High housing prices are prompting many Canadians to consider relocating to more affordable areas. According to a recent Royal LePage survey, 50% of residents in Toronto, Montreal, and Vancouver are open to moving if they can secure remote work or a new job.
Renters are even more inclined to relocate, with 60% expressing willingness, compared to 45% of homeowners.
"Housing affordability has become a significant social issue," said Phil Soper, president and CEO of Royal LePage, in an interview with CTV News Channel. He noted that the pandemic has increased mobility and made people aware of more affordable mid-sized cities.
However, Soper cautioned that expressing a willingness to move doesn't always result in actual relocation. He compared it to the post-2016 U.S. election, where many Americans expressed interest in moving to Canada, but few actually did.
Here are the percentages of Canadians considering relocation:
51% in the Greater Toronto Area
54% in the Greater Montreal Area
45% in the Greater Vancouver Area
For Montreal residents, Quebec City is a popular potential destination. In Toronto and Vancouver, Edmonton is the most appealing new city.
Most Affordable Cities in Canada
Based on the percentage of household income needed for a monthly mortgage, the survey identifies the most affordable cities:
Thunder Bay, ON: 22.2%
Saint John, NB: 25.1%
Red Deer, AB: 25.7%
Trois-Rivières, QC: 28.5%
Edmonton, AB: 28.9%
Regina, SK: 29.1%
St. John's, NL: 30.1%
Quebec City, QC: 30.8%
Sherbrooke, QC: 30.8%
Winnipeg, MB: 31.8%
Soper highlighted that while smaller communities may benefit from this migration trend, they also face challenges. "There's a housing shortage not just in Toronto and Vancouver, but in smaller cities too," he explained. Despite lower land values, these areas also grapple with providing enough housing for growing populations.
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