Put Regina at the top of the list and Saskatoon in third place. That’s where they rank among the country’s major cities in terms of housing affordability.
RBC Royal Bank does periodic valuations of metropolitan housing markets, measuring average home values with average incomes to determine an affordability ratio.
The latest one has Regina as the most affordable major city for people looking to buy a home with a ratio of 27 per cent. Even so, the bank says Regina has been enjoying a busy resale market, approaching the frenzied levels seen prior to the pandemic so there will be upward pressure on prices as falling interest rates put a purchase within reach for more people.
Winnipeg is second best at 30 per cent and Saskatoon is next at 32 per cent. And, like Regina, upward pressure on prices is being fueled by strong population growth, strong demand and falling debt service costs.
These numbers are a far cry from the high-priced cities. In Vancouver, it takes an eye-watering 101 per cent of the median income to buy the average house and Toronto sits at 79 per cent.
