Looking to buy your first home?
Buying your first home is a big deal and we’re here to make your dream of owning a home come true. It might feel a bit confusing at first, but don’t worry, we’re with you through every step. We’ll help you understand things like mortgages and real estate in simple terms. Think of us as your experts, guiding you on this journey to buying your first home.
Your step-by-step guide to buying your first home.
Buying a home is an exciting journey, and we're here to help every step of the way. Use the guide below to explore each stage of the homebuying process, from researching your options to getting the keys to your new home. Whether you prefer to navigate the journey on your own or want guidance along the way, you'll find the information and support you need to move forward with confidence.
Step 1: Access your finances
Review your finances and start preparing to buy your first home.
- You need a credit score of at least 600 to get a mortgage (700 or more is even better). You can access your credit report online for free from Equifax and TransUnion.
- Use our budget calculator to see what you may be comfortable spending on a mortgage payment each month.
- Save at least 5% of the home price for a down payment. You’ll also need to show you have 1.5% of the purchase price of a home for closing costs (e.g., lawyer fees, etc.). Consider saving this money in a First Home Savings Account to benefit from income tax deductions and tax-free savings.
Step 2: Think about your budget
Determine what you can afford before you start house hunting.
- Use our Mortgage Affordability calculator to see how much money you can potentially borrow to buy a home. The calculator looks at your income, debt and living expenses and is for illustration purposes only.
- Think about the extra costs of owning a home including property taxes, home insurance, and maintenance.
Step 3: Get pre-approved
Know your budget and mortgage options before shopping for a home.
- Before you start house shopping, contact a Mobile Mortgage Specialist or Financial Advisor to help understand the types of mortgages available, how mortgages work, and to get pre-approved.
- Think about how long you want to take to pay off your mortgage and pick a payment schedule that you’re comfortable with.
- Choose between a fixed or variable mortgage and an open or closed mortgage.
- Lock in your mortgage interest rate for 120 days with our 120-day rate guarantee.
- Consider saving for some of those extra costs such as home insurance and maintenance, using a savings account or Term Deposits.
Step 4: Find a realtor
Work with a realtor to find a home that fits your needs and budget.
- Look for a local real estate agent by either asking your family and friends for recommendations or searching the Saskatchewan Realtor database.
- Share with your realtor:
- Your pre-approved budget, so you don’t view houses that are too expensive.
- Your must-haves, such as number of bedrooms or bathrooms.
- The type of home you want, such as single-family home, condo, townhouse, etc..
- The nice-to-haves, such as modern appliances, etc..
- Your preferred neighbourhood(s). Consider things such as distance to different amenities, schools, etc..
Step 5: Make your offer
Submit an offer and finalize the purchase agreement.
- Work with your real estate agent to submit an offer, which should include:
- How much you’re willing to pay for the home.
- The deposit amount and closing date.
- Any items you want included with the home, such as blinds or appliances.
- Any conditions, such as title search or home inspection.
- Connect with a lawyer to review the agreement terms, check property records and help with title transfers when closing the deal.
Step 6: Complete your mortgage
Finalize your mortgage application details before closing on your home.
- Contact your Mobile Mortgage Specialist or Financial Advisor to complete your mortgage application.
- Discuss the different types of insurance you can get, including fire insurance, mortgage protection insurance, etc.
- Confirm your amortization, payment schedule, and interest rate.
Step 7: Complete the inspection
Inspect the home and remove conditions before closing.
- Hire a qualified home inspector to look at the home and prepare a report that outlines the home’s condition.
- If the report suggests making repairs, talk with your realtor, lawyer and the seller about them. If all looks good, remove the conditions and the deal can go ahead to closing.
Step 8: Get ready to move in
Complete the final steps before you get the keys.
- Review your closing disclosure to understand your closing costs, including any title transfer fees, lawyer fees, etc.
- Secure fire insurance. Sign any extra paperwork needed for closing.
- Just before taking possession of the home, do a walk-through to make sure everything is okay. If not, work with your realtor to address the issue(s).
- Set up your utilities, such as power, water, and internet.
- Plan for ongoing maintenance and improvements, saving 1% of your home’s purchase price each year to a Savings account or Tax Free Savings Account.
Explore grants and programs that can help.
From grants and tax credits to government homebuyer programs, there are several supports available to eligibile first time homebuyers.
How much mortgage can you afford in Saskatchewan?
Common questions.
Here’s what people ask us the most.
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In Saskatchewan, the minimum down payment is 5% of the purchase price for homes up to $500,000. For homes priced between $500,000 and $999,999, you need 5% on the first $500,000 and 10% on the remainder. For homes priced at $1,000,000 or more, a minimum 20% down payment is required. If your down payment is less than 20%, you will need Canadian Mortgage and Housing Corporation (CMHC) loan insurance, which protects the lender in the event of default.
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The First Home Savings Account (FHSA) is a registered savings account introduced by the Government of Canada in 2023 to help first-time homebuyers save for a home purchase. You can contribute up to $8,000 per year (lifetime limit of $40,000) and contributions are tax-deductible, similar to an RRSP. Withdrawals for a qualifying home purchase are tax-free, similar to a TFSA. You must be a Canadian resident, a first-time homebuyer and between 18 and 71 years old to open an FHSA.
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CMHC mortgage loan insurance — also called mortgage default insurance — is required by Canadian law when your down payment is less than 20% of the home’s purchase price. It protects the lender if you default on your mortgage payments. The premium is calculated as a percentage of the mortgage amount and typically added to your mortgage.
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The 120-day rate guarantee allows you to lock in today’s mortgage interest rate for up to 120 days (approximately four months) on eligible mortgage products while you search for a home. This means that if rates rise during your home search, you’re protected. If rates fall before you close, Conexus will offer you the lower rate. This guarantee requires no commitment and is available to Conexus members as part of the pre-approval process.*
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Closing costs in Saskatchewan typically range from 1.5% to 4% of the home’s purchase price and are in addition to your down payment. They include: legal fees and disbursements (typically $1,000–$2,500), title insurance, a home inspection (typically $400–$700), property transfer (title) registration fees, property tax adjustments and moving costs.