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.
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.
MILs for Homebuyers
Households without Dependents: $70,900
Households with Dependents: $78,400
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.
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.
- Kensington Flats (545 Hassard Close)
- Urban Villas (130 Marlatte Crescent)
- Urban Estates (250 Akhtar Bend)
- Urban Flats (720 Baltzan Blvd)
- Cory Crossing (620 Cornish Road)
- Meadowview Terrace (210 Rajput Way)
Equity Building Program
The Equity Building Program assists households with incomes up to $84,000 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 home buyers must be currently renting in Saskatoon.
The Equity Building Program is offered in partnership with Affinity Credit Union. 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.
Entry-level housing is market housing offered at price points that represent the very lowest end of the market without using subsidies. Individuals and families with combined annual household incomes that range between $52,000 and $80,000 can be considered to be in the entry-level market. Entry-level homes are typically purchased by young families, individuals with new jobs, newcomers who may be just starting out, and anyone else who may not yet able to afford the home of their dreams, but want to take advantage of the benefits of home ownership.
Today, it can be a challenge for people who do not currently own a home to break into the home ownership market. Entry-level homes can provide an opportunity as a relatively low-cost first step in home ownership.
A list of current projects related to entry-level housing can be found on the projects page of HeadStart on a Home.