Figures from the Canada Mortgage and Housing Corporation show between 2003 and 2013, average rental costs in Saskatoon nearly doubled, reports

During that time, housing prices in Saskatoon and the surrounding area began to soar. According to city officials, average rental rates rose as newcomers moved to the city, and found rental properties scarce.

To make matters worse, renters' incomes have not kept pace, according to Alan Wallace, who runs the City of Saskatoon's planning and development branch,

"The percentage of your income taken up with housing costs has risen from 30 per cent to over 40 per cent," said Wallace. "You start to push the boundaries of affordability at that point." 

Housing advocates said those on fixed incomes and social assistance are most likely to cut corners, in order to keep pace with rent increases.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: