Survey shows half of big city residents ready to relocate
Half of the residents in Canada's major cities are considering a move to more affordable housing markets, according to a recent Royal LePage survey.
The survey revealed that approximately 50% of participants would consider relocating to one of Canada’s more affordable cities if they could find a job or work remotely.
The willingness to relocate was even higher among renters in the region at 60%, while 45% of current homeowners said they would consider moving to a more affordable city.
"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," Royal LePage chief operations officer Karen Yolevski said in the report.
The survey identified Thunder Bay as Canada's most affordable city, where just 22.2% of a household's monthly income would be required for mortgage payments. Saint John, Red Deer, Trois-Rivières and Edmonton rounded out the top five affordable markets.
Yolevski noted that remote work opportunities allow more flexibility for workers "to seek out housing that is within their budget, without worrying about proximity to their office."
According to the survey, 57% of those considering relocating cited a lower cost of living as the main incentive, while 41% wanted to be closer to nature and live in less populated areas. 40% simply desired a more relaxed pace of life.
"It's clear that lifestyle is an important factor in Canadians' decisions about where to buy a home," Yolevski said, adding that some seek "reduced everyday expenses, and a break from the hustle and bustle of urban centres."
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Among residents of the Greater Montreal Area, 29% said they would consider moving to Quebec City, while 19% of those in the Greater Toronto and Vancouver areas viewed Edmonton as a top destination.
However, Yolevski noted there will still be strong housing demand in Toronto, Montreal and Vancouver from locals and newcomers despite some relocations, underscoring "the crucial need to build more homes faster in markets of all sizes."
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