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You are here: City of Saskatoon DEPARTMENTS Community Services Planning & Development Neighbourhood Planning Housing Incentives for Homebuyers
Incentives for Homebuyers 

The City of Saskatoon is a partner in two different housing programs that have been created to make purchasing a home more attainable. The Mortgage Flexibilities Support Program and the Equity Building Program are designed to assist homebuyers in the affordable  housing market by providing down payment grants or loans. The two programs assist families in several stages of affordable housing and differ in their application requirements and financial incentives. Detailed information for both programs, including instructions on how to apply, is available below. For those interested in rental housing,  the contact information for affordable rental housing providers in Saskatoon is also available.

Mortgage Flexibilities Support Program

The City of Saskatoon, Canada Mortgage and Housing Corporation (CMHC) and the Saskatchewan Housing Corporation have created the Mortgage Flexibilities Support Program to increase affordable homeownership opportunities in Saskatoon. Click here for the program brochure.

With a 5% down payment grant from the City of Saskatoon and mortgage loan insurance from CMHC or Genworth Financial, qualified homebuyers will have the means to finance the purchase of a new home.

Private home builders provide new units that can be sold at prices that households with incomes below the Maximum Income Limits can afford. 

Total household income of the buyer must meet the provincial Maximum Income Limits:

Singles and Couples - $70,900

Households with Dependents - $78,400

Only homes in designated projects qualify for this program.

Click here for frequently asked questions about the Mortgage Flexibilities Support Program.

Current Projects

 

Innovative Residential: Town Square Terrace (102 Manek Road). Located in Evergreen, Town Square Terrace includes both 2 bedroom condos and 3 bedroom townhouses. Homes are between 760 ft² and 1254 ft². Eligible buyers earning less than the Maximum Income Limits may receive 5% down payment assistance while buyers over these incomes may be eligible for 3% or 1% down payment assistance offered through the National Affordable Housing Corporation. Buyers may also be eligible to receive 8 year property tax support. Visit http://innovativeresidential.ca/for-sale/saskatoon-homes/main or call (306) 270-5032 to apply.

Newrock Developments: Meadowview Terrace (210 Rajput Way). Located in Evergreen, Meadowview Terrace offers 5 different floor plans featuring 2 or 3 bedrooms to address the needs of different family dynamics. NewRock may provide a 3% grant which will be combined with an additional 2% grant funded by the Province and the City to those units designated to be sold to households earning less than the Maximum Income Limits (MILs). NewRock may increase their grant contribution from 3% up to $10,000 for those units designated to be sold to households earning less than the Saskatchewan Household Income Maximums (SHIMs). Units sold without the City of Saskatoon/Province of Saskatchewan down-payment grant may be eligible for a developer sponsored down-payment grant of up to $7500. Eligible buyers may also receive monthly payment assistance ranging from 5/10 years. Accessible Housing Units will also be available for purchase in this development. Visit www.meadowviewterrace.ca or call (306) 974-1501 for more details.

Innovative Residential: Kensington Estates (225 Hassard Close). Located in Kensington, this development offers 2 bedroom condos and 3 bedroom townhomes. Homes are between 760 sq.ft and 1254 sq.ft. Eligible buyers earning less than the Maximum Income Limits may receive 5% down payment assistance while buyers over these incomes may be eligible for 3% or 1% down payment assistance provided through the National Affordable Housing Corporation.  Buyers may also be eligible to receive 8 year property tax support. Visit http://innovativeresidential.ca/for-sale/saskatoon-homes/main or call (306) 270-5032 to apply.

Innovative Residential:  Cambridge Estates (275 Pringle Lane). Located in Stonebridge, the Cambridge Estates community offers 2 bedroom condos and 3 bedroom townhomes. Homes are between 760 sq.ft. and 1254 sq.ft. Eligible buyers earning less than the Maximum Income Limits may receive 5% down payment assistance for their new home, while buyers over these income limits may be eligible for 3% down payment assistance provided through the National Affordable Housing Corporation. Buyers may also be eligible to receive 8 year property tax or mortgage support. Visit http://innovativeresidential.ca/for-sale/saskatoon-homes/main or call (306) 270-5032 to apply.

Innovative Residential: Poplar Grove (1303 Richardson Road). Located in Hampton Village, the Poplar Grove community offers 2 and 3 bedroom condo and townhouse units. Homes are between 760 sq.ft. and 1254 sq.ft. Eligible buyers earning less than the Maximum Income Limits may receive 5% down payment assistance for their new home, while buyers over these income limits may be eligible for 3% down payment assistance provided through the National Affordable Housing Corporation. Buyers may also be eligible to receive 8 year property tax or mortgage support. Barrier-Free and Barrier-Free Plus units are also available in this community. Visit http://innovativeresidential.ca/for-sale/saskatoon-homes/main or call (306) 270-5032 to apply.

Jastek Group of Companies: Ginger Lofts (1015 Patrick Crescent) - Located in the Willowgrove Neighbourhood, Ginger Lofts offers attractive, spacious 2 bedroom townhouse units. Eligible buyers earning less than the Maximum Income Limits may receive 5% down payment assistance. The show suite and sales centre are now open; please contact Jastek at the phone number below for the current hours. For more information visit www.jastek.com/projects/now-selling/ginger-lofts/ or call (306) 291-3111.

 

Coming Soon

 

Steps for Interested Homebuyers

  • Interested homebuyers contact the builders of designated projects and arrange to view the show homes.
  • Homebuyers apply for mortgage pre-approval with the lender (bank, credit union or mortgage broker) of their choice.
  • The City of Saskatoon screens the homebuyer's income and provides homeownership training.
  • The City approves a down payment grant once steps 1 to 3 are complete
  • The homebuyer obtains final mortgage approval.
  • The homebuyer’s lawyer completes the purchase.
Equity Building

The Equity Building Program assists households with incomes up to $80,000 with the purchase of an Entry-Level home. Eligible households receive a down payment loan for up to 5% of the purchase price of a home in any city neighbourhood. The down payment loan must be repaid over a five year period and homebuyers must be currently renting in Saskatoon.

The Equity Building Program is offered in partnership with Affinity Credit Union. Click here for the program brochure. For more information on the Equity Building Program, or to apply, please contact Affinity Credit Union at (306) 934-4000 or 1-866-863-6237

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