Loans, Credit, Mortgages and Financing in SaskatoonBy Caitlin in Geo
The city of Saskatoon is located in the heart of the Canadian farming and agricultural export market; it produces over 50% of the country’s major export crops including oats, wheat, rye, barley, flaxseed and canola. Mining is also one of Saskatoon’s major economic resources as the city is the world’s largest exporter of uranium and potash. Currently Saskatoon is one of the country’s youngest and fastest growing cities, the average age of a Saskatonian is five years younger than the national average.
- Saskatoon is named after the Cree name for a local Saskatoon wild berry, mis-sask-quah-toomina.
- Saskatoon is nicknamed The Paris of the Prairies because of the 7 bridges throughout the city.
- There are more Tim Horton’s per capita in Saskatoon than in any other Canadian city.
|Average Family Income||$87,410|
|Average Price of House||$324, 410|
|Provincial Income Tax||11% on the first $44,028 of taxable income|
|13% on the next $81,767|
|15% on the amount over $125,795|
|Provincial Sales Tax||5%|
Saskatoon Housing Market
Historically low mortgage rates have boosted housing demand across the city of Saskatoon. Mortgage rates are also relatively low, this coupled with low growth in available jobs and wages will help with the current housing prices. Over all the Saskatoon housing market is currently in between a buyer’s market and a sellers’ market.
How to be a Responsible Consumer
Protecting yourself from consumer fraud, credit scams and identity theft should always be a priority and by learning how to be a responsible and conscientious consumer you’ll be able to arm yourself with the information you need.
- Keep an Eye on Your Credit Report. Your credit report contains all your financial and personal information. Including your employment record, credit card use, previous and present debts and marital status, this is all extremely valuable information that you need to make sure is always up to date.
- Maintain a Healthy Credit Score. Maintaining a healthy credit score will give you the financial freedom to pursue all your life goals. A high credit score will make applying for loans all the more easy and could potentially afford you more favourable interest rates.
- Responsibly Manage Your Credit, Debts and Loans. Always pay your bills on time, especially credit card and loan payments. Only borrow money that you need and can afford to pay back. And if you’re having difficulty keeping up with your bills get in contact with your lender or creditor right away.
Consumer Protection in Saskatoon
The Saskatchewan Financial and Consumer Affairs Authority helps to protect the rights and interests of the consumer through the regulation of the marketplace. The FCAA achieves this through proper management of licensing, registration, enforcement and complaint handling. Get in contact with the FCAA for any concerns you might have about consumer affairs in the city of Saskatoon.
Consumer Protection Division, Financial and Consumer Affairs Authority of Saskatchewan
1919 Saskatchewan Drive, Suite 500
Regina, Saskatchewan S4P 4H2
Toll Free: 1-888-374-4636
Protecting Your Personal Information
Always keep all of your personal information private; never share more information than you need to. Keep an eye out for strange charges on your credit accounts or errors on your credit report. If you think you might be the victim of identity fraud or a credit scam get in contact with the two major Canadian credit reporting agencies (Equifax and TransUnion).
Equifax Canada Inc.
TransUnion of Canada