That insurance carries a premium added to the mortgage, and Saskatchewan charges PST on that premium at closing, so a smaller down payment is not free, it trades cash today for a cost added to the loan. A mortgage broker can run both scenarios side by side against the $444,700 benchmark before you commit.
The Canada Revenue Agency administers the Home Buyers' Plan, which lets you withdraw up to $60,000 from an RRSP, and the First Home Savings Account, which shelters up to $8,000 a year to a $40,000 lifetime limit, and a household buying together can combine both.
Get your hand-reviewed valuation from Joel Dyck.