Financing programs stretch further here for the same reason. The Home Buyers’ Plan allows a $60,000 RRSP withdrawal per person toward a down payment, and the First Home Savings Account allows contributions of $8,000 a year to a $40,000 lifetime limit, both of which cover a larger share of a Saskatoon purchase than they would in a pricier market.
The trade-off is selection during a busy season. With Saskatoon at 1.63 months of supply and new listings up 12.3 percent year over year, well-priced homes in good condition still move, so a first-time buyer should have financing pre-approved before touring rather than after finding a home they like.
Joel Dyck works with a steady stream of first-time buyers and knows which Saskatoon neighbourhoods fit a starter budget. Get your hand-reviewed valuation from Joel Dyck.