Canadians Eyeing Moves to Affordable Housing Cities

Discover why Canadians in major cities like Toronto, Montreal, and Vancouver are considering relocating for more affordable housing options.

Faced with soaring housing prices, a significant number of Canadians residing in the country's major cities are contemplating a move to areas with more affordable housing options. According to a recent survey conducted by Royal LePage, half of the respondents in Toronto, Montreal, and Vancouver expressed their willingness to consider purchasing a property in less expensive cities, provided they could secure employment or work remotely.

The survey revealed that 60% of renters and 45% of Canadian homeowners are open to the idea of relocating to more affordable regions. In the greater Toronto area, 51% of individuals are considering a move, while the figures stand at 54% for greater Montreal and 45% for greater Vancouver. For residents of Montreal, Quebec City emerged as a popular choice for potential relocation, while Edmonton was the preferred destination for those in Toronto and Vancouver.

In terms of affordability, Thunder Bay, Ontario, emerged as the most affordable city in Canada, with only 22.2% of the household income required to pay a monthly mortgage. Saint John, New Brunswick, followed closely with 25.1%, while Red Deer, Alberta, ranked third with 25.7%. Other affordable cities included Trois-Rivières, Quebec (28.5%), Edmonton (28.9%), Regina (29.1%), St. John's, Newfoundland and Labrador (30.1%), Quebec City (30.8%), Sherbrooke, Quebec (30.8%), and Winnipeg (31.8%).

The survey, which involved 900 Canadian residents aged 18 and above living in greater Toronto, greater Montreal, and greater Vancouver, was conducted online between May 13 and May 16. It is important to note that the web panel used for the survey is a non-probability sample, and therefore, no margin of error can be determined.

The survey results indicate a growing trend among Canadians in major cities to seek more affordable housing options in other regions. As Canadian housing prices continue to rise, a significant portion of the population is considering relocation as a viable solution to their housing affordability concerns.