Faced with high housing prices, many Canadians in the country’s largest cities are considering moving to more affordable areas. A recent Royal LePage survey reveals that 50% of respondents in Toronto, Montreal, and Vancouver would consider relocating if they could find a job or work remotely.
Renters are even more willing to move, with 60% saying they would relocate for cheaper housing. Among homeowners, 45% are contemplating a move. Phil Soper, president and CEO of Royal LePage, highlighted the impact of the pandemic on mobility and the appeal of mid-sized cities in a recent interview with CTV's News Channel.
“Housing affordability has become a major social issue,” Soper said. “The pandemic opened people’s eyes to more affordable mid-sized cities.”
However, Soper cautioned that considering a move does not always result in actual relocation. Despite significant interest, the number of people who follow through may be smaller.
Survey results show that 51% of people in the Greater Toronto Area, 54% in Greater Montreal, and 45% in Greater Vancouver are considering moving. For Montreal residents, Quebec City is a top choice. Those in Toronto and Vancouver find Edmonton most appealing.
Canada’s most affordable cities, based on the percentage of household income needed for a mortgage, are:
Thunder Bay, Ont.: 22.2%
Saint John, N.B.: 25.1%
Red Deer, Alta.: 25.7%
Trois-Rivières, Que.: 28.5%
Edmonton: 28.9%
Regina: 29.1%
St. John's, N.L.: 30.1%
Quebec City: 30.8%
Sherbrooke, Que.: 30.8%
Winnipeg: 31.8%
While this trend benefits smaller communities, it also challenges urban planners. “Housing shortages are not just in Toronto and Vancouver but also in smaller cities,” Soper explained. “Urban planners are working to provide enough housing for our growing population.”
The Royal LePage survey was conducted online with 900 Canadian residents aged 18 and older from May 13 to May 16.
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