Saskatoon housing market seriously unaffordable: report

WINNIPEG – Saskatoon’s housing market has been rated as seriously unaffordable in a report released on Monday by the Frontier Centre.

The 9th Annual Demographia International Housing Affordability Survey found the median multiple in the city for the third quarter of 2012 was 4.3.

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The median multiple is the median house price divided by the before tax median gross annual household income, which was $283,200 and $66,500 respectively.

The ranking placed Saskatoon the ninth least affordable city in Canada.

Vancouver topped the list with a 9.5 median multiple.

A median multiple under 3.0 is considered affordable while a rating of 4.1 to 5.0 is considered seriously unaffordable.

The report states that in order to ensure housing bubbles are not triggered, housing prices should not exceed three times annual housing earnings.