Saskatchewan remains among most affordable provinces to live
New numbers released by the Canadian Real Estate Association show that Saskatchewan remains one of the most economical provinces for home ownership, and that home prices in the province have dropped by about 2 percent in the past year.
Canadian Real Estate Benchmark Price
The CREA says Vancouver remains Canada’s priciest housing market, with a typical home in Vancouver selling for a whopping $1,070,600. Compare that with the price of a typical home in Saskatoon ($293,800), or Regina ($277,000), and you can see that home ownership is much more realistic for people in Saskatchewan than in many other parts of the Country.
Here is a look at where Saskatoon and Regina prices stand in comparison with other Canadian Cities.
- Vancouver – $1,070,6oo
- Oakville – $952,700
- Fraser Valley – $850,600
- Toronto – $765,400
- Victoria – $694,200
- Hamilton – $575,300
- Guelph – $522,300
- Calgary – $424,400
- Ottawa – $392,700
- Montreal – $347,700
- Edmonton – $326,700
- Saskatoon – $293,800
- Regina – $277,000
- Moncton – $181,300
The CREA’s numbers also show that the price of a typical home in Saskatoon dropped by 1.89 percent in the past year, and by 6.07 percent in the past 5 years. In Regina, the price of a typical home dropped by 4.74 percent in the past year, and 8.79 percent in the past 5 years.
Compare that with an 88.12 percent increase in the price of a typical home in the Fraser Valley in the past 5 years, and you can see that home ownership is much more feasible in Saskatchewan, than in the lower mainland of B.C.
And it seems that now is about as good a time as we’ve seen for home buyers in Saskatchewan in about a decade. Prices have dropped significantly from their peak 4 or 5 years ago, and there are thousands of beautiful homes available for sale at what would be considered bargain-basement prices in most other parts of the Country.