The math usually favours the down payment. A lump sum applied to reduce the loan amount saves interest for the entire life of the mortgage, while a point that buys down the rate only pays off if you keep that exact mortgage for years without refinancing or selling.
The other option is simply comparing lenders and mortgage products directly. Rates and terms vary enough between banks, credit unions and mortgage brokers in Saskatoon that shopping the rate itself often beats paying upfront to lower one specific offer.
Whichever route you take, a mortgage broker can run both scenarios with real numbers before you commit either way. Get your hand-reviewed valuation from Joel Dyck.