Saskatchewan is one of Canada’s most affordable provinces for homebuyers. The average home price in Regina was approximately $320,000 in early 2025, while Saskatoon averaged around $390,000 — both well below the national average of over $680,000. This makes homeownership accessible at income levels that would not be sufficient in Ontario or BC.
Use the mortgage affordability calculator below to see how much home you can afford based on your Saskatchewan income, down payment, and debts.
Mortgage affordability in Saskatchewan
How much mortgage you can afford depends on your household income, existing debts, and the mortgage rate you qualify for. Saskatchewan’s low home prices mean many residents can afford to buy with a modest income.
Key factors include your down payment, mortgage rate, and existing debts. Changing any of these inputs in the calculator above will show the impact on your affordability.
If you make a down payment of less than 20%, you will need mortgage default insurance, which is required by law and protects the lender. This cost can be paid upfront or added to your mortgage balance.
Saskatchewan minimum down payment chart
| Purchase Price | Minimum Down Payment |
|---|---|
| Less than $500,000 | 5% of purchase price |
| $500,000 to $999,999 | 5% of the first $500,000 + 10% of the portion above $500,000 |
| $1 million or more | 20% of the purchase price |
For a $320,000 home (near Regina’s average), the minimum down payment is just $16,000. See the down payment calculator for exact amounts at any price.
What ratios are used to estimate mortgage affordability?
Lenders use two key ratios to determine how much mortgage you can afford:
Gross Debt Service Ratio (GDS) — measures monthly housing costs relative to your gross household income. This calculator uses a GDS of 35%.
GDS = (Mortgage Payments + Property Tax + Heating + 50% Condo Fees) / Gross Annual Income
Total Debt Service Ratio (TDS) — adds all other debt payments to housing costs. This calculator uses a TDS of 42%.
TDS = (All Housing Costs + All Other Debt Payments) / Gross Annual Income
The CMHC maximum GDS is 39% and maximum TDS is 44%. Learn more with the debt service ratio calculator.
How much house can you afford in Saskatchewan?
These estimates are based on a 4.5% interest rate, 25-year amortization, minimum down payment, and $750 in monthly debt obligations.
| Household Income | Estimated Affordability |
|---|---|
| $50,000 | ~$240,000 |
| $60,000 | ~$290,000 |
| $70,000 | ~$340,000 |
| $80,000 | ~$390,000 |
| $90,000 | ~$440,000 |
| $100,000 | ~$485,000 |
With a household income of $70,000, you could afford a home at Regina’s average price. Saskatoon’s average requires closer to $80,000.
How much income do you need to buy a $300,000 house in Saskatchewan?
You should make approximately $65,000 or more per year. This is based on a minimum down payment of $15,000, 25-year amortization at 4.5%, with $750 in monthly debt payments. Many homes in Regina, Moose Jaw, and Prince Albert fall near this price.
How much income do you need to buy a $400,000 house in Saskatchewan?
You should make approximately $85,000 or more per year. This is based on a minimum down payment of $20,000, 25-year amortization at 4.5%, with $750 in monthly debt payments. This covers newer homes in Saskatoon or larger properties in Regina.
How much income do you need to buy a $500,000 house in Saskatchewan?
You should make approximately $105,000 or more per year. This is based on a minimum down payment of $25,000, 25-year amortization at 4.5%, with $750 in monthly debt payments.
Additional costs when buying a home in Saskatchewan
Saskatchewan does not charge a land transfer tax, which is a significant savings compared to provinces like Ontario and BC. However, there are still other costs to account for:
- No land transfer tax — Saskatchewan is one of the few provinces that does not charge a land transfer tax, saving buyers thousands of dollars
- Mortgage insurance — Required if your down payment is less than 20%. Use the mortgage insurance calculator to estimate this cost
- Property taxes — Vary by municipality. Saskatoon and Regina have moderate property tax rates
- Closing costs — Legal fees, title insurance, home inspection, and appraisals typically add 1.5% to 4% to the purchase price
- PST on mortgage insurance — Saskatchewan charges 6% PST on CMHC mortgage insurance premiums
The absence of land transfer tax makes Saskatchewan especially attractive for homebuyers. On a $400,000 home, you could save $4,000 to $8,000 compared to Ontario.
Frequently asked questions
How much house can I afford making $80,000 in Saskatchewan?
With an $80,000 household income, you could afford approximately $390,000 based on a 4.5% interest rate, 25-year amortization, minimum down payment, and $750 in monthly debt obligations. This is above Saskatoon’s average home price.
What is the minimum down payment in Saskatchewan?
The minimum down payment is 5% on the first $500,000 and 10% on the portion between $500,000 and $999,999. Homes over $1 million require 20% down.
Is Saskatchewan affordable for homebuyers?
Yes. Saskatchewan is one of the most affordable provinces in Canada for housing. Average home prices in Regina ($320,000) and Saskatoon ($390,000) are well below the national average of over $680,000.
Related guides
- Saskatchewan mortgage rates
- Saskatchewan mortgage payment calculator
- Saskatchewan mortgage insurance calculator
- Saskatchewan sales tax calculator
- Down payment calculator
- Debt service ratio calculator
