Saskatoon housing among least affordable

Posted on Wednesday 28 January 2009

According to a recent study by the Frontier Centre “Saskatoon is classified as seriously unaffordable, with a survey rating or “median multiple” of 4.6 [years of median income to buy the median priced house]. It is ranked 182nd on a list of 265 international cities, and 27th in Canada.” http://www.thestarphoenix.com/Homes/Saskatoon+affordability+slipping+away+study/1227163/story.html

This is interesting, as prices are already DOWN 15% from the spring’s peak, when the local real estate association, the mayor and “booster” realtors were still hyping Saskatoon as “affordable” based on 1 – 2 year old studies.  Really just demonstrates what we all have figured out a long time ago.  With median and mean house prices (and especially condos) well above many other Canadian cities (apparently worse than 26 others) and average wages still well below most western Canadian cities (including Regina) Saskatoon is no longer affordable and hasn’t been for quite some time.  Maybe time to move to Edmonton of all places for cheaper real estate (and to make substantially more) or Calgary (for similar rent and much higher wages)?

Interesting as well that @ $60,800 Regina’s Median Income is nearly $5,000 MORE than Saskatoon’s $55,900??  And Regina has significantly lower housing prices.  Maybe time to move from Saskatoon to more affordable, and higher paying, Regina?

http://www.fcpp.org/main/publication_detail.php?PubID=2573 

http://www.fcpp.org/pdf/dhi-frontier-20080127.pdf


7 Comments for 'Saskatoon housing among least affordable'

  1.  
    nap053
    January 28, 2009 | 11:41 pm
     

    Worse than Edmonton, Regina, Winnipeg and Ottawa for affordability.
    Based on number of years that the Median Household Income would take to buy the Median House.

    4.6 years of Income in Saskatoon
    4.6 years of Income in Montreal
    4.2 years of Income in Edmonton (not including lower income taxes)
    3.6 years of Income in Halifax
    3.5 years = Canadian National Median
    3.5 years of Income in Regina
    3.5 years of Income in Kingston
    3.4 years of Income Ottawa (the ultimate job security!)
    3.4 years of Income in Quebec City
    3.4 years of Income in Phoenix
    3.3 years of Income in Brantford
    3.2 years of Income in London, Ontario
    3.0 years of Income in Winnipeg
    2.9 years of Income in Houston! Texas
    2.8 years St. John’s
    2.4 years Moncton
    2.2 years Thunder Bay
    2.2 years in Indianapolis (the city rated the BEST in North America for business, from the much hyped study that had Saskatoon at #12 or #13 (back in affordable housing days))
    2.1 years Cape Breton

    Yes, many less affordable places – but being affordable? Not really, lots of competition these days.
    http://www.fcpp.org/pdf/dhi-frontier-20080127.pdf
    http://www.vancouversun.com/Homes/Affordable+housing+market/1226880/story.html
    http://www.vancouversun.com/Homes/Severely+unaffordable+markets/1226874/story.html

  2.  
    Nick
    January 29, 2009 | 4:45 pm
     

    Pretty tough to sell Saskatoon as “affordable” any more, especially considering this study doesn’t even consider smaller markets (ie Prince George, Red Deer, Brandon) which are all substantially cheaper (anecdotally) AND doesn’t consider Alberta’s cheaper income tax and cheaper gas

  3.  
    renter
    January 31, 2009 | 3:46 am
     

    Calgary may be more expensive to buy, but because of supply is actually cheaper than Saskatoon to rent, and much cheaper given the much higher Calgary wages. Saskatoon is a “seriously unaffordable” place to buy but it is a TOTALLY unaffordable place to rent.

  4.  
    Nick
    March 8, 2009 | 5:06 pm
     

    Saskatoon’s housing inventory continues to climb

    http://www.normfisher.ca/images/teamblog/troysgraph.jpg

    Supply >> Demand

  5.  
    Balgonie
    March 17, 2009 | 1:47 am
     

    That’s messed up! Time for wave 2 of moving to Alberta. Why pay top dollar to live in a second rate city?

  6.  
    GS
    March 23, 2009 | 12:36 pm
     

    We’ll help you pack, Balgonie. Hard to believe you are still in Sask anyway.

  7.  
    Nick
    January 13, 2010 | 5:19 pm
     

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