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Housing affordability sees modest deterioration in Q2, 2013 nationally and at home: RBC

A recently released “Housing Trends and Affordability” study conducted by RBC Economics says, the “recent upswing in the Canadian housing market brought with it some mild erosion in housing affordability in the second quarter of 2013.” According to the report, tightening supply and demand conditions led to a modest increase in prices over the quarter, nationally.


Closer to home, RBC had this to say about housing affordability in Saskatchewan.


Housing affordability in Saskatchewan in the second quarter of 2013 continued to display the seesaw pattern that has been characteristic of that market in recent years. RBC’s measures for single-family homes rose modestly in the latest period (by 0.9 percentage points for bungalows and 0.5 percentage points for two-storey homes), largely offsetting declines in the first quarter, while the measure for condominium apartments inched lower (by 0.3 percentage points) and further reversed increases that occurred in late 2012. Alternating increases and declines from quarter to quarter generated a fairly flat trend in affordability since 2009, thereby maintaining affordability levels close to historical averages in the province. With little affordability pressure restraining them, Saskatchewan homebuyers sprung into action in the second quarter, boosting home resales by nearly 14% relative to the first quarter. Notable gains were registered in both Saskatoon and Regina. The province’s strong labour market and population growth should continue to support housing demand in the short term.


Download and read the entire RBC Housing Trends and Affordability report.


Read also: Housing market not the most affordable - Star Phoenix


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


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Norm Fisher
Royal LePage Saskatoon Real Estate

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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