Falling interest rates and new construction starts are providing something of a buffer for strong demand in the province’s housing market.
This is especially true in Regina which ended 2024 by defending its title as Canada’s most affordable city for home ownership.
The quarterly report prepared by RBC Royal Bank showed it took just over one-quarter of the average income to purchase the average home in Regina in the fourth quarter of last year. That ranked the Queen City as #1 in its affordability index.
The bank says it is not surprising that the attractive affordability index is sparking plenty of demand in the resale market which is at near record levels. Without strong activity in new construction there is a good chance prices will rise.
Further along Highway 11, Saskatoon now stands in fourth place among the major cities, marginally better than St. John, New Brunswick but behind Winnipeg and St. John’s, Newfoundland. It tales a third of the average income to buy the average home in the Bridge city as transaction volume hovers at pre-pandemic levels.
