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

What are the biggest hidden costs of owning a home in Saskatoon?

Beyond the mortgage payment, the biggest hidden costs of owning a Saskatoon home are the property tax adjustment at possession, mortgage insurance premiums taxed by Saskatchewan at closing on a down payment under 20 percent, and repairs that only show up after a home inspection at $400 to $600 is long behind you.

The City of Saskatoon prorates property tax between buyer and seller based on the possession date, so a buyer taking possession partway through the year can owe the seller a credit at closing for tax already paid, which comes as a surprise to a first-time buyer expecting nothing until the next tax bill.

Mortgage insurance through CMHC, Sagen or Canada Guaranty is required on any purchase with less than a 20 percent down payment, and Saskatchewan charges provincial sales tax on that premium at closing, a cost that does not show up on the mortgage rate a bank quotes.

Joel Dyck lays out every one of these line items for a Saskatoon buyer before they write an offer, not after possession. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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