Top Relocation Choices Among Urban Dwellers

Half of Canadians living in the country’s three most populous municipalities — Toronto, Montreal and Vancouver — would consider buying a home in a less expensive city, if they were able to find a job or work remotely.

Among renters in these regions, 60% said they’d be willing to relocate, compared to 45% of current homeowners.

This is according to a new survey by Royal LePage, conducted by Hill & Knowlton, which also identified the 15 most affordable cities in Canada.

They are:

1. Thunder Bay, Ont.
2. Saint John, N.B.
3. Red Deer, Alta.
4. Trois-Rivières, Que.
5. Edmonton, Alta.
6. Regina, Sask.
7. St. John’s, Nfld.
8. Quebec City, Que.
9. Sherbrooke, Que.
10. Winnipeg, Man.
11. Fredericton, N.B.
12. Saskatoon, Sask.
13. Windsor-Essex, Ont.
14. Charlottetown, P.E.I.
15. Gatineau, Que.

Quebec City was identified as the most popular relocation destination among residents in the Greater Montreal Area, while Edmonton is the top-ranking choice among respondents from the Greater Toronto Area and Greater Vancouver.

While cost of living was cited as the primary reason for relocation by 57% of respondents, 41% said closeness to nature and living in a less populous area would be contributing factors. A desire for a more relaxed way of life also ranked high.

Royal LePage identified the 15 most affordable cities based on the percentage of income required to service a monthly mortgage payment, using provincial median total household income data and city-level aggregate home price data. The mortgage calculation is based on a three-year fixed-term loan at 5.71%, amortized over 25 years with a 20% down payment.