Edmonton is once again a top relocation choice for residents of Vancouver and the GTA looking for more affordable housing.
The new data comes from Royal LePage, which surveyed Canadians living in the greater regions of Toronto, Montreal, and Vancouver. Just over half of respondents (51 per cent) said they would consider buying a primary residence in one of Canada’s 15 most affordable cities, if they were able to find a job locally or work remotely.
Edmonton ranked seventh on the list of most affordable housing markets, with 26.3 per cent of a household’s monthly income required to service a mortgage payment, down from 28.9 per cent two years ago.
That affordability has made Edmonton a top choice for Canadians living in Canada’s priciest housing markets. Among GTA respondents, 55 per cent said they would consider buying a home in a more affordable city, with Edmonton (16 per cent) topping the list, followed by Thunder Bay (15 per cent), Charlottetown (14 per cent), and Windsor-Essex (14 per cent).
And while it’s the most expensive market in Canada, Greater Vancouver residents were less likely to consider relocating overall. Still, Edmonton was their top choice at 18 per cent, followed by St. John’s (12 per cent), Charlottetown (10 per cent), and Lethbridge (10 per cent).
“Something that really sets Edmonton apart is access to both the city and the outdoors in a way that’s hard to match anywhere else in Canada. Residents aren’t spending hours in their cars. Even from the more affordable bedroom communities surrounding the city, you can be downtown in about 20 minutes. That’s the kind of balance most major markets simply can’t offer, and it changes the daily rhythm of life for families here,” said Ed Lastiwka, associate broker at Royal LePage Noralta Real Estate.
“For those who enjoy the outdoors, our river valley is the largest stretch of connected urban parkland in North America, threaded with bike trails, walking paths, parks and golf courses. And, the downtown core, currently earmarked for a comprehensive revitalization, is accessible by a newly expanded LRT system. It’s the perfect combination of nature and city.”
Lastiwka noted Edmonton remains more affordable than Calgary, where house prices are becoming out of reach for many locals.
“We’re seeing a number of buyers from Calgary moving here for that reason, as well as from British Columbia and Ontario, where traffic and home prices have both climbed beyond what many can manage,” he said. “First-time buyers in Edmonton are still very much in the mix, and young couples are doing what it takes to save and enter the market. Here, home ownership is still within reach, and that’s what continues to draw people to Edmonton.”
Lethbridge ranked as Canada’s most affordable city, with 18.9 per cent of a household’s monthly income required to service a mortgage payment. It was followed by Saint John, Thunder Bay (currently ranked third), Red Deer, and Regina. All cities in the top five require no more than 25 per cent of a household’s monthly income to service a mortgage.
The survey also found Sherbrooke was the most popular relocation destination among residents of the Greater Montreal Area; 29 per cent of respondents said they would consider relocating if they were able to find a job locally or work remotely.
You can find the full report on the Royal LePage website.
Originally published on Daily Hive.
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