The mechanics are worth understanding. Your lender decides how much to advance based on its own view of value, and where the down payment is under 20 percent, the default insurer through CMHC, Sagen or Canada Guaranty is looking at that value too. A financing condition gives you a defined period to obtain that approval in writing, and if it does not arrive, you exit rather than being sued for the balance.
A separate inspection condition does a different job, and the two are often confused. Budget $400 to $600 for the inspection and give yourself enough days to get an inspector in and read the report. Both conditions have deadlines, and both are removed in writing through your agent, with the whole transaction closing through a Saskatchewan lawyer regulated by the Law Society of Saskatchewan at roughly $800 to $1,500 in fees.
Dropping a financing condition to win a competing offer is a real decision with a real cost, and it should only be made with a fully underwritten pre-approval and cash available to cover a shortfall. Joel Dyck walks buyers through what each condition actually protects before anyone signs, rather than after the deposit is at risk.