Saskatoon condo owners need $190K to jump into single home property, study finds

There is a nearly 90 per cent cost difference between buying a home and a condo in Saskatoon, a recent study found.

The numbers, gathered by Point2Homes, found the benchmark price of a condo in the city is $212,000 while for a single-family home, it’s $400,000 — nearly a $190,000 difference.

With the average wage in Saskatoon pegged at $78,936, Point2Homes estimates it would take a homebuyer 2.4 years to make up the difference.

In Regina, the benchmark house price was $327,000, according to the study. Condo prices were set at $227,000 in the Queen City, meaning homebuyers would need about an extra $100,000 to make the leap.

However, homebuyers elsewhere in Canada could be looking at double the price, the study found.

Many of those cities are in Ontario or British Columbia.

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“Upsizing feels particularly unattainable in Vancouver, where houses are over $1.2 million more expensive than a condo: Closing the price gap here would mean putting aside one’s entire income for almost 16 years,” the study said.

Some of the easiest cities to transition from a condo to a home are Trois-Rivières, Quebec, where the difference is $44,000, Halifax, Nova Scotia, where the difference is $84,400, St. John’s, Newfoundland at $85,100 and Sherbrooke, QC at $91,500.