Buying your first home is exciting, but the process comes with questions. What programs can help you save? What tax credits are available? This guide covers everything Saskatchewan first-time buyers need to know.
Saskatchewan first-time home buyers have access to an impressive combination of federal and provincial programs that can save you between $10,000 and $60,000 or more. From tax credits to rebates and savings accounts, these programs are designed to make homeownership more accessible.
Several federal programs can help you build your down payment and reduce costs:
The FHSA lets you save up to $8,000 per year (lifetime limit of $40,000) tax-free. Contributions are deductible, and withdrawals for a first home purchase are tax-free. Combined with the Home Buyers Plan, you could access up to $60,000 in tax-advantaged funds for your down payment.
Withdraw up to $35,000 from your RRSP tax-free for a first home purchase ($70,000 for a couple). You have 15 years to repay the amount back to your RRSP.
Claim up to $10,000 in eligible expenses, receiving up to $1,500 in tax relief on your first home purchase.
When you buy a newly constructed home, you may qualify for a rebate on the GST portion. In Saskatchewan, this can save you thousands on a new build.
Beyond federal programs, Saskatchewan offers its own incentives that can add thousands more to your savings.
Here’s How:
This non-refundable tax credit provides up to $1,575 in tax relief (for 2025 tax year) for qualified first-time buyers who purchase a qualifying home in Saskatchewan.
Saskatchewan offers a PST rebate on new home construction. When you build or buy a newly constructed home, you may be eligible to recover a portion of the PST paid on building materials.
Metis citizens in Saskatchewan may qualify for additional down payment assistance and homebuyer programs through Metis Nation-Saskatchewan housing initiatives.
The real opportunity in Saskatchewan is that these programs can be combined. A first-time buyer couple could access:
Combined, these programs can put $10,000 to $60,000 or more in reach for qualified buyers. And because Saskatchewan has no land transfer tax, your closing costs stay lower than in most other provinces.
What is the First Home Savings Account (FHSA)?
The FHSA is a registered account that lets you save up to $8,000 per year (lifetime limit of $40,000) for your first home. Contributions are tax-deductible, and withdrawals for a home purchase are tax-free.
Can I use the FHSA and HBP together?
Yes. You can contribute to an FHSA and also withdraw up to $35,000 from your RRSP under the Home Buyers Plan. Combined, a single buyer could access up to $75,000, and a couple up to $150,000 for a down payment.
Does Saskatchewan have a land transfer tax?
No. Saskatchewan is one of the few provinces in Canada with no land transfer tax. This saves first-time buyers thousands in closing costs compared to provinces like Ontario or British Columbia.
How much can I save with the SK First-Time Homebuyers Tax Credit?
The Saskatchewan First-Time Homebuyers Tax Credit provides up to $1,575 in tax relief for the 2025 tax year. You can claim this on your provincial income tax return if you purchased a qualifying home.
What is the minimum down payment in Saskatchewan?
The minimum down payment is 5% for homes up to $500,000, 10% on the portion between $500,000 and $999,999, and 20% for homes $1 million or more. If your down payment is under 20%, you will need CMHC mortgage insurance.
Do I need a real estate agent as a first-time buyer?
While you can buy without one, most first-time buyers benefit from professional representation. A Century 21 Fusion agent costs you nothing (the seller pays the commission) and helps you navigate offers, negotiations, inspections, and paperwork.
Contact a Century 21 Fusion agent today. We will help you understand every program, every credit, and every step of the process.
