Concerns around affordability and a desire for a more relaxed pace of life are pushing more of Canada’s big city residents to consider a move to somewhere else in the country.
A new survey by the real estate company Royal LePage found that 55 per cent of respondents in the Greater Toronto Area, 48 per cent in the Greater Montreal Area and 46 per cent in Greater Vancouver Area would consider relocating to one of Canada’s 15 most affordable cities if they were able to find a job 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 of 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.”
The report, conducted by Burson for Royal LePage, surveyed 900 Canadians over the age of 18, living in the Greater Toronto, Montreal and Vancouver areas. The data bases affordability on the percentage of income required to service a monthly mortgage payment.
Lethbridge, Alta. topped the list of Royal LePage’s most affordable cities in Canada where the aggregate price of a home is $338,700 with a monthly mortgage payment of $1,520.85. Saint John, N.B., Thunder Bay, Ont. and Red Deer, Alta. rounded out the top four most affordable cities, with larger cities including Edmonton, Winnipeg, Windsor-Essex, Ont. further down the top 15 list.
“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,” said Soper.
When broken down by age, the survey found younger Canadians are more likely to consider purchasing a primary residence outside of their current home city. 77 per cent of Gen Z respondents and 56 per cent of Millennials said they would consider such a purchase.
55 per cent of survey respondents cited a lower cost of living as a main reason to buy a property elsewhere; 42 per cent said they want a more relaxed pace of life; and 41 per cent said they wanted to be closer to nature and would prefer to live in a less populated area.
