Saskatchewan Mortgage Calculator 2021

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Home Price
Down Payment
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Interest Rate
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Term
Amortization (Years)
Payment Frequency
Your Monthly Payment
$1,9651.96k
CMHC Premium is Included
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Mortgage Costs Over 5-Year Term

Total Cost:$117,876
Principal$75,298
Interest$42,578
Land Transfer Taxes and Other Costs
Your CMHC Premium is $13,950
Your Land Transfer Tax is $1,500
Did You Know:
Your land transfer tax could be lower if you are a first-time home buyer
Hide Amortization Schedule
MonthPrincipalInterest
June, 2021
$450,000.00$1,217.71$746.89
July, 2021
$448,782.29$1,219.73$744.87
Aug, 2021
$447,562.56$1,221.75$742.85
Sept, 2021
$446,340.81$1,223.78$740.82
Oct, 2021
$445,117.03$1,225.81$738.79
Nov, 2021
$443,891.22$1,227.85$736.75
Dec, 2021
$442,663.37$1,229.89$734.72
Jan, 2022
$441,433.48$1,231.93$732.68
Feb, 2022
$440,201.56$1,233.97$730.63
Mar, 2022
$438,967.59$1,236.02$728.58
Apr, 2022
$437,731.57$1,238.07$726.53
May, 2022
$436,493.50$1,240.13$724.48
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Saskatchewan’s Land Transfer Fees

Instead of charging larger land transfer taxes like most provinces in Canada, Saskatchewan charges closing fees that your lawyer will collect. These fees include the cost to register your title at the title office, to flat fees for registering a mortgage. Saskatchewan’s title transfer tax is only equal to 0.3% of the value of your home over $8800. This means that for a $200,000 home, transfer taxes would only be $600.

Saskatchewan’s First Time Home Buyer Incentives

Saskatchewan’s home buyer tax credit provides first time buyers with a provincial tax credit for up $1050, and a federal tax credit for up to $750. The provincial credit is 10.5% of the purchase price up to $10,000, and the federal tax credit is 15% of the purchase price up to $5000.

For those having graduated from college or university in the province, you will have been eligible for rebates on your tuition. Up to $10,000 of these tax credit rebates can be used for your down payment on a home.

For those living in Saskatoon and meeting income requirements, you may be eligible for a grant for a 5% down payment towards certain entry level homes.

Closing Costs

Saskatchewan is one of the four provinces in Canada that charges provincial taxes on CMHC mortgage insurance premiums. These premiums apply to homes under $1,000,000 with less than a 20% down payment. With Saskatchewan's provincial sales tax (PST) set at 6%, this would mean that to purchase a $300,000 home with a 5% down payment and a $11,400 mortgage insurance premium, the buyer would owe an extra $684 in provincial taxes.

Other noteworthy closing costs that may be applicable to buyers in Saskatchewan may include:

property surveys, a home inspection, title insurance and lawyer and legal fees. All closing costs should be considered in advance, and for more information visit WOWA’s closing cost calculator.

Saskatchewan Home Prices

With an average sale price of $283,900 as of April 2021, Saskatchewan offers very affordable homes to purchase. Year over year, home prices in the province rose 10.5% from $256,900. When compared to neighbouring provinces Alberta and Manitoba, this is the lowest average sale price and lowest year over year increase in the region.

ProvinceAverage Sale Price - 2020Average Sale Price - 2021Year Over Year Change
Saskatchewan$259,900$283,90010.5%
Alberta$362,851$439,31921.1%
Manitoba$295,518$335,81213.6%

Cost of Living in Saskatchewan

Although housing costs in Saskatchewan are some of the most affordable in the region, the cost of other monthly housing expenses can be some of the highest in the country. For utilities, the province pays the highest cost per kilowatt hour (KWH) at 18.1 cents. The same is also true for communication services, at $201 per month. When compared to neighboring Manitoba, who pays 9.9 cents per KWH and $174 per month for communication services, this helps balance out the lower housing prices.

Although Saskatchewan did show negative population growth in 2020, from 1,179,154 people to 1,178,832 people in the first quarter of 2021, the province has showed steady growth over the long term. Since 2015, the population has grown by 60,651 people.