Housing affordability deteriorated across Canada during the first quarter of 2007, and most sharply in Saskatchewan according to RBC’s Housing Affordability survey which was released today. It probably comes as no surprise that Saskatoon wins the prize for the highest levels of change in the affordability measure when compared to the last quarter of 2006.
It is important to note that Saskatoon and Saskatchewan are still among the most affordable places in Canada to own a home. Only the Atlantic Provinces and Manitoba proved more affordable than Saskatchewan. Also, keep in mind that this report examines affordability based on data gathered to the end of March 2007. We can expect to see further erosion over the second quarter as prices of Saskatoon homes have continued to increase at a rather rapid pace.
I’m always happy to answer your Saskatoon real estate questions.
Norm Fisher
Royal LePage Vidorra