Below 20 percent down, CMHC, Sagen or Canada Guaranty insures the mortgage, and Saskatchewan applies provincial sales tax to that insurance premium at closing, an added cost that's easy to miss when first budgeting. A mortgage broker will confirm the exact qualifying income needed based on your specific rate and the home's price.
The Home Buyers' Plan and First Home Savings Account can meaningfully reduce how much comes from non-registered savings. Used together, a buyer can draw up to $60,000 from an RRSP and up to $40,000 from an FHSA, both without triggering tax on withdrawal when used for a first home.
Joel Dyck can run the full cash-to-close on a specific Eastview listing so there are no surprises at possession. Get your hand-reviewed valuation from Joel Dyck.