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Closing costs in Saskatchewan
See how much you might have to pay in closing costs when you buy or sell a home in this province.
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.
|Type of cost||Estimated amount||Mandatory expense?||Description|
|Home insurance||$1,068 to $1,128 per year||Likely mandatory||This insurance covers any loss or damage to your home.|
Mortgage lenders will require you to have it.
Your premium depends on numerous factors, including the neighbourhood and materials used to build your home.
|Legal fees||$800 to $1,000 (plus taxes)||Mandatory||Fees required to hire a lawyer to complete paperwork on your behalf and to transfer the title properly.|
Typically lower cost when no mortgage is required.
Ask for a breakdown of the legal fees from your lawyer before paying.
|Land title fees||$25 + 0.3% of purchase price||Mandatory||Fee to transfer title to your name. (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%.)|
|Land title fees (mortgage)||$166||Mandatory with mortgage||Fee to register the lender’s mortgage on the title.|
Only required if you have a mortgage.
|Misc. land title fees||$100||Mandatory||Fees related to tax search, title search, fax, courier, etc. in relation to transferring the title to the buyer’s name.|
|Property taxes||Varies||Mandatory||An adjustment of the property tax fees to ensure the buyer and seller pay their respective portion.|
Normally, the seller would have paid a portion of the property taxes for the year. The buyer then owes them a portion back for the part of the property taxes the seller paid during the transition.
|Utilities||Varies||Mandatory||You may have to pay fees related to changing billing information and setting up utilities.|
You may have to pay prorated utility costs as well.
|Title insurance||$250||Not mandatory||Title insurance is only required by the lender if you’re buying a house (not a condo or townhouse) and there isn’t a valid surveyor’s certificate.|
|Deposit/down payment||Between 5% and 20% of the purchase price||Not mandatory||Normally 5% for residential and 20% for investment.|
A deposit is usually given at the time of the offer. This amount goes towards your down payment, but you do not need to make a full down payment as your deposit.
|Condo or strata fees||Varies||Mandatory||If you’re purchasing a condo, you will be required to pay these fees.|
|Mortgage fees||Varies||Not mandatory||Only required if you’re financing your purchase.|
Interest, mortgage broker fees, mortgage loan insurance premium, application fees, etc.
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
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.
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
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