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International housing affordability survey says Saskatoon homes still among the world's most affordable


In spite of the fact that the average selling price of a Saskatoon home has risen over 50 percent in the past five years, Saskatoon remains one of the most affordable housing markets in the world, according to a recent study conducted by Pavletich Properties Ltd. and published in the Demographia International Housing Affordability Survey for 2007.


The survey measures median incomes for each market and compares them against housing prices to arrive at “median multiple.”The survey considers a home “affordable” if it costs less than three times a household’s gross income.


Saskatoon tied for 15th place with six American markets including Pittsburgh, Pennsylvania, and Syracuse, New York.


Topping the list of the “world’s most affordable” was Regina, our neighbour to the south which was tied for first place with Fort Wayne, Indiana. Quebec City and Winnipeg were the only other Canadian cities that were marginally more affordable than Saskatoon. Ottawa, Oshua, and London also made the list of “affordable” places to buy a home, but just barely. Houses in Ottawa are 2.9 times the median income for the area while Oshua and London command prices which are 3 times the median income.


Houses in Montreal, St. Catherines, Edmonton and Halifax make the “moderately unaffordable” list.


Toronto and Calgary were classified as “seriously unaffordable.”


Vancouver and Victoria were rated as “severely unaffordable.” Vancouver came in as 13th in the world for “most unaffordable.” Expect to pay 7.7 times the median income in the area for a typical house.


According to the survey, Los Angeles-Orange County, California is the world’s most expensive market. Typical houses cost 11.1 times the median income for the area.


Read the whole survey here.


I’m always happy to answer your Saskatoon real estate questions. 


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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