In Saskatchewan and Canada the minimum down payment allowed is 5% on the first $500,000, 10% on the next $500,000 up to $1,000,000  and if you are purchasing home over $1,000,000 the minimum down payment is 20%.  It generally comes from your own savings but keep in mind that it must be in your bank account or investment account for at least 90 days prior to using it for your down payment.  

If the minimum down payment is difficult for you to come up with, a down payment gift may be an option for you.  An immediate family member must sign a letter stating they are gifting you the funds (not expecting you to pay them back) and they must deposit that money into your account or show proof that they have that money available. 

Here are some tips on how to save a down payment:

• Pay off your high-interest debts as fast as you can
• Save your income tax refund
• Identify areas where you spend too much and limit yourself
• Set up automatic transfers to a saving account
• Make a reasonable budget for yourself and your household and save the rest
• Move to a more modest rental
• Sell or downsize your car
• Sell other big ticket items
  
• Find an income booster such as a part time job or doing odd jobs
• Save every windfall, bonus or unexpected money
• Ask for a raise
• Put your savings money aside first then spend the remainder.

Use the mortgage calculator below to see how much you can afford, how much of a down payment you will need and how much your mortgage payments will be.