Putting down less than 20 percent means mortgage insurance is required through CMHC, Sagen or Canada Guaranty, and Saskatchewan charges provincial sales tax on that premium at closing, a cost that adds to your upfront cash requirement beyond the down payment itself.
First-time buyers can pull from the Home Buyers' Plan, up to $60,000 from an RRSP, or the First Home Savings Account, $8,000 a year to a $40,000 lifetime limit, to build a larger down payment and reduce or avoid mortgage insurance costs.
Joel Dyck can help you plan the real down payment number against a specific Saskatoon home. Get your hand-reviewed valuation from Joel Dyck.