Toronto and Vancouver have something in common with Regina: it is getting easier to afford to a house in those cities.
But that’s about the only thing they have in common when it comes to residential real estate.
The latest quarterly housing affordability measure compiled by RBC Royal Bank shows that housing prices are falling in Toronto and Vancouver. They still have a long way to go to re-enter our atmosphere but they are nonetheless a bit cheaper, making the purchase of a house more affordable. In Regina, on the other hand, prices are stable and incomes are rising, also making housing more affordable.
It now takes 26-percent of the average income to buy the average house in Regina. That is lower than a year ago and the most affordable city in the country. It is also the only major city RBC tracks that is below its 10-year price average.
Saskatoon is slightly behind, trailing a couple cities in Atlantic Canada and tied with Winnipeg, requiring less than a third of the average income to purchase the average home.
