Canadians ready to leave big cities for more affordable homes, survey finds
· Toronto Sun
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A new survey released by real estate company Royal LePage shows that people living in Canada’s three biggest metropolitan areas would consider moving to a smaller, more affordable city if they could find work there or were allowed to work remotely. Fifty-five per cent of people in the GTA, 48% in the Greater Montreal Area and 46% in the Greater Vancouver Area said they would seriously consider making the move if the opportunity existed.
The survey, conducted by Burson, gathered responses from 900 Canadians over the age of 18. In the study, affordability was measured by the percentage of income needed to cover a monthly mortgage payment. Home affordability is top of mind for people living in large cities. While house prices have declined in some markets, many Canadians still feel ownership is out of reach. More than half of respondents (55%) said lower home prices elsewhere could motivate them to buy, while 42% said they were looking for a more relaxed pace of life. Another 41% said they wanted to live closer to nature.
So where are they looking to go?
Lethbridge, Alta., ranked as the most attractive destination, with an aggregate home price of $338,700 and a monthly mortgage payment of $1,520.85. Saint John, N.B., came in second at $265,900 and $1,193.96 per monthly mortgage. Thunder Bay, Ont., ranked third, with an aggregate home price of $339,900 and a monthly mortgage payment of $1,526.24.
Red Deer, Alta., and Regina rounded out the top five, with aggregate home prices of $447,200 and $397,900, and monthly mortgage payments of $2,008.04 and $1,786.67, respectively.
Some larger cities also made the list, including Winnipeg, Edmonton and Saskatoon, which all ranked among the top 15 destinations.
Young want to move
Younger Canadians were more likely to consider buying a home outside their current city. The study found that 77% of Gen Z respondents and 56% of Millennials said they would be open to making the move.