Putting down less than 20 percent means carrying mortgage default insurance through CMHC, Sagen or Canada Guaranty, with the premium added to the mortgage and Saskatchewan's provincial sales tax on that premium payable in cash at closing, a cost many first-time buyers do not budget for.
Two federal programs can help build the down payment itself. The Home Buyers' Plan allows a withdrawal of up to $60,000 from an RRSP, and a First Home Savings Account allows contributions of up to $8,000 a year to a lifetime limit of $40,000, both aimed specifically at first-time buyers.
Beyond the down payment itself, budgeting legal fees of $800 to $1,500 and a home inspection at $400 to $600 avoids a last-minute surprise at closing.
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