According to a recent Royal LePage survey of Canadians living in the greater regions of Toronto, Montreal and Vancouver, conducted by Burson, half of respondents (51%) say they would consider buying a primary residence in one of Canada’s 15 most affordable cities, if they were able to find a job locally 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, 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. Aspiring homeowners who cannot secure a foothold in these markets are seriously weighing their options, and renters – unburdened by existing roots – are more likely to make that move than established homeowners.”
The survey found Sherbrooke is the most popular relocation destination among residents of the Greater Montreal Area; 29 per cent of respondents say they would consider purchasing a primary residence in Sherbrooke if they were able to find a job locally or work remotely. Meanwhile, Edmonton is once again the top-ranking choice among respondents in the Greater Toronto Area (16%) and Greater Vancouver (18%).
Phil Soper
“Canadians are remarkably mobile in theory, but less so in practice,” noted Soper. “Many people dream about relocating to a more affordable city or province, yet the number that actually relocate is smaller. Career opportunities, family obligations and established social networks are powerful forces. Still, 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.”
Lethbridge tops the list of most affordable cities in Canada, where 18.9 per cent of a household’s monthly income would be required to service a mortgage payment. The Alberta city, followed by Saint John, takes over the top spot from Thunder Bay (currently ranked third), which ranked as the country’s most affordable market in 2024. Red Deer and Regina round out the top five, where no more than 25.0 per cent of a household’s monthly income is needed to service a mortgage payment, said Royal LePage.
“Younger Canadians – often less anchored to one community in particular – are well-positioned to make the move to another city or province, with the flexibility to put down roots where housing is more attainable. What has shifted, however, is the ease of doing so. The remote work era gave buyers the freedom to live anywhere while earning a competitive wage. As more workers return to the office, that freedom is becoming harder to come by.”
The full press release can be found here.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024, 2025 and 2026.
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