Saskatoon City Council raised the maximum income limits on Tuesday, for people looking to purchase affordable housing under the City of Saskatoon’s Mortgage Flexibilities Support Program.
The new limits will mean more households will now qualify for assistance to purchase a home, including a down payment grant from the City of Saskatoon.
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The new maximum income limits are $52,500 for single persons, couples and seniors. Households with dependents could receive $60,000. Both income limits were increased by approximately 8-thousand dollars.
The maximum income limits are cut-off amounts used to determine if households qualify for the affordable homeownership program.
A home is considered affordable if the monthly rent or payments amount to no more than 30 per cent of the gross household income.
The last time these limits were raised was in 2007.
According to the Conference Board of Canada, the average Saskatoon house sold for approximately 307-thousand dollars in July.
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