That minimum applies to an insured mortgage through CMHC, Sagen or Canada Guaranty, and it is the floor, not a recommendation. Putting down less than 20 percent means carrying mortgage default insurance, with Saskatchewan charging provincial sales tax on that premium payable in cash at closing.
Reaching 20 percent down removes the insurance requirement entirely and can improve the rate a lender offers, though it also ties up more cash that some buyers would rather keep for renovations, closing costs or an emergency fund after possession.
With 1.63 months of supply in the Saskatoon market right now, buyers have more room to plan their down payment strategy than in a market moving faster. Get your hand-reviewed valuation from Joel Dyck.