Saskatchewan might be Canada's best-kept secret for affordable homeownership. With some of the lowest housing prices in the country, strong communities, and a stable economy driven by agriculture, mining, and technology, the province offers first-time buyers an incredible opportunity to get into the market without breaking the bank.
Whether you're looking at Saskatoon's growing urban scene, Regina's capital city amenities, or the charm of smaller towns like Moose Jaw and Prince Albert, this guide will walk you through everything you need to know about mortgages as a first-time buyer in Saskatchewan in 2026.
The Saskatchewan Housing Market in 2026
Saskatchewan's housing market is characterized by affordability and stability. Unlike the wild price swings seen in Toronto or Vancouver, Saskatchewan offers steady, predictable appreciation and entry-level homes that are actually affordable for first-time buyers.
Saskatoon
The province's largest city with a thriving tech sector, universities, and growing population. Diverse neighborhoods at various price points.
Average home: $350,000-$450,000
Regina
The capital city with government jobs, cultural amenities, and affordable housing. Strong demand for single-family homes.
Average home: $320,000-$420,000
Smaller Cities
Places like Moose Jaw, Prince Albert, and Swift Current offer even more affordable options with tight-knit communities.
Average home: $250,000-$350,000
Rural Saskatchewan
Farm properties, acreages, and small-town living with incredibly low costs and plenty of space.
Average home: $150,000-$300,000
Market Insight:
Saskatchewan's market is buyer-friendly in 2026. Inventory is balanced, sellers are negotiable, and there's no bidding war frenzy. Take your time to find the right home at the right price.
Down Payment Requirements in Saskatchewan
Saskatchewan follows federal down payment rules, and with lower home prices, saving for a down payment is much more achievable than in expensive provinces.
Minimum Down Payment Structure:
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5%
First $500,000 of purchase price
For a $350,000 home = $17,500 down payment
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10%
Portion between $500,000-$999,999
Rarely applicable in Saskatchewan's market
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20%
Homes $1 million and above
Very rare in Saskatchewan
CMHC Insurance:
If you put down less than 20%, you'll need mortgage default insurance from CMHC, Sagen, or Canada Guaranty.
For a $350,000 home with 5% down ($17,500), insurance costs approximately $13,300, making your total mortgage around $345,800.
The Saskatchewan Advantage:
With average home prices around $350,000-$400,000, saving a 5% down payment means you only need $17,500-$20,000. This is far more achievable than in Toronto (where 5% down on the average home is $60,000+).
Programs Available to Saskatchewan First-Time Buyers
Saskatchewan doesn't have as many provincial programs as some other provinces, but first-time buyers can access valuable federal incentives.
First Home Savings Account (FHSA)
Contribute up to $8,000 per year (lifetime max $40,000) to this tax-free savings account specifically for first-time home buyers.
Key Benefits:
- • Contributions are tax-deductible (immediate tax savings)
- • Withdrawals for home purchase are tax-free
- • Investment growth is tax-free
- • Can combine with Home Buyers' Plan (HBP)
Home Buyers' Plan (HBP)
Withdraw up to $35,000 from your RRSP for a down payment, tax-free. You have 15 years to repay it to your RRSP.
If you're a couple, you can each withdraw $35,000 for a combined $70,000 down payment boost—more than enough for most Saskatchewan homes!
First-Time Home Buyers' Tax Credit
Claim up to $10,000 on your tax return for a federal tax credit of $1,500 (15% of $10,000).
It's not huge, but it helps cover moving costs and other expenses.
GST/HST New Housing Rebate
If you're buying a newly built home, you may qualify for a partial GST rebate on homes under $450,000—covering most new builds in Saskatchewan.
Choosing Your Mortgage Type
Understanding mortgage types helps you pick the best option for your situation and financial goals.
Fixed-Rate Mortgage
Your interest rate stays the same for the entire term (typically 1-5 years). This gives you predictable payments and protects you from rate increases.
Best for: Buyers who want payment certainty and budgeting stability. Most popular choice in Saskatchewan.
Variable-Rate Mortgage
Your rate fluctuates with the Bank of Canada's prime rate. If rates drop, your payment drops. If they rise, so does your payment.
Best for: Buyers comfortable with some risk who believe rates will stay stable or decrease over their term.
Hybrid Mortgage
Split your mortgage between fixed and variable rates. This balances stability with flexibility.
Best for: Buyers who want some protection from rate increases while benefiting if rates drop.
Why Saskatchewan is Perfect for First-Time Buyers
Affordability
Average home prices are 50-60% lower than Toronto or Vancouver. You can buy a beautiful single-family home for what a small condo costs in major cities.
Low Property Taxes
Saskatchewan has some of the lowest property tax rates in Canada. On a $350,000 home, you might pay $3,000-$4,000 annually vs. $6,000-$8,000 in Ontario.
No Land Transfer Tax
Unlike Ontario and BC, Saskatchewan has no land transfer tax or property transfer tax. This saves you thousands at closing!
Strong Job Market
Growing tech sector, agriculture, mining, and healthcare provide stable employment opportunities. Unemployment rates are consistently low.
Quality of Life
Short commutes, tight-knit communities, excellent schools, and more bang for your buck. You can actually afford to enjoy life beyond just paying your mortgage.
Closing Costs in Saskatchewan
Beyond your down payment, budget 1.5-3% of the purchase price for closing costs. On a $350,000 home, that's $5,250-$10,500.
Legal Fees
$1,000-$2,000 for lawyer services and land title registration
Home Inspection
$400-$600 (highly recommended for all properties)
Appraisal Fee
$300-$500 if required by your lender
Title Insurance
$200-$350 (one-time fee for protection)
Property Insurance
First year's premium ($800-$1,500)
Property Tax Adjustments
Reimbursing seller for prepaid taxes
Saskatchewan Savings:
No land transfer tax means you save significantly compared to other provinces. On a $350,000 home, that's $5,000+ in savings right at closing!
Final Tips for Saskatchewan First-Time Buyers
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Take your time: Saskatchewan's balanced market means you don't need to rush. Find the right home at the right price.
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Use the FHSA and HBP: Maximize your down payment with these powerful federal programs.
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Consider the whole province: Don't limit yourself to Saskatoon or Regina. Smaller cities offer incredible value.
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Get pre-approved: Know your budget and show sellers you're a serious, qualified buyer.
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Factor in winter costs: Heating bills can be significant in Saskatchewan winters—budget accordingly.
Saskatchewan offers first-time buyers an unbeatable combination of affordability, opportunity, and quality of life. If you're tired of watching homeownership slip further out of reach in expensive markets, Saskatchewan might just be your answer!