Incentives for Homebuyers
Mortgage Flexibilities Support Program
To increase affordable home ownership opportunities in Saskatoon, the Mortgage Flexibilities Support Program was created by The City of Saskatoon, Canada Mortgage and Housing Corporation (CMHC) and the Saskatchewan Housing Corporation (SHC).
Only homes in designated projects qualify for this program. Private home builders provide new units that can be sold at prices that households with incomes below the Maximum Income Limits (MILs) can afford.
Total household income of the buyer must meet the Maximum Income Limits:
Household Size Income Limit by Household Size
One Person: $69,975
Two Persons: $74,640
One dependent: $79,305
Two dependents: $83,970
Three or more dependents: $88,635
Households maximum net worth limit: $25,000
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.
As the City of Saskatoon works toward a new Housing Business Plan, we will not be supporting any NEW project submissions for the Mortgage Flexibilities Support Program, effective July 12, 2022.
Please contact email@example.com with any questions.
Steps for Interested Homebuyers
- Contact the builders of designated projects and arrange to view the show homes.
- Apply for mortgage pre-approval with the lender (bank, credit union or mortgage broker) of your choice.
- The City of Saskatoon screens home buyers' income and provides home ownership training.
- The City approves a down payment grant once steps 1 to 3 are complete
- Obtain final mortgage approval.
- Your lawyer completes the purchase.
- Meadowview Point (110 Akhtar Bend)