Saskatchewan Mortgage Payment Calculator 2024

This Page's Content Was Last Updated: December 29, 2022
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Total Cost:$842,939
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Saskatchewan is Canada’s fifth largest province by area. This central Canadian province has a total area of 651,036 square kilometers, and it covers 6.5% of the total area of Canada (source: Statistics Canada). As indicated by the population statistics, Saskatchewan had a total population of over 1.1M in 2021. Saskatchewan’s GDP at market prices in 2021 was a little over $88B (source: income-based GDP estimates of Statistics Canada). This accounted for about 3.5% of Canada’s GDP. According to income statistics of 2020, the median after-tax income in Saskatchewan was $67,700, $900 more than the national median.

Saskatchewan House Prices

The house prices in Saskatchewan are among the lowest in Canada, making it a much more affordable housing market compared to the Ontario housing market and the British Columbia housing market. The house prices in the neighboring provinces of Alberta and Manitoba are also relatively higher. According to Canada’s housing market report of November 2022, the average house price in Alberta was $422,709 and that in Manitoba was $330,742. In comparison, the The average home price in Saskatchewan for the month was $278,201. This is far less than the average prices seen in Ontario and B.C., which were $829,934 and $906,785 respectively. As an effect of Bank of Canada rate hikes and increasing mortgage rates, the average house prices in Saskatchewan fell by 9% in November 2022 compared to November 2021.

Closing Cost in Saskatchewan

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. In order to avoid unexpected costs at the time of closing, all such costs should be considered in advance.

Saskatchewan’s Land Transfer Tax

As opposed to most other provinces in Canada, Saskatchewan does not charge a land transfer tax. However, homebuyers are required to pay a small land title transfer fee, along with other closing fees. The land title transfer fee is the cost to register your title at the title office. The land title transfer fee applicable is as follows –

Purchase Price of HomeLand Title Transfer Fee
First $500$0
$501 to $8,400$25
Over $8,4000.3% of the value of the title

Saskatchewan’s title transfer fee is only 0.3% of the value of homes priced over $8400. This means that for a $200,000 home, transfer taxes would only be –

$200,000 × 0.3% = $600

In addition to this, homebuyers in Saskatchewan are also required to pay a flat fee for registering their mortgage. The flat fee is $180 for the first four titles, and $55 for all additional titles.

First-Time Buyer Incentives in Saskatchewan

First-Time Homebuyer Tax Credit

The government of Saskatchewan’s first-time homebuyers' tax credit provides first time buyers with a provincial tax credit of up to $1,050. This is determined by applying a tax credit rate of 10.5% to the first $10,000 of the purchase price. This is a personal income tax credit and can be claimed using form SK428. Similarly, a federal tax credit for up to $750 is also available to first-time buyers. The federal tax credit is 15% of the purchase price up to $5000.

Saskatchewan First Home Plan (No Longer Available)

Graduates of college or university in Saskatchewan are eligible for rebates up to $20,000 on their tuition fees under the Graduate Retention Program. Up to $10,000 of these tax credit rebates could be borrowed and used for your down payment on a home. As of March 2017, this program has been discontinued.

Saskatoon Mortgage Flexibilities Support Program

Under the Mortgage Flexibilities Support Program, those living in Saskatoon and meeting income requirements may be eligible for a 5% down payment grant from the city. The grant can only be used to purchase eligible homes in certain designated projects.

Cost Of Living and Inflation in Saskatchewan

The cost of living in Saskatchewan is fairly moderate and it is one of the most affordable provinces in Canada. As an example, the minimum cost of living for a family of three in Saskatoon is $4,030, almost 20% less than the cost of living in Toronto or Vancouver. The aggregate minimum living cost in the province for a family of three is $3,091. 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.

Saskatchewan saw some of the highest inflation rates in the country recently. The inflation rate in the province in October 2022 was 8.0%, 1.1% more than the national inflation rate of 6.9% (source: Statistics Canada).

Property Taxes in Saskatchewan

Homeowners in Saskatchewan are required to pay annual property taxes to the city for covering municipal service expenses such as public transit, police, garbage collections, fire department and schools. As of 2022, property taxes in Saskatchewan are levied on 80% of the assessed taxable value of the properties. The assessment is carried out by the Saskatchewan Assessment Management Agency (SAMA) every four years. The tax rates in Saskatchewan are calculated based on a mill rate, mill rate factor and a provincial education rate. Some municipalities also charge a base tax which is a fixed amount, irrespective of the assessed property value.

The property tax rates for some of the major municipalities in Saskatchewan are listed below.

MunicipalityProperty Tax RateBase Tax
Prince Albert1.4454660000%$324.00
Moose Jaw1.3081718900%$100.00
This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of the information shown and is not responsible for any consequence that arise from the use of the calculator and its results. Any financing products shown are subject to terms and conditions and may not be available in certain regions.