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Housing affordability slides further in Saskatchewan: RBC

“Saskatchewan is the new Alberta…,” according to RBC’s quarterly Housing Affordability report released yesterday. The catchy subtitle goes on to ask the question, “but for how long?”


“Saskatchewan now holds the top spot on growth across all key housing indicators including housing starts, house prices, residential building permits, and re-sale activity… The major erosion of affordability that has occurred over the last year should gradually take a bite out of current momentum over the coming year.”


RBC measures the percentage of pre-tax income required to service mortgage debt on four popular types of housing. Here’s a quick look at how affordability has been impacted in our province between the fourth quarter of 2006 and the fourth quarter of 2007, the latest numbers this report examines.


Detached bungalows have gone from 31% of income to 40.4% of income.


Standard two-storeys have gone from 33.8% of income to 42.3% of income.


Standard townhouses have gone from 24.8% of income to 34.2% of income.


Standard condos have gone from 19.9% of income to 26.2% of income.


Lower housing prices in Calgary, measured against high increases in Saskatchewan have leveled the playing field between the two areas over the last year. You’ll now pay an equal portion of income to live in either Saskatchewan, or Calgary.


“Nationwide housing affordability deteriorated in every consecutive quarter throughout 2007 to end up at its most unaffordable level since the housing bubble peaked in 1990… Only Alberta bucked the trend in the latest quarter.”


RBC is predicting improved affordability across most markets in 2008, largely driven by “falling mortgage rates, cooler forecast house price gains and decent income growth.”


Read RBC’s Housing Affordability Report here.


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.


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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