Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

How much do I need for a down payment to buy a home in Saskatoon?

The minimum down payment on a Canadian home is 5 percent on the first $500,000 of the purchase price and 10 percent on any amount above that, a rule CMHC sets for every insured mortgage in the country, Saskatoon included. On a home at Saskatoon's benchmark price of $444,700, that minimum sits well inside the 5 percent band.

That minimum is a floor, not a target. Putting down less than 20 percent means paying mortgage insurance premiums from CMHC, Sagen or Canada Guaranty, and Saskatchewan charges provincial sales tax on that premium at closing, so a slightly larger down payment can lower the ongoing cost of the loan.

The Home Buyers' Plan lets a first-time buyer withdraw up to $60,000 from an RRSP toward a down payment, and a First Home Savings Account adds room to save up to $8,000 a year toward $40,000 total, both without triggering immediate tax. Combining the two is common for a first-time buyer trying to clear the 20 percent line.

Where the down payment actually needs to land depends on what the specific house is worth, not a rule of thumb. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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