The Bench

Saskatoon remains “seriously unaffordable” according to ” the 6th Annual Demographia International Housing Affordability Survey” 2010.  Affordability is based on a multiplier, that is the years of the median income used to pay for the median priced house. “historically…. median house prices being generally 3.0 or less times median household incomes”.  Saskatoon currently stands at 4.4 years of median income (down from 4.6 last year) enough to keep it “seriously unaffordable”.  Here’s how many years income it costs to buy the median house elsewhere.

Least Affordable

Vancouver 9.3 years income

Kelowna 5.9 years income

Toronto 5.2 years income

Montreal 4.9 years income

Dublin 4.7 years income

Calgary 4.5 years income

Saskatoon 4.4 years income

Edmonton 4.1 years income

Ottawa, Denver, Washington DC 3.8 years income

Kingston, Tuscon Arizona!! Richmond Virginia, Spokane WA 3.7 years income 

3.7 years median income = National Canadian Average

Halifax, Quebec City, Madison Wisconsin 3.6 years income

Regina 3.5 years income

Chicago 3.4 years income

Winnipeg 3.3 years income

Boise Idaho 3.0 years income

St. John NB, Minneapolis 2.8 years income

Green Bay, Kansas City 2.6 years income

Moncton 2.5 years income

Thunder Bay, Indianapolis 2.2 years income

Most Affordable

http://www.demographia.com/dhi.pdf Bit long, but interesting read, surprising some of the cities significantly cheaper than Saskatoon

Basically, save for Vancouver, Saskatoon is nearly as expensive as other most expensive markets in Canada, and in Saskatoon, it takes 0.7 years more income than the national median to buy a house, or 19% more than average, once income is accounted for.  Makes the current local housing market seem unsustainable as the rest of Canada emerges from a recession – and Saskatoon continues to lay off, with anticipated “near term” job losses, and of course that large provincial deficit.