Here’s some terminology we haven’t heard in a while about the local housing market.
Saskatoon buyers rushed into the market with a vengeance….Regina’s market is on fire.
That’s how the latest RBC Housing Affordability Index report describes us.
The quarterly report is a snapshot of how market conditions are changing and what it takes to buy a house in cities across the country. They then match that against average incomes in those communities to create a ratio or index of affordability.
All this activity, housing changing hands at a record pace at times, is providing support to housing prices. But they are working from a base that was lowered by the arrival of the COVID pandemic and lockdown. Regina is the most affordable major market in the West, requiring 25% of the average pay check to buy a house. Saskatoon is not far behind at 29.7%, its lowest level in 15 years.
Low interest rates, low COVID case numbers and easing restrictions led to increased activity in house hunting over the summer as pent-up demand could not be held back any longer.