- A survey polled Canadians living in Toronto, Montreal and Vancouver and found 50 per cent of respondents indicated that they would consider purchasing a property in one of Canada’s most affordable cities
- Among respondents in the Greater Toronto Area, the top choice is Edmonton (19 per cent), followed by Thunder Bay (15 per cent) and St. John’s (14 per cent)
- Thunder Bay is the most affordable city in Canada, with 22.2 per cent of a household’s monthly income needed for mortgage payments
- Bridgemarq Real Estate Services (TSX:BRE) last traded at C$13.84 per share
Half of residents in Canada’s largest urban centres are eyeing moves to more affordable real estate markets.
This comes from a survey released on Wednesday commissioned by Royal LePage, a real estate company owned by Bridgemarq Real Estate Services (TSX:BRE), which polled Canadians living in the greater regions of Toronto, Montreal and Vancouver.
Fifty per cent of those who responded indicated they would consider purchasing a property in one of Canada’s most affordable cities if they could find employment or work remotely. Among renters in these areas, 60 per cent are willing to relocate, while 45 per cent of current homeowners would consider it.
Royal LePage identified the 15 most affordable cities by calculating the percentage of income needed for monthly mortgage payments. This calculation used provincial median household income data and city-level home prices. The mortgage is based on a three-year fixed-term loan at 5.71 per cent, amortized over 25 years with a 20 per cent down payment. Overall, 40 per cent of respondents from Canada’s largest urban centres would not move to one of the most affordable cities; this reluctance is higher among homeowners (47 per cent) than renters (30 per cent).
Among respondents in the Greater Toronto Area (GTA), the top choice is Edmonton (19 per cent), followed by Thunder Bay (15 per cent) and St. John’s (14 per cent). Respondents could select multiple answers.
For Montreal respondents, Québec City is the top choice (29 per cent), followed by Sherbrooke (15 per cent) and Trois-Rivières (12 per cent).
In the Greater Vancouver area, the preferred city is Edmonton (19 per cent), followed by St. John’s (13 per cent) and Thunder Bay (9 per cent).
Despite the high cost of housing, residents of Greater Vancouver are the most likely to stay, with 46 per cent not considering a move, compared with 40 per cent in the Greater Montreal Area and 37 per cent in the GTA.
Thunder Bay is the most affordable city in Canada, with 22.2 per cent of a household’s monthly income needed for mortgage payments.
Saint John, New Brunswick, ranks second in affordability across Canada and first in the Atlantic provinces. Among the 15 most affordable cities, four are in the Atlantic provinces. St. John’s, Newfoundland and Labrador, ranks seventh in affordability.
Bridgemarq Real Estate Services Inc. is a service provider for residential real estate brokers and a network of around 21,000 realtors. Its flagship brands include Via Capitale and Johnston & Daniel.
Bridgemarq Real Estate Services Inc. (TSX:BRE) last traded at C$13.84 per share. The stock is up 0.8 per cent over the past month but down 6.17 per cent since this time last year.
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