Mortgage default insurance is the other line item that catches buyers off guard. Anyone putting down less than 20 percent pays a premium through CMHC, Sagen or Canada Guaranty, and Saskatchewan charges provincial sales tax on that premium in cash at closing rather than adding it to the mortgage.
A lawyer handles the closing itself in Saskatchewan, reviewing title through Information Services Corporation and adjusting property taxes and utilities between buyer and seller, and their fee is separate from the home inspection and any appraisal cost the lender requires.
Adding these together before you shop, rather than after an offer is accepted, is what keeps a good deal from becoming a cash-flow problem at closing.
Get your hand-reviewed valuation from Joel Dyck.