A recent survey by Royal LePage of Canadians in Toronto, Montreal, and Vancouver revealed that half of respondents would consider buying a property in one of Canada’s most affordable cities if they could find a job or work remotely. 60% of renters and 45% of current homeowners in these areas are open to relocating.
Canada’s most affordable cities
The top city on Canada’s most affordable list is Thunder Bay, Ontario, where only 22.2% of a household’s monthly income is needed for a mortgage payment. Other cities in the top five include Saint John, Red Deer, Trois-Rivières, and Edmonton, where between 25.1% and 28.9% of monthly income is required for a mortgage payment.
Karen Yolevski, COO of Royal LePage Real Estate Services Ltd., notes that many aspiring homeowners in expensive urban centers are considering moving to more affordable cities to enter the property market. The flexibility provided by remote work options post-pandemic allows individuals to seek housing within their budget without proximity to the office being a concern.
Quebec City is the top choice for residents of Greater Montreal Area, with 29% considering buying a home there if they could work remotely. Edmonton is the preferred destination for respondents from GTA and Greater Vancouver, with 19% in both cities choosing it.
Reasons to move
Among respondents considering relocating to more affordable cities, 57% cited a lower cost of living as a motivator. 41% want to be closer to nature and live in less populated areas, while 40% desire a more relaxed lifestyle.
Yolevski emphasizes the importance of lifestyle in Canadians’ homebuying decisions, noting that some are seeking reduced expenses, a break from urban hustle, and more space post-pandemic.
The flip side
However, 40% of respondents from major urban centers are not open to moving to more affordable cities (including 47% of homeowners and 30% of renters). Yolevski highlights the attractions of major cities like diverse employment opportunities and entertainment options, which continue to draw people globally.
She acknowledges the challenge of supply and demand in major city housing markets and stresses the need for faster home construction in markets of all sizes.
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