Royal LePage identified 15 of the most affordable cities for home-buyers across Canada in a recent survey of residents [5].
The findings highlight a growing tension between urban employment hubs and housing affordability. As the cost-of-living crunch intensifies, a significant portion of the population is now weighing the trade-off between city amenities and the ability to own a home.
The real-estate company focused its research on residents within the Greater Toronto Area (GTA), Greater Montreal Area (GMA), and Greater Vancouver Area (GVA) [1]. The data suggests that relocation is a viable strategy for those struggling with high prices in these three major regions.
In the GTA, 55% of respondents said they would consider relocating if they could find a job or work remotely [1]. In the GMA, that figure is 48% [1], while 46% of those in the GVA expressed similar openness to moving [1]. Overall, approximately 51% of Canadians said they would consider buying a home in a more affordable city [4].
The report lists 15 cities as the most affordable options for buyers [5]. Among these locations are Lethbridge, Red Deer, Saint John, Thunder Bay, and Quebec City [6].
While Quebec City appears on the list of affordable options in one report [6], other reporting suggests the city may be bucking broader affordability trends [6]. This discrepancy indicates that while some cities remain accessible, the gap between luxury and affordable markets continues to shift.
Royal LePage said the research was designed to gauge the level of housing pressure facing Canadians. The results indicate that the ability to work remotely is a primary driver in the decision to leave traditional urban centers for more affordable regions [1].
“55% of Greater Toronto Area respondents would consider relocating if they could find a job or work remotely.”
The shift in sentiment among residents in Canada's three largest metropolitan areas suggests a potential migration trend toward mid-sized cities. If remote work remains a permanent fixture of the economy, the demand for housing in cities like Lethbridge and Thunder Bay may increase, potentially raising prices in those previously affordable markets while easing the extreme pressure on Toronto, Montreal, and Vancouver.
