“norm, don’t think that study looked at after tax income.”

That’s correct. The tax reduction comment was an aside. In other words, “not only have house prices dropped by at least a half year’s median income but we’ve also gotten a reduction in personal income taxes and property taxes.” I’m simply talking about improvements.

“In Saskatoon, the average MLS ®1house price is $160,577. Compare with other cities.”

That is bad. If you click through to the “comparisons” it states that the data is from October, 2006. If i can have my site updated monthly surely CMHC could at least get into 2008.

“tough to pretend there’s a housing shortage”

You’ve said that twice now. Who is pretending that there’s a housing shortage? Been a long time since I heard anyone make that claim.

tough to pretend there’s a housing shortage

we’ve been building houses and condos for 20 years with a net gain of 0

LMAO!

Mark that’s hilarious!

saskatoon also brings up some super old study to prove it’s affordable. rent for a similar appartment near the U of S is more than near the U of A. maybe the average is more in edmonton, probably because the average place is nicer.

norm, don’t think that study looked at after tax income. wasn’t it just a simple off the top median comparison? alberta already had and still has way lower income tax. and housing in edmonton is getting cheaper too.

I’m fine to look at any other data. Just saying when someone says rent is way cheaper in Edmonton than Saskatoon, there must be some way of comparing. Does anyone have any better info on how the two cities compare rent wise?

Check the actual link out for CMHC’s Saskatoon page…just SLIGHTLY outdated…and this is to try to get people to settle in Saskatoon…

Should be criminal to have such old info on their site….

http://www.cmhc-schl.gc.ca/en/co/buho/seca/sa/sa_002.cfm

“Banks are saying they have never had so many “pre-approved” buyers in Saskatchewan, ever.”

Really? That’s information I’d like to see. Do you have a link for that?

Thanks in advance!

Perhaps I’m not seeing things clearly, but I get the impression that Saskatchewan is once again looking more attractive as time goes by.

Average 2 bedroom in Saskatoon – 841.

Average 2 bedroom – 1034 Edmonton

http://www.financialpost.com/story.html?id=1062541

http://www.edmontonrealestateblog.com/my_weblog/2008/12/weekly-update-2.html

Going from losing people yearly to gaining people yearly is a very big deal actually. A complete reversal in fact. Question is, what happens next?

Not according to anything I’ve read. I remember the average 2 bedroom in Edmonton over 2008 was at least a few hundred dollars more than the average rent for a 2 bedroom in Saskatoon. It was over 1000 in Edmonton, 1030 or something. Feel free to point me to any evidence you have that average rents are higher in Saskatoon, beyond anecdotal. I’m sure some people are paying 1000 for one bedrooms, but I’m talking city wide averages.

Also, house prices in Saskatoon have come down by a higher percentage than they have in Edmonton over the past year. I’d be surprised if buying wasn’t more affordable in Saskatoon now.

matching the population from 20 years ago is NBD

to pretend there’s a housing shortage when so much is available and there was 20 years to catch up to breaking even? sounds fishy

4.2 years of income in Edmonton

4.6 years of income in Saskatoon

Norm even threw up a link to it.

And that doesn’t even count that rent is cheaper in Edmonton. Way cheaper. No commute. Rent right by work for cheaper than Saskatoon. Rent here is crazy. At least it stopped going up. No reason to wait around here for a couple years for some of those spec condos to be rented at a discount. Moving to Edmonton to save on rent. Still here because no dream job yet. A couple found already that pay more, but why settle for better when I can find best?

PS – I am currently looking at jobs and accomodations in Edmonton, thanks to the heads up from this site!

Would have tried Winnipeg for a huge cost of living savings, but just don’t like it. Too old and dirty, too much like Saskatoon.

5 billion? I thought it would be higher than that.

That is what GM burns through in a month! I don’t think subprime is too much of a problem compared to the States.

In the States it was something like 1.5 trillion.

If anybody watched the PBS documentary on the weekend about subprime lending, it was truly criminal. Person A with good job and excellent credit gets a new loan the loan officer gets a $500 bonus. Person B with no job bad credit ( NINJA) gets a loan the loan officer gets a $1000 bonus. It was a system that encouraged bad loans and if anybody spoke up ( one lady on the show did) they were gone.

As many as 25,000 Canadian homeowners who consistently met their mortgage payments could lose their homes unless Ottawa or other financial players help supply capital to the struggling subprime lending market.

http://tinyurl.com/dksczj

Heather D, do you work for TMG? lol

Banks and Government Collaborate in $11 Billion Rip-Off of Canadians

Background: As of March 2009, all Canadian Banks acted in unison to impose a 1% increase in the interest rate that Canadians pay on their existing, outstanding debts. For those who had historically been borrowing at prime, the new rate became prime plus 1 percent. If your loan rate was at prime plus 2, you are now paying prime plus 3 percent. This increase was announced at the same time as the government was aggressively cutting the bank rate in a desperate attempt to stimulate the economy and job creation. To rub salt into this wound, this interest rate increase on consumer loans was announced after the banks had already chosen not to pass on all of the rate reduction provided by the Bank of Canada.

Here is how the math works:

· Average Debt per Canadian Household: $90,700

· Number of Households in Canada: 12,437,500

· Minimum Interest Rate Increase Imposed by each Canadian Bank: 1%

Therefore:

($90,700.00 debt/household x 12,437,500 households x 1% )

$11.28 billion in increased annual revenue.

Benefit to Canadian Banks: Increased Annual Revenue – Forever

Please go to http://www.saynotobanks.com for details.

Thanks. That definitely is a possibility to consider. It’s a bit of a hassle, but if I truly want the best rate with no risk that’s the way to do it. (providing the contract allows for it – would this be an open variable?)

Mark,

I am an RBC client (multiple accounts, credit cards, LOC, RRSPs) and have never been offered a competitive rate – I’m not sure what gives! None of 3 major banks have been able to match the rates given by mortgage broker at TMG. Check out today’s rates (3.99% 5 year) and make an appointment if interested:

http://www.mortgagegrp.com/site/SK/rates.asp

“Just curious – was that offer given from RBC directly, or did an independent mortgage broker get it for you”

Sorry for the late response, Mark. Yes indeed, that was through RBC directly for a 5-year fixed, in my friendly neighborhood office. It’s entirely possible it’s no longer available.

I can tell you with certainty that RBC was advertising 3.99% on their website within the past few weeks. I saw it listed under “special offers” on their fixed rate page at http://www.rbc.com.

That rate is available today through Merix and MCAP, both of which would require assistance from a broker.

Crikey: Seriously, RBC gave you a 3.99 offer? I now have a bunch of mortgages with Royal, have great credit, and know the woman I’m dealing with well. I mentioned today hearing of the 3.99, and she suspected it was a virtual or online lender, without offices. But she wanted to know the name of the lender. I shall go back to her again now. Just curious – was that offer given from RBC directly, or did an independent mortgage broker get it for you.

And not sure where these people moved, but Saskatoon’s inventory of available housing for sale is double what it was last year.

Still have to wonder what will happen to population next year, as new grads now have a cheaper option in Alberta, that also happens to pay more and tax less.