Affordable Housing Shifts Canada
Royal LePage Survey: Half of Major City Residents Consider Moving to Canada's Affordable Cities
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Key Points
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No British Columbia city cracked the top 15 of Canada's most affordable cities in the Royal LePage ranking, suggesting Vancouver-area residents are looking elsewhere; among Vancouver respondents considering relocation, Edmonton was the most popular destination at 18%.
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The biggest affordability gains occurred in higher-priced markets, with West Vancouver, Richmond, Markham, North Vancouver and Milton posting the largest declines in the share of income needed to service a mortgage.
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Sherbrooke emerged as the most popular relocation destination for Montreal-area residents, with 29% saying they would consider purchasing a primary residence there.
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Thunder Bay dropped to third place in affordability rankings, behind Saint John, as Lethbridge continued to top the national list of most affordable cities.
About half of Canadians living in Toronto, Montreal, and Vancouver say they would consider leaving for cheaper cities, according to a new Royal LePage survey BNN Bloomberg. The poll, conducted by Leger in May 2024, found that 55% of Greater Toronto Area residents, 48% in Greater Montreal, and 46% in Greater Vancouver would move to one of Canada's 15 most affordable cities — if they could keep their jobs or work remotely.
Lethbridge, Alberta tops the national affordability list, followed by Saint John, New Brunswick, and Thunder Bay, Ontario Canadian Mortgage Trends. No British Columbia city cracked the top 15, underscoring just how far out of reach housing has become on the West Coast.
Lethbridge Leads as Younger Canadians Eye the Exit
Royal LePage defines affordability as the share of a province's median household income needed to service a monthly mortgage. In the 15 cities that made the list, many residents can spend less than 25% of their income on housing — a near-impossible standard in Vancouver or Toronto, where that figure exceeded 60% in 2023 BNN Bloomberg.
Younger Canadians are driving the sentiment. Sixty percent of Gen Z respondents (ages 18–26) and 52% of Millennials said they would consider relocating, compared to just 38% of Baby Boomers Weekly Voice. Karen Yolevski, COO of Royal LePage Real Estate Services, said younger Canadians "are willing to pack up their lives and move to parts of the country they may never have visited to achieve" homeownership.
Edmonton Pulls Vancouverites, Sherbrooke Wins Over Montrealers
For Vancouver residents open to moving, Edmonton was the top pick — chosen by 18% of that group Daily Hive. Edmonton ranked 11th on the affordability list but offers proximity to Alberta's job market and a relatively urban lifestyle. Phil Soper, President and CEO of Royal LePage, called it "a fundamental shift" in the Canadian dream, saying the trade-off between a short commute and a much lower mortgage "is becoming an easy choice."
Montrealers had a different favourite. Twenty-nine percent of those considering a move said they would look at Sherbrooke, Quebec — which ranked eighth on the national list Canadian Mortgage Trends. GTA residents also pointed to Edmonton as a leading option, according to Toronto Life.
Affordability Improving, But Gains Are Uneven Across Markets
Royal LePage analyzed 62 cities and found affordability improved in 61 of them BNN Bloomberg. The biggest gains came in already-expensive markets. West Vancouver, Richmond, Markham, North Vancouver, and Milton posted the largest declines in the share of income needed to carry a mortgage. That sounds promising — but those cities still rank among Canada's least affordable.
Experts warn the trend could reverse fast. If thousands of Torontonians and Vancouverites actually move to Lethbridge or Saint John, demand in those cities will spike. Housing inventory in smaller cities is already thin. "Toronto money" flowing into tight local markets could export the very affordability crisis that people are trying to escape, according to local observers cited by Weekly Voice.
Remote Work Holds the Key — Career Ties Keep Many Put
The survey's big caveat: most respondents said they would only move if they could keep their current job or work remotely. That condition matters because major employers — including banks and tech firms — began pushing "return to office" mandates in 2024, requiring three to four days on-site per week Toronto Life. Those mandates are the single biggest barrier between saying you would move and actually packing boxes.
Beyond work, career networks, family, and community ties still shape real decisions Canadian Mortgage Trends. Royal LePage officials acknowledged that while relocation is increasingly on the table, the gap between considering a move and making one remains wide. Still, local real estate boards in Lethbridge, Edmonton, and Saint John reported a measurable uptick in out-of-province inquiries after the report dropped on June 18, 2024.
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