Saskatchewan is one of the most affordable provinces in Canada for first-time home buyers. There is no land transfer tax, home prices are well below the national average, and the Saskatchewan Graduate Retention Program offers up to $20,000 in tax credits for recent post-secondary graduates — a significant advantage for young buyers entering the market. The main trade-off: Saskatchewan charges 6% PST on CMHC insurance premiums, adding several hundred dollars to closing costs for buyers with less than 20% down.
First-Time Home Buyer Benefits in Saskatchewan
| Benefit | Maximum Value | Who Provides It |
|---|
| No land transfer tax | $0 LTT (savings vs other provinces) | Provincial |
| Graduate Retention Program | $20,000 tax credit | Provincial |
| Federal First-Time Home Buyers’ Tax Credit | $1,500 | Federal |
| FHSA | $40,000 tax-deductible savings | Federal |
| Home Buyers’ Plan (HBP) | $60,000/person RRSP withdrawal | Federal |
| GST New Housing Rebate | Up to $6,300 | Federal |
Saskatchewan Title Registration Fees
Instead of a land transfer tax, Saskatchewan charges ISC (Information Services Corporation) registration fees:
| Fee | Calculation |
|---|
| Title transfer fee | $0 on first $500 + percentage on remainder (tiered) |
| Mortgage registration fee | $0 on first $500 + percentage on remainder (tiered) |
Simplified Fee Estimates
| Purchase Price | Approximate Title Transfer Fee | Approximate Mortgage Fee | Total |
|---|
| $250,000 | $375 | $350 | $725 |
| $350,000 | $450 | $400 | $850 |
| $400,000 | $525 | $475 | $1,000 |
| $500,000 | $600 | $550 | $1,150 |
Compare to Ontario: A $400,000 home in Ontario incurs $4,475 in provincial LTT. In Saskatchewan, the total registration fee is approximately $1,000.
Saskatchewan Graduate Retention Program (GRP)
This is Saskatchewan’s most valuable incentive for young first-time buyers:
| Feature | Details |
|---|
| Credit amount | Up to $20,000 |
| Duration | Claimed over up to 10 years after graduation |
| Annual claim | Up to $2,000/year as non-refundable tax credit |
| Eligible graduates | Completed a post-secondary certificate, diploma, or degree at an eligible Saskatchewan institution (or some out-of-province programs) |
| Residency | Must file Saskatchewan tax return |
| How it helps buyers | Use the annual $2,000 tax savings toward mortgage payments, savings, or to offset PST on CMHC insurance |
The GRP is not directly a homeownership program, but a $2,000/year tax reduction for up to 10 years meaningfully improves affordability for graduates buying their first home.
Down Payment Requirements
| Home Price | Minimum Down Payment | Amount Needed |
|---|
| Under $500,000 | 5% | $20,000 on $400K |
| $500,000–$1,499,999 | 5% + 10% above $500K | $50,000 on $750K |
| $1,500,000+ | 20% | $300,000 on $1.5M |
Down Payment Sources
| Source | Details |
|---|
| FHSA | $40,000 tax-deductible, tax-free withdrawal |
| HBP (RRSP) | $60,000 per person, repay over 15 years |
| Savings | Regular savings or TFSA |
| Gifts | Family gifts with signed gift letter |
First Home Savings Account (FHSA)
| Feature | Details |
|---|
| Annual contribution limit | $8,000 |
| Lifetime limit | $40,000 |
| Tax treatment | Deductible contributions + tax-free growth |
| Withdrawal | Tax-free for qualifying home purchase |
| Saskatchewan benefit | Deduction reduces both federal and Saskatchewan provincial tax |
Home Buyers’ Plan (HBP)
| Feature | Details |
|---|
| Maximum withdrawal | $60,000 per person ($120,000 couple) |
| RRSP seasoning | Funds must be in RRSP for 90+ days |
| Repayment period | 15 years |
| Annual repayment | 1/15 of withdrawn amount |
Closing Costs in Saskatchewan
| Cost | Estimated Amount |
|---|
| ISC title transfer fee | $375–$600 |
| Mortgage registration fee | $350–$550 |
| Legal fees + disbursements | $1,200–$2,000 |
| Title insurance | $250–$500 |
| Home inspection | $350–$500 |
| Appraisal (if required) | $300–$500 |
| PST on CMHC insurance (6%) | $0–$1,600 (if less than 20% down) |
| Property tax adjustment | Varies (pro-rated) |
| Moving costs | $500–$2,000 |
| Total closing costs | $4,000–$8,000 |
PST on CMHC Insurance
Saskatchewan charges 6% PST on mortgage default insurance premiums. This is paid in cash at closing. See PST on mortgage default insurance for full details.
