A buyer purchasing above $500,000, which is common for a larger family home or an established central neighbourhood like Nutana or Varsity View, pays 5 percent on the first $500,000 and 10 percent on everything above it, a blended rate that rises gradually rather than jumping all at once past the threshold.
Below 20 percent down at any price point, mortgage default insurance through CMHC, Sagen or Canada Guaranty applies, adding a premium to the loan and, in Saskatchewan, a provincial sales tax on that premium payable in cash at closing.
Because Saskatoon's benchmark sits well below the national average, the dollar amount of even a 20 percent down payment here is far more attainable than the same percentage in a market like Toronto or Vancouver.
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