About half of GTA residents say they would consider leaving to buy property in one of Canada’s more affordable cities, according to a new Royal LePage survey.
The online poll, which surveyed 900 Canadians aged 18 and older living in the country’s three largest urban centres, found that about 50 per cent of respondents would consider buying a property in one of Canada's most affordable cities “if they were able to find a job or work remotely.”
Among renters, about 60 per cent said they would be willing to relocate while only about 45 per cent of current homeowners said they would consider it.
For residents in the Greater Toronto Area, Edmonton was the most attractive option for relocation, with about 19 per cent of respondents indicating that they would consider a move to Alberta’s capital. About 15 per cent said they would consider a move to Thunder Bay and 14 per cent identified St. John's as a possibility.
"It's clear that lifestyle is an important factor in Canadians' decisions about where to buy a home," Karen Yolevski, the chief operating officer of Royal LePage Real Estate Services Ltd., said in a written statement.
"Unsurprisingly, in addition to lower home prices, some Canadians who are contemplating a move to a more affordable city are also seeking reduced everyday expenses, and a break from the hustle and bustle of urban centres. This is a trend that began prior to the pandemic and was accelerated during the real estate boom of 2020 and 2021, when many homebuyers relocated to smaller communities where they could safely social distance whilst enjoying greater privacy, more living space and better access to the outdoors."
The survey identified 15 of the country’s most affordable cities based on the percentage of income required to make a monthly mortgage payment.
Thunder Bay was identified as the country’s most affordable city, followed by Saint John, Red Deer, Trois-Rivières and Edmonton.
Thunder Bay and Windsor-Essex were the only two Ontario cities which made the cut on the list of Canada’s most affordable cities.
"There's an old saying in real estate, 'drive until you qualify.' As housing affordability continues to deteriorate and Canadians face increasingly higher barriers to entry when buying a home, this adage is becoming more of a reality,” Yolevski said.
“Many aspiring homeowners in the country's largest and priciest urban centres are seriously considering relocating to less expensive cities in order to get a foot on the property ladder.”