| Purchase Price (5% Down) | Mortgage | CMHC Premium (4.00%) | SK PST (6%) |
|---|
| $250,000 | $237,500 | $9,500 | $570 |
| $350,000 | $332,500 | $13,300 | $798 |
| $400,000 | $380,000 | $15,200 | $912 |
| $500,000 | $475,000 | $19,000 | $1,140 |
GST on New Homes
| Situation | Tax |
|---|
| Resale home | No GST |
| New construction | 5% GST (Saskatchewan has no PST on new homes) |
| GST New Housing Rebate | 36% rebate if home ≤ $350,000 |
Saskatchewan does not charge PST on the purchase price of new residential homes — only on CMHC insurance premiums.
Saskatchewan-Specific Considerations
Property Tax Rates
| City | Approximate Residential Rate | Annual Tax on $350K Home |
|---|
| Regina | ~1.20% | ~$4,200 |
| Saskatoon | ~1.15% | ~$4,025 |
| Prince Albert | ~1.35% | ~$4,725 |
| Moose Jaw | ~1.25% | ~$4,375 |
Saskatchewan Housing Affordability
| Metric | Saskatchewan | National Average |
|---|
| Average home price (2025) | ~$340,000 | ~$700,000+ |
| % of households who own | ~72% | ~66% |
| Median household income | ~$75,000 | ~$70,000 |
Saskatchewan has one of the best income-to-home-price ratios in Canada, making homeownership more accessible than in most provinces.
Homestead Protection
Saskatchewan’s Homesteads Act provides protection for the family home:
| Protection | Details |
|---|
| Spousal consent | Both spouses must consent to sell or mortgage the homestead |
| Cannot be seized | The homestead is partially protected from creditors (with exceptions for mortgage default) |
| Applies to | Primary residence on 160 acres or less (rural) or a city lot |
Power of Sale
Saskatchewan uses a judicial process for mortgage enforcement. The lender must apply to court and the borrower has a right of redemption period.
Step-by-Step Process
| Step | Timeline | Action |
|---|
| 1 | 1–5 years before | Open FHSA, contribute to RRSP |
| 2 | 6–12 months before | Get mortgage pre-approval |
| 3 | 3–6 months before | Research neighbourhoods, set budget |
| 4 | When ready | Find a real estate agent |
| 5 | House hunting | View properties, make offers |
| 6 | Offer accepted | Conditions: inspection, financing (7–10 days) |
| 7 | 30–60 days | Closing preparation with lawyer |
| 8 | Closing day | Sign documents, get keys |
The Bottom Line
Saskatchewan’s combination of no land transfer tax, affordable home prices, and the Graduate Retention Program makes it one of the most accessible provinces for first-time buyers. A typical starter home in Regina or Saskatoon ($300,000–$400,000) requires a minimum down payment of $15,000–$20,000, and closing costs are among the lowest in Canada. The only notable extra cost is 6% PST on CMHC insurance if putting less than 20% down.
💰
Get a $25 bonus when you open a Wealthsimple chequing account
No monthly fees. Earn interest on your balance. Start growing your money today.
Use referral code WZ0ZTA if prompted