand-reviewed valuation from Joel Dyck.