Mortgage insurance through CMHC, Sagen or Canada Guaranty is required on a down payment under 20 percent, and Saskatchewan charges provincial sales tax on that insurance premium at closing, which is a cost first-time buyers often miss when budgeting.
Beyond financing programs, a first-time buyer's biggest advantage in Saskatoon is an agent who knows which neighbourhoods and price points actually fit a starter budget, since the Saskatchewan REALTORS Association's citywide benchmark of $444,700 covers a wide range of home types and conditions.
Joel Dyck walks first-time Saskatoon buyers through which of these programs actually applies to their situation. Get your hand-reviewed valuation from Joel Dyck.