Calgary 
A recent survey conducted by Royal LePage and Hill & Knowlton reveals that half of the residents in Canada’s major urban centers—Toronto, Montreal, and Vancouver—are considering moving to more affordable cities if suitable job opportunities or remote work options are available.
The survey found 60% of renters and 45% of homeowners are open to relocating.
The study highlighted Thunder Bay as the most affordable city in Canada, where only 22.2% of a household’s monthly income is needed for mortgage payments. Other affordable cities include Saint John, Red Deer, Trois-Rivières, and Edmonton, requiring between 25.1% and 28.9% of income.
Among those willing to move, 57% cited a lower cost of living as a key motivator, while 41% are seeking proximity to nature and a less crowded setting. Additionally, 40% desire a slower-paced lifestyle.
Region-specific findings show variability in relocation preferences:
- In the Greater Toronto Area (GTA), 51% would consider moving, with Edmonton being the most popular choice.
- In the Greater Montreal Area (GMA), 54% expressed openness to relocating, predominantly favouring Quebec City.
- In Greater Vancouver, 45% are open to moving, with Edmonton again topping the list of preferred destinations.
Despite these inclinations, a notable portion of urban residents remain reluctant to move. Overall, 40% indicated they would prefer to stay in their current city, with this sentiment strongest among homeowners.
Most Affordable Canadian Cities:
Royal LePage’s study on Canada’s most affordable cities for homebuyers in 2024 ranks cities by the percentage of median household income required to service a mortgage. Here are the highlights for each province featured in the study:
Ontario
- Thunder Bay is the most affordable city nationwide, with only 22.2% of household income needed for mortgage payments.
- Windsor-Essex requires 36.4%, ranking thirteenth in affordability.
Quebec
- Trois-Rivières is the most affordable in Quebec and fourth in Canada, demanding 28.5% of household income.
Alberta
- Red Deer leads Alberta and is third nationally, needing 25.7% of household income.
- Edmonton, popular among movers from Toronto and Vancouver, ranks fifth, with 28.9% of income needed.
Atlantic Provinces
- Saint John is the most affordable in the Atlantic region and second in Canada, requiring 25.1% of income.
- St. John’s needs 30.1% of income, placing seventh.
- Fredericton and Charlottetown require 32.0% and 36.6%, ranking eleventh and fourteenth, respectively.
Manitoba & Saskatchewan
- Regina ranks sixth, with 29.1% of income needed.
- Winnipeg and Saskatoon are also among the top fifteen, requiring 31.8% and 32.7% of household income, respectively.
These findings are based on a mortgage calculation of a three-year fixed-term loan at 5.71%, amortized over 25 years with a 20% down payment.
