Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

How much money do I bring to closing?

In Saskatchewan you do not carry funds to a closing table; you send your down payment and closing costs to your lawyer in trust before possession day, and your lawyer combines that with your mortgage funds to complete the purchase and register title through Information Services Corporation.

For most buyers the biggest number is the minimum down payment, which under CMHC's insured lending framework is 5 percent on the portion of the price up to $500,000, then 10 percent on anything above that, plus enough left over for legal fees, which typically run $800 to $1,500.

On top of the down payment, budget for a home inspection, typically $400 to $600, and Saskatchewan's provincial sales tax on your CMHC, Sagen or Canada Guaranty insurance premium if your mortgage is insured, since that PST is collected at closing rather than folded into the mortgage.

Your lawyer will send a final statement of adjustments a few days before possession that totals every number exactly, so nothing is a surprise on the day itself. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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