Buyers questions
How much do I need for a down payment in Saskatoon?
Five percent of the first $500,000 and ten percent above that. Most Saskatoon homes sit under $500,000, so five percent is usually the floor. Below twenty percent your mortgage must be insured, and in Saskatchewan the provincial sales tax on that premium is due in cash at closing on top of the down payment.
How long does it take to buy a home in Saskatoon?
From pre-approval to keys, six to twelve weeks is typical. Finding the right home is the variable part. Once an offer is accepted, conditions usually run seven to fourteen days and possession is commonly set two to six weeks after that.
Should I get pre-approved before looking?
Yes, and before the first showing. A pre-approval tells you the real budget under the stress test, locks a rate for a period while you look, and makes your offer credible to a seller. Without one you are guessing, and in a competitive situation you will lose to someone who is not.
Do I pay Joel as a buyer?
In most Saskatoon transactions the seller's listing agreement covers both sides, so a buyer typically pays nothing directly. That arrangement is set out in writing before you view anything, so you know exactly how it works rather than finding out later.
What should I check before buying a condo here?
The corporation's documents: the reserve fund study, the bylaws, recent minutes and the financials. They tell you whether a special assessment is coming and whether the building has been maintained. Joel reads them with you before conditions come off, not after.