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Housing affordability in Saskatoon shows modest year-over-year improvement

I can’t imagine that it would come as much of a surprise to anyone that the cost of home ownership in Saskatoon has skyrocketed in recent years. According to the recently released “6th Annual Demographia International Housing Affordability Survey” owning a Saskatoon home priced at the median in Q3/2009 would have cost about 4.4 times the median household income, a sharp increase from 2.6 times median income we enjoyed in Q3/2006. Saskatoon saw one of the steepest declines in affordability between 2006 and 2008 placing us among the ranks of the “seriously unaffordable,” according to Demographia’s ranking system. On the brighter side, our city saw some small improvements from Q3/2008 when 4.6 years of income was required to buy that home.


The following chart shows the changes in affordability levels in some of Canada’s most active real estate markets over the past five surveys. Click the image for a larger view.

I was a bit surprised to see that affordability at a national level really hasn’t changed significantly in the past five years. Canada’s “median multiple” comes in at 3.7 years, up from the lows of 3.1 in Q3/2007 but just slightly higher than the 3.6 years in Q3/2005.


Vancouver "wins the gold medal"as the most severely unaffordable housing market in the world requiring 9.3 times to median household income, an increase of almost a year in just twelve months time.


See the entire Demographia survey for 2010 and past reports for 2009, 2008, 2007, 2006.


I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.


Real estate geeks can follow our daily updates on Twitter @norm_fisher.


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Norm Fisher
Royal LePage Vidorra

Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

About Norm

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.Less...

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.

Norm is known for his passion for technology and can most often be found exploring and experimenting with the next big thing in real estate marketing. He was the first Saskatoon real estate agent to promote a home online and has been an early adopter of new technologies ever since. “Everything about this business has changed over the past 20 years, and it will happen again in the next ten. An open mind and a curious attitude are all that’s needed to continue to find new ways to serve our clients by delivering a faster, smoother, worry-free transaction,” says Norm.

In his spare time, Norm enjoys Crossfit and cycling, some years accumulating over 2,000 kilometres on the road. He’s a strong supporter of the Royal LePage Shelter Foundation and enjoys raising funds by joining fun, fitness-related initiatives like the Grouse Grind for Shelter. In 2015, he trekked the Peruvian Andes to Machu Picchu. In 2017 he walked the southern highlands of Iceland across mountains, sand, snow, ice, lava fields and forest for seven days. Collectively those initiatives raised over a million dollars for Canadian women's shelters.
 

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