Financial
Info Center
City of Saskatoon
Attainable Housing Strategy
Follow Saskatoon’s Housing Strategy to access information such as plans, reports, policies and resources.
Capital Funding & Tax Abatement
The city of Saskatoon provides support in the form of capital funding and tax abatement.
Questions about the Affordable Housing Incentives (2024) can be emailed to the Housing Team at housinginfo@saskatoon.ca or directly to Sarah King (Housing Lead) at 306-975-2774 or by email at sarah.king@saskatoon.ca.
For more information, visit City of Saskatoon’s web page on Incentives for Affordable Housing
Vacant Lot & Adaptive Reuse Incentive Program
The Vacant Lot & Adaptive Reuse Incentive Program is designed to encourage development on existing vacant or brownfield sites, and the reuse of vacant buildings in established areas of the city, including the Downtown, by providing financial and/or tax based incentives to owners of eligible properties.
Under the Vacant Lot & Adaptive Reuse Incentive Program, a Maximum Incentive Amount will be equivalent to the increment between the existing property taxes (city portion) and the taxes paid upon completion, multiplied by five years.
For more information, visit the City of Saskatoon Vacant Lot & Adaptive Reuse Strategy page. Tax Title properties can be found on the City of Saskatoon Land Development webpage.
Province
Emergency Home Repairs
The Emergency Repair Program offers financial assistance to help low-income homeowners complete emergency repairs to make their homes safe. Eligible homeowners may receive up to $12,000. The Emergency Repair Program is jointly funded by Canada Mortgage and Housing Corporation and Saskatchewan Housing Corporation.
For current information and application details visit Emergency Home Repairs.
Home Repair Program - Adaptations for Independence
The Saskatchewan Home Repair Program – Adaptations for Independence provides financial assistance to homeowners or rental property owners with low incomes to make a home more accessible for a person with a housing-related disability.
For current information and application details visit Adapt a Home for a Person with a Disability.
Secondary Suite Incentive Grant
The Saskatchewan Secondary Suite Grant program provides a grant of 35% of eligible costs to construct a new secondary suite at an owner’s primary residence. The grant amount is capped.
For current information and application details visit Saskatchewan Secondary Suite Incentive Grant Program
Saskatchewan Co-Investment Program (SCIP)
The Saskatchewan Co-Investment Program (SCIP) is a provincial program that complements the Affordable Housing Fund, a federal program administered by Canada Mortgage and Housing Corporation (CMHC) as part of the National Housing Strategy (NHS). SCIP provides 10-year forgivable loans to support the construction of new affordable rental housing and the repair and renewal of existing affordable housing in Saskatchewan.
For current information and application details visit Saskatchewan Co-Investment Program
Rental Development Program
The Saskatchewan Rental Development Program (RDP) provides one-time capital funding to assist in the development of affordable rental housing units for households with low incomes. The RDP is funded by Canada Mortgage and Housing Corporation (CMHC) and Saskatchewan Housing Corporation (SHC).
For current information and application details visit Rental Development Program
Canada Mortgage and Housing Corporation
Affordable Housing Centre
The Canada and Housing Corporation offers financial assistance for development of affordable housing projects. Funding is available for proposal development (seed funding) and project development . These programs are designed to take you from the start of your project through to the point of starting construction.
CMHC has excellent resources to assist with developing affordable housing. There is a wealth of information to take your organization through the life-cycle of your affordable housing project: the feasibility stage; the pre-development stage; and the construction phase. CMHC has a team of experts dedicated to advancing affordable housing solutions across the country. Access the most comprehensive range of affordable housing information, tools and resources that can help make your vision a reality.
As always, SHIP is available to advise you with any part of your project. If you have any questions as you work on your project, or would like us to work on a particular area of your project, please feel free to contact SHIP.
Seed Funding Program
Financial assistance to help community housing providers with the costs of early development activities related to the predevelopment costs of building a new affordable housing project or renovating an existing affordable housing project.
More information and application form is available here.
For additional support, SHIP has provided the Affordable Housing Inventory and Needs Report.
Apartment Construction Loan Program
For more information on this initiative, click here
Affordable Housing Fund
Funding for new affordable housing and the renovation and repair of existing affordable and community housing. Funds are provided as low-interest and/or forgivable loans and contributions.
For more information on this initiative, click here
Co-op Housing Development Program
For more information on this initiative, click here
Preservation Funding for Community
Preservation Funding provides financial assistance to support the cost of completing preservation activities.
For more information on this initiative, click here
CITY
City of Saskatoon Housing Resource Centre
The City of Saskatoon plays an important role in encouraging and facilitating the creation of housing in Saskatoon. While the City does not build housing, it administers a number of programs designed to assist housing providers to increase the supply of affordable and entry-level housing. The City of Saskatoon’s role and action plan in the housing area is described in detail:CITY OF SASKATOON HOUSING BUSINESS PLAN 2013 -2022
Follow this link to access information such as:- City Housing Plans & Reports
- Resources
- Application Forms
- Policies
Property Tax Abatement
The city of Saskatoon is providing 5-year abatement of the incremental increase in property taxes, for any affordable rental project that is provided on a non-profit basis. Housing providers must apply to the Planning and Development Branch for the above incentives. For more information, visit City of Saskatoon’s web page on Incentives for Builders & DevelopersCMHC
CMHC Affordable Housing Centre
CMHC has excellent resources to assist with developing affordable housing. There is a wealth of information to take your organization through the life-cycle of your affordable housing project: the feasibility stage; the pre-development stage; and the construction phase. CMHC has a team of experts dedicated to advancing affordable housing solutions across the country. Access the most comprehensive range of affordable housing information, tools and resources that can help make your vision a reality.CMHC AFFORDABLE HOUSING CENTRE WEBSITE
These resources can help your organization develop its own project. As always, SHIP’s Development Consultant Team is available to help with any part of your project. If you have any questions as you work on your project, or would like us to work on a particular area of your project, please feel free to contact SHIP.CMHC Financial Assistance for Project Development
The Canada Housing and Mortgage Corporation offers financial assistance for development of affordable housing projects. Funding is available for proposal development (seed funding) and project development (pdf). These programs are designed to take you from the start of your project through to the point of starting construction.
SEED FUNDING PROGRAM
Financial assistance to help community housing providers with the costs of early development activities related to the predevelopment costs of building a new affordable housing project or renovating an existing affordable housing project. More information and application form is available here.
The Rapid Housing Initiative aims to create new affordable housing for people and populations who are vulnerable. The RHI provides contributions under two streams to expedite the delivery of affordable housing. It will:
- Support the creation of new permanent affordable housing units
- Cover the construction of new rental housing units, the acquisition of land, and the conversion/rehabilitation of existing buildings to affordable housing.
- Aim to commit all funds as quickly as possible to ensure housing is available within 12 months of agreements unless otherwise agreed upon.
Rapid Housing Initiative – Make it stand out
Read the Rapid Housing Initiative (RHI). For the required documentation, fill out the National Housing Strategy Documentation Requirements and the Letter of Intent Request.Apartment Construction Loan Program
The City of Saskatoon provides funding for affordable housing developments including,
- Permanent Affordable Housing – rental, supported ownership.
- Transitional Housing – short to mid-term stay, typically up to 3 years
- Crisis Shelter Housing – short term stay, typically up to 90 days
Eligible Affordable housing projects qualify for funding assistance in the form of a cash grant of 10% of the total project costs. The city encourages submission from both experiences and new project developers. However, the following conditions are applicable,
- Funding is provided for project development but will not consider for operational funding
- Projected should be located within the city limits
PROVINCE
Emergency Home Repairs
The Emergency Repair Program offers financial assistance to help low-income homeowners complete emergency repairs to make their homes safe. Eligible homeowners may receive up to $12,000. The Emergency Repair Program is jointly funded by Canada Mortgage and Housing Corporation and Saskatchewan Housing Corporation.
HOMEOWNERS ARE ELIGIBLE IF THEY:
- Own the property to be repaired and occupy it as their primary residence;
- Require an urgent repair to their property (e.g. replacing a furnace during the winter months); and
- have an annual household income and household assets at or below the limits established by Saskatchewan Housing Corporation.
IMPORTANT:
- Repairs completed before receiving written approval from Saskatchewan Housing Corporation do not qualify for assistance.
- The homeowner is responsible for all costs greater than the approved amount.
- Once approval is granted, work must be completed within three months.
HOW TO APPLY:
Gather the documents needed to accompany your application:
- Property tax notice;
- Asset declaration form; and
- Proof of household income.
1. Review the information for the Emergency Home Repairs program.
2. Complete the application form
3. Mail the application form and required documents to:
Saskatchewan Housing Corporation
11th Floor, 1920 Broad Street
REGINA SKS4P 3V6
OR, email them to repairstaff@gov.sk.ca.
OTHER
Mortgage Borrowing
Rising Credit Scores Mask A Divide
The COVID-19 pandemic has impacted the Canadian housing finance environment. We saw mortgage debt grow unevenly across Canada. Non-mortgage debt declined in all major census metropolitan areas between the last quarter of 2019 and the second quarter of 2020.
In the context of a negative economic shock, we would have expected a decline in the total number of mortgage borrowers. Instead, the total number of mortgage transactions averaged 276,401 in Canada over the last three quarters of 2020. This is up from 265,773 over the same period in 2019 and 231,064 in 2018.
Meanwhile, the average credit score of new mortgage holders has been trending upward. This is an indicator of how likely a consumer is to pay their bills on time. This average credit score rose from 770 in the last quarter of 2019 to 773 by December of 2020 (figure 1). This is the case in Canada’s largest metropolitan areas (figure 2).
Indigenous
NICHI Indigenous Housing Allocation
The National Indigenous Collaborative Housing Inc. (NICHI) will provide financial resources to support “For Indigenous, by Indigenous” (FIBI) housing solutions for urban, rural, and northern Indigenous Peoples as funding is made available.
Reaching Home
Canada's Homelessness Strategy
Reaching Home: Canada’s Homelessness Strategy is a community-based program aimed at preventing and reducing homelessness across Canada. This program provides funding to urban, Indigenous, rural and remote communities to help them address their local homelessness needs. Reaching Home supports the goals of the National Housing Strategy, in particular, to support the most vulnerable Canadians in maintaining safe, stable and affordable housing and to reduce chronic homelessness nationally by 50% by fiscal year 2027 to 2028. More information on the Reaching Home program here in Saskatoon.
