You’ve saved your down payment, got pre-approved, and found the perfect home—but there’s one more financial hurdle that catches many first-time buyers off guard: closing costs. These additional expenses can add up to 1.5% to 4% of your home’s purchase price, and they’re due on closing day.
I’ve seen too many Saskatchewan buyers scramble at the last minute because they didn’t budget for these costs. In this guide, I’ll break down exactly what to expect so you can plan ahead and avoid any surprises when you’re handed the keys to your new home.
On a $350,000 home in Saskatchewan, expect to pay between $5,250 and $14,000 in closing costs on top of your down payment. These costs are typically due on closing day and cannot be rolled into your mortgage.
What Are Closing Costs?
Closing costs are the various fees and expenses you pay when finalizing your home purchase. Unlike your down payment, which goes toward the home’s purchase price, closing costs cover the services and taxes required to complete the transaction.
The tricky part? These costs come from multiple sources—your lawyer, the government, your lender, and various service providers. Let’s break down each one so you know exactly what to expect.
Legal Fees and Disbursements
Every home purchase requires a real estate lawyer to handle the legal transfer of property. In Saskatchewan, legal fees typically range from $1,200 to $2,000, depending on the complexity of your transaction.
What Your Lawyer Handles
- Title search: Verifying the seller actually owns the property
- Title insurance: Protecting you against future title issues
- Document preparation: Mortgage documents, transfer documents, statements of adjustments
- Registration: Filing the transfer with the Land Titles Registry
- Fund disbursement: Ensuring money goes to the right places
Disbursements to Expect
On top of the lawyer’s fee, you’ll pay disbursements (out-of-pocket costs your lawyer pays on your behalf):
- Title insurance: $250-$400
- Registration fees: $150-$300
- Searches and certificates: $100-$200
- Courier and admin fees: $50-$150
Total legal costs: Budget $1,500 to $2,500 for a straightforward purchase.
Land Transfer Tax
Here’s some good news for Saskatchewan buyers: Saskatchewan does not have a land transfer tax. This saves you thousands compared to buyers in provinces like Ontario or British Columbia.
However, you will pay a title registration fee when the property is transferred to your name. This is calculated based on the property value:
- Base fee: $25
- Per $1,000 of property value: $2.50
Example: On a $350,000 home, your title registration fee would be approximately $900.
Use our land transfer tax calculator to see exactly what you’d pay in Saskatchewan compared to other provinces.
Home Inspection
A home inspection isn’t technically required, but skipping it is one of the biggest mistakes first-time buyers make. For $400 to $600, a certified inspector examines the home’s major systems and identifies potential issues before you commit.
What Inspectors Check
- Foundation and structure
- Roof condition and estimated remaining life
- Electrical systems
- Plumbing and water heater
- HVAC systems
- Insulation and ventilation
- Windows and doors
In Saskatchewan’s climate, pay special attention to the inspector’s comments on the furnace, insulation, and any signs of moisture issues. A failed furnace in January is an expensive emergency you don’t want.
Property Appraisal
Your lender needs to verify the home is worth what you’re paying for it. An appraisal costs $300 to $500, though some lenders cover this cost or use automated valuation tools instead.
If your down payment is less than 20% (requiring mortgage default insurance), the insurer may require their own appraisal. Ask your mortgage professional what to expect—this is something I help my first-time home buyer clients navigate regularly.
Property Insurance
Lenders require you to have home insurance in place before closing. You’ll typically need to pay the first year’s premium upfront, which costs $1,200 to $2,500 depending on the home’s value, location, and coverage level.
Tips for Getting the Best Rate
- Bundle with auto insurance for multi-policy discounts
- Increase your deductible to lower premiums (if you have emergency savings)
- Ask about discounts for security systems, new roofs, or claims-free history
- Shop around: Get quotes from at least three insurers
Mortgage Default Insurance Premium
If your down payment is less than 20%, you’ll pay mortgage default insurance (commonly called CMHC insurance). While this premium is usually added to your mortgage, you can choose to pay it upfront at closing to avoid paying interest on it.
Premium rates based on down payment:
| Down Payment | Insurance Premium |
|---|---|
| 5% | 4.00% of mortgage |
| 10% | 3.10% of mortgage |
| 15% | 2.80% of mortgage |
Example: On a $350,000 home with 5% down ($17,500), your mortgage would be $332,500. The insurance premium would be $13,300, added to your mortgage balance.
