One of the biggest questions first-time buyers ask is, “How much do I actually need to save before I can buy a house?” And it’s a great one. The answer can feel complicated, so here’s a straightforward look at the real costs of buying a new home in Saskatoon, Regina, or nearby.
The average new home we build sits around $550,000. That’s a realistic range for a modern layout, suite-ready basement, garage, and solid finishes.
Down Payment and Deposit: To get started, you’ll need an initial deposit. The federal rules require 5 percent on the first $500,000 and 10 percent on anything above that. For a $550,000 home, that means $30,000 is the minimum required down payment. If your down payment is under 20 percent, your mortgage lender will also have to qualify you for mortgage insurance through CMHC or another mortgage insurance provider, this gets added to your total mortgage loan amount. When you choose your home, and submit your offer, you’ll provide an initial deposit, usually $1,000 to accompany your offer (fully refundable until you remove your conditions). Once you have your mortgage approval, you’ll remove your financing condition, and provide the remainder of your 5% deposit to Ehrenburg Homes (less the initial $1000 deposit). That total deposit amount goes toward your down payment. It’s not an extra fee, it’s paid towards the total balance of the purchase price of your new home. The bank will also have to provide a 90-Day transaction history on the source of your down payment. Once you’ve got it into a holding account, do not move it until you make your official down payment for your new home.
Legal Fees and Closing Costs: A real estate lawyer will help with contracts, title transfer, and closing. They will provide you a final total payment amount prior to possession of your new home which is generally referred to as ‘closing costs’. A simple rule of thumb is to budget 1.5% of your purchase price for closing costs. These costs are broken down into the following expenses: Legal Fees, Title Transfer, Tax Adjustments, Title Transfer Insurance, PST on the default mortgage insurance, and any change orders added to your home that remain unpaid. Some condominiums include utility hookups, but all other homes do not. It’s smart to budget $500 to $1,500 for power, gas, or water connections. In order to close on your home, you’ll also need home insurance, which typically costs around $2,000 per year for a home in this price range.
Property Taxes and Other Costs: Property taxes depend on the city and timing, but for budgetary purposes, 1% of your purchase price is a safe amount to budget. For a $550,000 home, that would be $5,500 annually, which breaks down to roughly $458/month. You may owe a prorated portion at possession. Even in a brand-new home, you’ll want a small buffer for things like blinds, mailbox keys, internet setup, or landscaping. An extra $3,000 to $5,000 can help cover those last-mile details.
What It All Adds Up To: For a home around $550K, most buyers need between $40,000 and $45,000 available before possession. That includes your down payment, closing costs, setup costs, and a few extras to help make your home feel truly ready.
Monthly Payments: On a $550,000 home, with 5 percent down and a 30-year mortgage at 4.19 percent fixed term, your monthly mortgage payment would be around $2,640. This includes mortgage insurance added to your total mortgage amount, but that doesn’t include property taxes or house insurance. This estimate is meant to be a helpful starting point for building your budget.
This isn’t meant to be perfect math for every buyer, but it gives you a clear place to start. Knowing what to expect makes everything feel more manageable.
Disclaimer: All figures are rough estimates based on Saskatchewan averages in 2025. Actual costs may vary depending on home type, lender, builder, and location. For personalized advice, speak with a mortgage specialist or licensed financial advisor.