Homes get more affordable nationally and in Saskatoon over Q3, 2012: RBC

Percentage of household income required to finance a home in Saskatoon

Following close on the heels of two quarters in which housing affordability eroded for Canadians, modest decreases to house prices and gains to household incomes saw that trend reverse itself nationally in the third quarter of 2012, according to a quarterly housing affordability study released by RBC Economics this week.

The trend was prevalent across most of Canada and Saskatchewan was no exception. According to RBC, “significant deteriorations” to Saskatchewan housing affordability in the second quarter were “largely reversed” in the third quarter. “The measures stood just above their long term averages for all housing categories, thereby indicating little in the way of undue affordability induced strain on the market,” the RBC report said.

In Saskatoon, home buyers saw improved conditions across all housing types in the third quarter as the percentage of household income required to finance a home fell marginally. RBC characterizes our current housing market as “balanced.”

Read the full report here.

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Norm Fisher
Royal LePage Saskatoon Real Estate