What Does It Really Cost to Buy a Home in Saskatchewan in 2025?

Buying a home in Saskatchewan has become increasingly expensive over the years. Homebuyers face both rising property values as well as associated costs that extend beyond just the purchase price. Understanding these expenses up front helps prospective homeowners’ budget more effectively and avoid financial surprises during the buying process.

Purchase Price and Mortgage

The purchase price itself is the most obvious expense, with buyers paying anywhere from $200,000 for condos to over $600,000 for many detached homes. While the purchase price sets the baseline, the actual costs of financing depend on the available down payment, interest rates and mortgage term. For buyers with smaller down payments, less than 20%, mortgage default insurance premiums add another expense, although this is rolled into the mortgage and increases the monthly payments. 

The Hidden Expenses: Closing Costs

Closing costs are typically estimated to range from +/- 1% of the purchase price of the home (in Saskatchewan) and represent a significant expense that many first-time home buyers underestimate. This number can also increase if there are any complexities in closing. There are several components to the closing costs including:

1. Legal Fees (+/- $1,400)
2. Land Title Transfer Fees (.4% of purchase to register name on title plus +/- $500 to register mortgage)
3. Home Inspection (+/- $500) and Appraisals if required (+/- $400) 
4. Mortgage Default Insurance Provincial Sales Tax (6% of Mortgage Default insurance premium)
5. Property Tax Adjustments and GST for new homes
6. Title Search and Title Insurance (+/- $300)

Understanding the fees associated with each property type will ensure that purchasers are not caught off-guard by surprise costs at the last minute. 

Ongoing Ownership Costs

Once the keys are handed over, buyers now have the ongoing costs of ownership to deal with. Yearly property taxes, utilities, insurance and maintenance costs all add up quickly. A common rule of thumb is to set aside 1-3% of the home’s value each year for maintenance and repairs. Heating costs in the winter, especially in Saskatchewan, can be quite costly as well due to the cold climate and length of the season especially. 

Government Incentives

Both the Provincial and Federal governments regularly update programs to support first-time buyers and select others. Some incentives may help offset the financial burden, such as tax credits or rebates. Eligibility on these programs varies so buyers should thoroughly review the programs to see which may apply to their situation.

Lifestyle Costs 

Beyond the mortgage and ownership costs, buyers should consider the lifestyle costs that come with their location and property type. Commuting expenses, condo fees, renovations and maintaining larger properties or older homes can all impact the total cost of ownership. 

The true cost of homeownership in Saskatchewan goes well beyond the listing price. From the closing costs to the heating bills, everything contributes to the full financial picture. Working with a knowledgeable mortgage broker helps buyers to have a clear understanding of what they can expect. While Saskatchewan remains more affordable than most other Canadian provinces, the cost of homeownership requires planning and a realistic budget to ensure a positive long-term investment.