According to a recent Royal LePage® survey of Canadians living in the greater regions of Toronto, Montreal and Vancouver, conducted by Burson, half of respondents (51%) say they would consider buying a primary residence in one of Canada's 15 most affordable cities, if they were able to find a job locally or work remotely.
"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 Sherbrooke is the most popular relocation destination among residents of the Greater Montreal Area; 29 per cent of respondents say they would consider purchasing a primary residence in Sherbrooke if they were able to find a job locally or work remotely. Meanwhile, Edmonton is once again the top-ranking choice among respondents in the Greater Toronto Area (16%) and Greater Vancouver (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. Still, as housing affordability challenges persist in the country's largest urban centres, more buyers are widening their search and seriously evaluating markets they may never have considered just a few years ago."
Lethbridge tops the list of most affordable cities in Canada, where 18.9 per cent of a household's monthly income would be required to service a mortgage payment. The Alberta city, followed by Saint John, takes over the top spot from Thunder Bay (currently ranked third), which ranked as the country's most affordable market in 2024. Red Deer and Regina round out the top five, where no more than 25.0 per cent of a household's monthly income is needed to service a mortgage payment.
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