A lawyer handles the closing here, and their fee covers the title work through Information Services Corporation, the mortgage registration and the statement of adjustments for property tax. If you are putting down less than 20 percent, factor in mortgage default insurance through CMHC, Sagen or Canada Guaranty, and note that Saskatchewan charges provincial sales tax on that premium, payable in cash at closing rather than added to the mortgage.
Buyers who plan for the First Home Savings Account or the Home Buyers' Plan reduce the strain considerably, since both let you use registered savings toward the down payment rather than pulling entirely from cash on hand.
At the current Saskatoon benchmark of $444,700, a buyer with a 5 percent down payment plus roughly $1,500 to $2,500 in closing cash is realistically prepared for a first purchase.
Get your hand-reviewed valuation from Joel Dyck.