As the housing boom in Canada continues, Saskatoon, Saskatchewan is taking the unprecedented step of giving renters money to help with a down payment.While home prices are high across Canada, the boom is being felt even more in the Prairies. Housing has traditionally been less expensive than in the rest of the country, but demand for commodities is fueling blistering growth. According to Statistics Canada, Saskatoon was the fastest-growing metropolitan area in Canada last year. Vancouver was a close second and Regina third.
Prices continued to rise quickly in Calgary and Edmonton, but Saskatoon has now overtaken Alberta's major cities in terms of housing being less affordable. The average home in the city now costs $277,000, 4.3 times the average annual salary of $63,900.
Subsidized housing programs for low-income people exist throughout Canada, but until now there have been no programs to help middle-income buyers daunted by often stratospheric prices.
Saskatoon isn't giving away the money for free — it's offering low-interest loans to renters for the purchase of a home between $220,000 and $280,000. Applicants who meet the criteria will be able to get approximately $12,000.
Saskatoon paying renters to buy houses
