Half of residents in Canada's largest urban centres eyeing move to more affordable real estate markets

In This Article:

Quebec City and Edmonton top choices for relocation; cost of living and proximity to nature among driving factors

Highlights:

  • Thunder Bay tops the list of most affordable cities in Canada

  • Of the 15 most affordable cities in Canada, four are located in the province of Quebec and four in the Atlantic provinces; no British Columbia cities made the list

  • 54% of respondents in the Greater Montreal Area, 51% in the Greater Toronto Area and 45% in Greater Vancouver would consider relocating to one of the most affordable cities

  • Quebec City is the most popular destination among respondents in Greater Montreal, while Edmonton is the top-ranking choice among Greater Toronto and Greater Vancouver residents

  • Renters are more likely than owners to consider relocating based on housing affordability

  • Besides home prices, lower cost of living is the most popular reason to consider relocating, followed by a desire for proximity to nature and a more relaxed lifestyle

TORONTO, May 29, 2024 /CNW/ - According to a recent Royal LePage survey of Canadians living in the greater regions of Toronto, Montreal and Vancouver, conducted by Hill & Knowlton,1 half of respondents (50%) say they would consider buying a property in one of Canada's most affordable Canadian cities, if they were able to find a job or work remotely. Among renters in these regions, 60 per cent say they'd be willing to relocate, while 45 per cent of current homeowners say they would consider it.

Royal LePage identified the 15 most affordable cities based on the percentage of income required to service a monthly mortgage payment, using provincial median total household income data and city-level aggregate home price data. The mortgage calculation is based on a three-year fixed-term loan at 5.71 per cent, amortized over 25 years with a 20 per cent down payment.

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1Hill & Knowlton used the Leger Opinion online panel to survey 900 Canadian residents, aged 18+, living in Canada's three largest urban areas: Greater Toronto, Greater Montreal, and Greater Vancouver between May 13th and May 16th, 2024. No margin of error can be associated with a non-probability sample (i.e., a web panel in this case). For comparative purposes, though, a probability sample of 900 respondents would have a margin of error of ±3%, 19 times out of 20.

Thunder Bay tops the list of most affordable cities in Canada where 22.2 per cent of a household's monthly income would be required to service a mortgage payment.2 Saint John, Red Deer, Trois-Rivières and Edmonton round out the top five, where between 25.1 and 28.9 per cent of a household's monthly income is needed to service a mortgage payment.