That insurance, through CMHC, Sagen or Canada Guaranty, is a percentage of the loan that Saskatchewan taxes with provincial sales tax, payable in cash at closing rather than added to the mortgage, which surprises many first-time buyers who budgeted only for the down payment.
Put down a full 20 percent instead and the insurance premium disappears entirely, which is why some buyers choose to save longer rather than buy sooner with the minimum down payment, especially with 446 sales recorded in August 2026 showing the market is not moving so fast that waiting a few more months costs you the purchase.
The 2026 number for your situation depends on your price point and your down payment percentage, so it is worth running both scenarios before deciding. Get your hand-reviewed valuation from Joel Dyck.