As affordability concerns rise amongst Canadians, more and more people are considering packing up and heading for lower-priced cities.
According to real estate company Royal LePage’s recent survey, they found that 46% respondents in the Greater Vancouver Area would consider moving to one of Canada’s 15 most affordable cities, as long as they were able to find a job or work remotely. 55% of Greater Toronto Area respondents, as well as 48% of Greater Montreal area respondents, said the same.
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Housing Prices In Canada
“Home prices in Canada’s largest cities have moderated over the past couple of years, but for many buyers, the math still doesn’t work,” said Phil Soper, president and CEO, Royal LePage. “As barriers to entry remain high in the country’s most expensive urban centres, relocating to a more affordable city is becoming less of a last resort and more of a deliberate strategy. Aspiring homeowners who cannot secure a foothold in these markets are seriously weighing their options, and renters – unburdened by existing roots – are more likely to make that move than established homeowners.”
The survey found that over half of the total respondents from the greater regions of Vancouver, Toronto, and Montreal would consider relocating to one of Canada’s more affordable cities, with the caveat that they’re able to find work there or remotely.
As for Vancouverites, the top-ranking city choice amongst respondents was Edmonton at 18%.
“Canadians are remarkably mobile in theory, but less so in practice,” noted Soper. “Many people dream about relocating to a more affordable city or province, yet the number that actually relocate is smaller. Career opportunities, family obligations and established social networks are powerful forces.”
Top 15 Most Affordable Cities in Canada
As for the most affordable cities in Canada, Lethbridge takes the top of the list. There, 18.9% of a household’s monthly income is required to service a mortgage payment. Following behind Lethbridge is Saint John, Thunder Bay, Red Deer, and Regina to make the top 5.
If you’re looking to move elsewhere, then these would be the most affordable cities in the country to consider.
