Saskatchewan House Prices Remain Among Most Affordable in Canada
A new Report from the Royal Bank of Canada shows that Saskatchewan remains one of the most affordable in the country for home buyers.
The RBC Report shows that overall, housing affordability is up across most of the country, but only a very small amount in Saskatchewan.
Some markets are for-the-most-part, unaffordable for anyone but the wealthy.
In Vancouver, for example, RBC says in Vancouver, it would take 86.7 percent of a typical household income to cover the ownership costs of a typical house in Vancouver.
In Toronto, it would take 75.3 percent of a typical household income to cover the cost of an average home.
Compare that with Saskatoon, which has a much lower percentage of 33.8 percent, and Regina, with an even lower income-to-expense ratio of 30.2 percent.
The report also shows the Average Household Income that would be needed in each market in order to qualify to purchase a home. (With 25% downpayment)
The amount ranges from $211,000 in Vancouver, to $54,000 in Saint John.
The average salary required for home buyers in Saskatoon would be $80,000, and in Regina, $74,000.
Home prices in most of Saskatchewan, including its two largest cities, have remained pretty steady for the past few years, and no major changes are expected in 2019.
And as the Royal Bank of Canada Report confirms, Saskatchewan remains one of the most affordable provinces for home buyers!