You have your best shot at affording a home if you live in the Prairies. The website Zoocasa states that 5 of the 6 most affordable cities are in the Prairies with Regina and Saskatoon taking first and second spot, respectively followed by Winnipeg, Halifax-Dartmouth, Edmonton and Calgary.

The website says the average home price in Regina was almost $268-thousand and the average income before tax is just over $84-thousand. At a 3 per cent interest rate over 25 years at the highest mortgage for the average income, a down payment in Regina would be just over $13-thousand and the maximum mortgage would be almost $265-thousand.

In Saskatoon, the average home price is almost $291-thousand and the average household income is around $83-thousand a year, meaning a maximum mortgage of $287-thousand which would require a down payment of around $14-thousand-500.

According to Zoocasa, if you were to save 20 per cent of your income at the median wage for both cities, you could save enough for your down payment in a year. That’s compared to 52 years in Greater Vancouver, 42 years in the Fraser Valley and 32 years in Greater Toronto.

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