Closing costs in Saskatchewan

The average closing costs in Saskatchewan are around $5,477 after taxes, or approximately 1.9% of the final home sale price.

Closing cost in Saskatchewan – statistics

• Average home sale price: The average home sale price across the entire province is $288,300. This varies from $112,800 in Melville (central Yorkton) to $414,900 in Warman (Saskatoon).
• Average total closing cost: $5,477 (based on the average purchase price across the entire province)
• Expected closing cost range: $2,144—$7,884 (based on the average low and high purchase prices across the entire province)
• Percentage of closing cost to home sale price: 1.9%

Remember, these averages are based on sample data. Your closing costs may vary based on your lender, the size of your loan and whether you’re paying in cash.

What are the closing costs for a homebuyer in Saskatchewan?

Below is a breakdown of closing costs you may encounter.

Is there a Saskatchewan land transfer tax or property transfer tax when buying a house?

Saskatchewan land transfer tax and property transfer tax does not apply like it does in other provinces and territories of Canada. However, a Title or Abstract Transfer fee of $25 + 0.3% does apply for services performed through the ISC, a Canada-based organization that processes land titles and registrations.

The first $500 of the value of the title is free, but the next $7,899 incurs a $25 fee. The value of the title beyond $7,899 incurs a fee of 0.3%.

Do you have to pay GST/PST when buying a home in Saskatchewan?

In Saskatchewan, GST and PST sales taxes are usually required when a brand new property is being purchased. If the home is a resale, sales tax typically doesn’t apply. The GST and PST rates are 5% and 6% respectively, or 11% in total.

Is there a GST/PST rebate?

Yes, there are both GST and PST rebates available in Saskatchewan. For the GST portion, you can receive 36% of the GST tax back, with a maximum rebate of $6,300.

For the PST portion, the maximum amount you can receive is 42% of the PST tax amount. This is only available if the purchase price of the property is less than $350,000. Up to $450,000, the rebate amount progressively decreases. Homes purchased for $450,000 or more are not eligible for a PST rebate.

The PST rebate is new to Saskatchewan. The purchaser must take possession of the newly constructed home between April 1, 2020 and April 1, 2023.

Compare mortgage lenders in Saskatchewan

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Name	Product	Interest Rate (APR)	Loan Term	Min. credit score	Provincial availability
CASHBACK nesto Mortgages nesto Mortgages	CASHBACK	4.49%	5 Year Fixed Rate	680	All of Canada	Get 1% cashback on your mortgage value (up to a total cashback of $9,250).	Go to site More Info	Compare	loading Fetching your data...
BMO Mortgages BMO Mortgages		6.49%	5 Year Fixed Rate	Varies	All of Canada	Switch your mortgage to BMO and get up to $4,200 CashBack. Valid until June 30, 2023.	Go to site More Info	Compare	loading Fetching your data...
Meridian Mortgages Meridian Mortgages		5.19%	5 Year Fixed Closed Rate	600	ON	Meridian is a credit union that provides Ontario residents featured rates and the option to defer one payment every 12 months without penalty.	Go to site More Info	Compare	loading Fetching your data...
Homewise Mortgages Homewise Mortgages		Varies	Varies	600	Not available in Quebec	Homewise's personal advisors can get you mortgage rates from over 30 banks and lenders.	Go to site More Info	Compare	loading Fetching your data...

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What about realtor fees?

It is common practice to pay real estate commissions in Saskatchewan. These are fees to the real estate agent for using their services. Realtor fees are commonly calculated in Saskatchewan as follows:

• Method 1: 6% of the first $100,000 of the selling price, plus 4% of the second $100,000, plus 2% of any left over amount of the selling price.
• Method 2: 7% of the first $100,000 of the selling price, plus 3% of any left over amount of the selling price.

How do closing costs in Saskatchewan compare with the rest of Canada?

The closing costs for buying a home in Saskatchewan are among the lowest in Canada because of the already low property prices and the absence of any land or property transfer taxes.

Bottom line

Closing costs are inevitable when you’re buying or selling a property. The exact amount will vary depending on what the final sale price is on your property in Saskatchewan. With some of the lowest average property prices in Canada and the omission of a land or property transfer tax, it is safe to budget at least 1.9% of the final home sale price to closing costs. In cases where you buy a brand new property, remember you you will have to pay GST and PST.

Want to learn more about mortgages? Head to our guide here.

Frequently asked questions

• Is there a Saskatchewan home buyers tax credit?

  Yes, there is a Saskatchewan home buyers tax credit. First time home buyers are eligible for a non-refundable income tax credit of up to $1,050. To claim the Saskatchewan home buyers tax credit, you must complete Form SK428 provided by the CRA. Submit the form with your income tax return to the Saskatchewan government.

• Is there a Saskatchewan home renovation tax credit?

  Yes, there is a Saskatchewan home renovation tax credit. Up to $20,000 of eligible home renovations expenses can be claimed in one year. Eligible expenses include the cost of labour, professional services, building materials, fixtures, equipment rentals and permits. The maximum tax credit available is $2,100, or 10.5% of $20,000. You must incur the expenses between October 1, 2020 and December 31, 2022 to be eligible for the Saskatchewan home renovation tax credit.

• Is there a Saskatchewan land transfer tax?

  No, land transfer tax fees don’t exist in Saskatchewan. However, you will be required to pay a land title transfer fee of 0.3% of the final purchase price.