CMHC insurance is what makes a low down payment possible here, since it protects the lender rather than the buyer and lets someone put down as little as 5 percent instead of the 20 percent a conventional mortgage would require. Saskatchewan then charges provincial sales tax on that insurance premium at closing, which is a real cost to plan for alongside legal fees of $800 to $1,500.
Putting down 20 percent or more avoids the CMHC premium entirely and usually gets a slightly better rate, so the tradeoff is liquidity now versus a lower monthly cost later. Neither choice is automatically wrong; it depends on what else that cash needs to do.
Joel Dyck works with buyers on both sides of that decision and can walk through what a specific price point actually requires. Get your hand-reviewed valuation from Joel Dyck.