It can be hard to get into the Saskatoon real estate market as a first time home buyer in Saskatoon but the City of Saskatoon is doing something to change that. This article in the Star Phoenix yesterday created some buzz!
The Saskatoon rental market is tight and it can be very hard to find affordable and safe rentals here so the city of Saskatoon wants to help free up some of these apartments.
Run through Affinity Credit Union there is a $3 Million Equity Building Program which will provide the 5% down payment needed for Saskatoon home buyers who are currently renting and earning between $45,000 and $70,000. This isn't free money of course, they have 5 years to pay it back at a low interest rate.
As the house prices in Saskatoon have gone up so have the rents so there are lots of people who earn a good wage but still live month to month. They don't qualify for social housing yet they can't save up for a down payment so they are caught. Often these first time home buyers in Saskatoon borrow their down payments through the bank or on a credit card which has much higher interest rates than the city is proposing.
This program is intended for moderate income families to purchase an entry level Saskatoon home for sale from $180,000-$280,000 and should free up some much needed rental space. Potential candidates must apply at Affinity Credit Union and it is expected that about 250 applicants over 5 years will be granted this opportunity to purchase a home for sale in Saskatoon with the help from the city. There are other stipulations to be eligible but it may be worth meeting with someone to discuss.
If you are looking to buy a house for sale in Saskatoon or to learn more about the Saskatoon real estate market I would be happy to meet! I work with a lot of first time buyers in Saskatoon so I would be happy to go through the process with you.
Your Saskatoon Realtor (r), Kari Calder