Improved Affordability in Major Cities Still Has Canadians Looking Elsewhere
Home prices have softened across Canada, and 61 of 62 cities saw the share of income needed for a mortgage decline . The biggest gains in affordability were in high‑priced markets such as West Vancouver, Richmond, Markham, North Vancouver and Milton, while already‑affordable centres like Red Deer showed little change . Quebec City bucked the trend, recording the fastest year‑over‑year price growth for eight consecutive quarters and worsening affordability . Royal LePage’s Phil Soper noted that although home values have eased in Toronto and Vancouver, local incomes still struggle to support prices, leaving demand robust in lower‑cost regions .
A survey found that 51 % of Canadians would consider moving to more affordable cities, including 55 % of residents in the Greater Toronto Area . Those in Toronto most often named Edmonton, Thunder Bay, Charlottetown and Windsor‑Essex as preferred destinations, while Montreal residents leaned toward Sherbrooke and Trois‑Rivières, and Vancouverites favoured Edmonton, St. John’s, Charlottetown and Lethbridge . The report also ranked Canada’s most affordable housing markets, with Lethbridge requiring only 18.9 % of household income for a mortgage and Red Deer and Edmonton also ranking highly . Local agents attributed these cities’ appeal to balanced growth, good planning and solid job markets .
Read on: PR Newswire
