As housing prices continue to soar in Canada's largest cities, many Canadians are considering relocating to more affordable areas. A recent Royal LePage survey reveals that 50% of residents in the greater regions of Toronto, Montreal, and Vancouver are contemplating a move to cheaper cities if they can find a job or work remotely. This trend highlights a growing desire for more affordable living options amid escalating housing costs.
Survey Highlights: Canadians' Willingness to Move
The survey, conducted between May 13 and May 16, found that:
60% of renters are open to relocating to more affordable cities.
45% of homeowners are considering a move.
51% of people in the Greater Toronto Area are thinking about relocating.
54% of residents in the Greater Montreal Area are contemplating a move.
45% of people in the Greater Vancouver Area are exploring more affordable living options.
Popular Destinations for Relocation
For those considering a move, certain cities stand out as attractive destinations due to their lower cost of living. Residents of Montreal are particularly interested in Quebec City, while those in Toronto and Vancouver find Edmonton appealing.
Canada's Most Affordable Cities
The Royal LePage survey identifies several cities where housing costs are more manageable. These cities require a lower percentage of household income to cover monthly mortgage payments:
Thunder Bay, ON: 22.2%
Saint John, NB: 25.1%
Red Deer, AB: 25.7%
Trois-Rivières, QC: 28.5%
Edmonton, AB: 28.9%
Regina, SK: 29.1%
St. John's, NL: 30.1%
Quebec City, QC: 30.8%
Sherbrooke, QC: 30.8%
Winnipeg, MB: 31.8%
On the East Coast, Halifax has seen rising housing costs, but Saint John, New Brunswick, remains a popular choice for those seeking affordability. Many central Canadians have moved to Saint John since the peak of the pandemic in 2020, drawn by its lower cost of living.
A Shift in Housing Trends
The Royal LePage survey highlights a significant shift in housing trends as Canadians seek more affordable living options. With the pandemic accelerating remote work and virtual technology, many people are re-evaluating their living situations. While the trend offers benefits to smaller communities, it also presents challenges that need to be addressed to ensure sustainable growth and adequate housing for all.
As the housing landscape continues to evolve, Canadians will likely keep exploring new cities that offer a balance of affordability and quality of life. Whether these considerations lead to actual relocations remains to be seen, but the desire for more affordable housing options is clear.
Canadian Immigration with Infoplace Canada
Would you love to make Canada Home? or would you love to live in one of the Canadian cities? Contact us or Book a consultation with one of our licensed immigration professionals who can provide personalized advice based on your situation. At InfoPlace Canada, we understand the complexities of Canadian immigration and are here to guide you every step of the way.
In Canada, the most affordable housing is often found in smaller cities like Moncton, Saint John, and Windsor. But affordability isn't just about price; it's also about value. That’s where tools like Priceva’s Competitor Price Tracking & Monitoring software can be useful. It helps to stay on top of housing market trends by providing automated tracking and price change notifications. You can manage all the relevant metrics in one place and explore market opportunities through comprehensive analytics. Priceva even has an AI-based repricing tool that can help craft the best strategy for buying or selling. For more details, check out Priceva.