For a detailed breakdown of down payment options, check out my down payment guide.
Property Tax Adjustments
Property taxes are typically paid in advance by the seller. At closing, you’ll reimburse the seller for any taxes they’ve prepaid that cover the period after you take ownership.
Example: If you close on July 1st and the seller has prepaid taxes through December 31st, you’ll owe them approximately six months of property taxes. On a home with $3,000 annual property taxes, that’s about $1,500.
Your lawyer will calculate this as part of the statement of adjustments.
Utility Adjustments and Connection Fees
Similar to property taxes, you may need to reimburse the seller for prepaid utilities. You’ll also need to set up accounts with utility providers, which may require deposits:
- SaskPower: Security deposit if you have limited credit history
- SaskEnergy: May require deposit for new accounts
- Water/sewer: Varies by municipality
Budget $200 to $500 for utility setup and any required deposits.
Moving Costs
Don’t forget the practical cost of actually moving into your new home:
- Professional movers: $500-$1,500 (local move)
- Truck rental: $100-$300 (DIY move)
- Packing supplies: $50-$150
- Cleaning supplies: $50-$100
Complete Closing Cost Breakdown
Here’s what closing costs typically look like on a $350,000 Saskatchewan home:
| Expense | Estimated Cost |
|---|---|
| Legal fees and disbursements | $1,500-$2,500 |
| Title registration fee | $900 |
| Home inspection | $400-$600 |
| Property appraisal | $0-$500 |
| Home insurance (first year) | $1,200-$2,500 |
| Property tax adjustment | $500-$1,500 |
| Utility deposits | $200-$500 |
| Moving costs | $500-$1,500 |
| Total | $5,200-$10,500 |
This doesn’t include mortgage default insurance if your down payment is under 20%, as that’s typically added to your mortgage rather than paid at closing.
Use our closing costs calculator to get a personalized estimate based on your purchase price and down payment.
How to Prepare for Closing Costs
Start Saving Early
As a general rule, budget 1.5% to 4% of your purchase price for closing costs. For a $350,000 home, that means having $5,250 to $14,000 available in addition to your down payment.
Keep Funds Accessible
Closing costs need to be paid by certified cheque or wire transfer on closing day. Make sure your funds are in an account where you can access them quickly—not locked in investments or GICs that take time to liquidate.
Get a Detailed Estimate
Before you make an offer, ask your mortgage professional and lawyer for closing cost estimates. This should be part of your pre-approval process—something I always discuss with my Saskatchewan clients during our initial consultation.
Budget for Surprises
Things come up. The home inspection reveals an issue that needs immediate attention. The appraisal comes back requiring additional documentation. The lawyer finds a title issue that needs resolving. Having a cushion of $1,000 to $2,000 beyond your estimates provides peace of mind.
Common Closing Cost Mistakes to Avoid
Mistake #1: Only Budgeting for the Down Payment
I’ve seen buyers stretch to make their down payment, only to realize they don’t have enough left for closing costs. Always calculate your total cash needed: down payment + closing costs + emergency reserve.
Mistake #2: Skipping the Home Inspection
Saving $500 on an inspection can cost you thousands in unexpected repairs. In Saskatchewan’s extreme climate, issues with heating systems, insulation, or foundations can be expensive to fix.
Mistake #3: Waiting Until the Last Minute to Arrange Funds
Closing day moves fast. Your lawyer will need certified funds or a wire transfer—not a personal cheque. Make sure your funds are ready to go at least a few days before closing.
Mistake #4: Not Shopping for Insurance Early
Home insurance takes time to arrange, and you need proof of coverage before closing. Start getting quotes as soon as your offer is accepted, not the week before closing.
Get Expert Mortgage Guidance in Saskatchewan
Navigating closing costs is just one piece of the home buying puzzle. As a licensed mortgage associate in Saskatchewan, I help first-time buyers understand all the costs involved so there are no surprises on closing day.
My first-time home buyer service includes:
- Complete cost breakdown - know every expense before you start house hunting
- Personalized pre-approval - understand exactly what you can afford
- Access to multiple lenders - I shop the market to find your best rate
- First-time buyer programs - maximize incentives and tax credits available to you
- Step-by-step guidance - from application to closing day
Don’t navigate the mortgage process alone—contact me today for a free consultation!
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