With talk of the Euro (€) breaking up on the verge of the financial collapse of Greece, we should consider ourselves lucky in Canada. Our housing market has a healthy pulse. The average Canadian home price is about $365,000 which is up almost 9% from last year1.
As we continue our series detailing the “average home” in each province, our sights have set on Saskatchewan. The last time we talked about this province we made fun of it -this time will be no different. The average home price in the prairie province is $251,000 and a stalk of corn.
Using our Saskatchewan mortgage calculator, we’ll determine what the affordability of a home in Saskatchewan will look like using the ‘average home price’ as the reference amount. The best 5-year fixed rate was 3.49% when we compared Saskatchewan mortgage rates*. We chose a 25-year amortization period and assumed a 20% down payment.
$1,002 is the monthly mortgage payment.
The Saskatchewan Land Transfer Tax is one of the smallest title transfer fees in Canada. The amount due is only $753 on the $250,000 property.
What kind of home can you get in…
The Most Affordable City in Saskatchewan: Swift Current2
MLS®: 401318, 4 bedrooms, 2 bathrooms
This sleepy town has a population of 15,000 and the mean household income is $40,711, so purchasing a $251,000 home should get you enough property to store your wheat. This home is described as having an open view to the east. The same can be said for the entire province.
The Most Expensive City in Saskatchewan: Saskatoon2
MLS®: 382780, 2 bedrooms, 1 bathroom
For the same price, you can purchase this condo in downtown Saskatoon. It features maple cabinets, granite countertops and dark laminate flooring. This condo offers spectacular views of Saskatchewan – all of it.
Although we tease Saskatchewan quite a bit on Ratehub.ca, we’re still proud of our prairie province as they exhibited a 2.8% rise in average home prices over the past 12 months.
*Rates as of July 20
3 According to the 2011 CREA report: http://www.livingin-canada.com/house-prices-canada.html
4 City affordability as determined by Moneysense: http://list.moneysense.ca/rankings/best-places-to-live/2011/Default.aspx?sc1=4&d1=a&sp2=1&eh=ch