Royal LePage analysts have discovered Canada’s 15 most affordable cities by comparing the local cost of housing with the median household incomes in each province. This analysis is based on a down payment of 20% and a three-year fixed-rate mortgage at 5.71% that is amortized over a 25-year period.
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Thunder Bay is at the top of the list of most affordable cities in Canada, where just 22.2% of a household’s monthly income is spent on mortgage payments. It is followed by Saint John, Red Deer, Trois-Rivières, and Edmonton, where mortgage payments cost homeowners between 25.1% and 28.9% of their monthly income.
Here is the complete list of the most affordable cities in Canada:
- Thunder Bay
- Saint John
- Red Deer
- Trois-Rivières
- Edmonton
- Regina
- St. John’s
- Quebec City
- Sherbrooke
- Winnipeg
- Fredericton
- Saskatoon
- Windsor-Essex
- Charlottetown
- Gatineau
Both aspiring homeowners and current homeowners participated in the survey. Sixty percent of renters indicated openness about relocating to a more affordable city compared with 45% of individuals who own a home.
Renters are more likely to relocate in order to buy an affordable home, in comparison with homeowners who already have established local roots. The continuation of remote work opportunities after the pandemic reinforces this flexibility, allowing workers in many industries to look for housing that meets their budget demands without having to worry about living near their office.
Even so, as appealing as it may seem to have a more affordable and improved lifestyle, 40% of survey participants prefer to remain where they are, particularly homeowners, with 47% standing firm on this position, in comparison to 30% of those who pay rent.
The imbalance between supply and demand in Canada’s housing market is a significant challenge, highlighting the importance of building more housing of various types as soon as possible.
Canada stands out for its value and welcoming attitude toward immigrants. If you wish to move to this country, we suggest you contact Inmigración Canadiense. Their team of specialists will provide the necessary information to begin your visa and residency process.
