Royal LePage released a report this month identifying the 15 [1] most affordable cities in Canada based on housing-price-to-income ratios.
The findings highlight a growing trend of urban migration as residents in major metropolitan areas seek relief from escalating costs. This shift in demand could reshape regional economies by pushing populations toward smaller, more sustainable markets.
According to the report, the most affordable markets include Lethbridge in Alberta, Saint John in New Brunswick, and Thunder Bay in Ontario [3]. These cities offer a lower barrier to entry for homebuyers compared to the country's primary urban centers.
The pressure to relocate is significant among those currently living in high-cost areas. Approximately 50 percent [2] of big-city Canadians said they would consider moving to a different city to find more affordable housing [2].
Regional distribution of these affordable hubs remains sparse in the most populous provinces. Only two [4] of the 15 identified cities are located in Ontario [4]. This indicates that while some pockets of affordability exist, they are rare in Canada's economic heartland.
Royal LePage produced the report to provide a map of where housing remains accessible relative to local earnings [1]. The data suggests that the gap between income and home prices continues to widen in major cities, forcing a redistribution of the workforce across the provinces.
“50 percent of big-city Canadians would consider moving for cheaper housing.”
The report signals a potential demographic shift where the 'affordability gap' in major cities becomes a catalyst for internal migration. As 50 percent of urban residents contemplate relocating, smaller cities like Lethbridge and Saint John may see an influx of new residents, which could eventually drive up local prices and offset the very affordability that attracts buyers.
