House prices may be easing in many of Canada’s most expensive markets, but a new Royal LePage survey shows that roughly half of residents in the country’s three largest metropolitan areas are still actively considering a move to more affordable communities. The survey, conducted by Burson and sampling 900 Canadians, suggests affordability remains a major driver of relocation interest despite recent price moderation.
According to the survey, 55 percent of respondents in the Greater Toronto Area, 48 percent in the Greater Montreal Area and 46 percent in the Greater Vancouver Area said they would consider relocating to one of Canada’s 15 most affordable cities if they could secure local employment or continue working remotely. These findings highlight how high barriers to homeownership in large urban centres are encouraging some people to weigh relocation as a practical option rather than a last resort.
“Home prices in Canada’s largest cities have moderated over the past couple of years, but for many buyers, the math still doesn’t work,” said Phil Soper, CEO of Royal LePage. “As barriers to entry remain high in the country’s most expensive urban centres, relocating to a more affordable city is becoming less of a last resort and more of a deliberate strategy.”
Lethbridge tops affordability rankings
Lethbridge, Alberta, emerges as Canada’s most affordable city in Royal LePage’s analysis. There, mortgage payments represent just 18.9 percent of a household’s monthly income. The report lists an aggregate house price in Lethbridge of $338,700, with an average monthly mortgage payment of $1,520 and a provincial median household income of $96,600. These figures make it the most accessible market among the communities reviewed.
Saint John, New Brunswick, ranks second on the affordability list. The report cites an aggregate house price of $265,900 in Saint John, an average mortgage payment of $1,193 and a provincial household income of $73,000. Saint John displaced Thunder Bay, Ontario, which led last year’s ranking and now sits in third place.
Rounding out the top five are Red Deer, Alberta, and Regina, Saskatchewan. In each of these markets, households need to allocate no more than 25 percent of their income to cover mortgage costs, underscoring the relative affordability of several smaller urban centres compared with Canada’s largest cities.
Affordability improves in most markets
Royal LePage reviewed 62 Canadian cities between 2024 and 2026, and affordability improved in 61 of them. The most pronounced improvements occurred in higher-priced markets such as West Vancouver, Richmond, Markham, North Vancouver and Milton, where the share of household income required to service a mortgage declined significantly. This indicates that even some of the priciest markets are seeing easing pressure on buyers.
By contrast, markets that were already more affordable tended to show smaller improvements. Cities like Red Deer, Trois-Rivières, Thunder Bay and Sherbrooke each recorded income-to-mortgage declines of less than two percentage points. These modest shifts reflect slower changes among communities that already offered relatively accessible housing.
Quebec City was the sole market in the study where affordability deteriorated. There, the share of income needed to cover mortgage payments rose by 1.6 percentage points since 2024. The report notes Quebec City has seen the highest year-over-year aggregate price growth in the country for eight consecutive quarters, a trend that has put upward pressure on local housing costs.
Younger Canadians more open to relocating
The survey also reveals generational differences in willingness to relocate. Younger Canadians appear far more open to moving for affordability: 77 percent of Gen Z respondents and 56 percent of millennials said they would consider relocating to a more affordable city. That compares with 51 percent of Gen X respondents and 34 percent of baby boomers, indicating a clear generational tilt toward mobility among younger age groups.
Among respondents who said they would contemplate relocation, 55 percent cited a lower cost of living as a primary motivation. Other common reasons included a slower pace of life (42 percent) and the desire to live closer to nature or in less densely populated areas (41 percent). Respondents were allowed to select multiple motivations.
Location preferences varied by origin. Sherbrooke was the most popular destination among those currently living in the Montreal area, with 29 percent saying they would consider buying there. For respondents in both Toronto and Vancouver, Edmonton ranked as the top choice, cited by 16 percent and 18 percent respectively.
“Canadians are remarkably mobile in theory, but less so in practice,” Soper observed. “Many people dream about relocating to a more affordable city … yet the number that actually relocate is smaller.” The survey’s findings illustrate both the continuing appeal of more affordable housing markets and the practical obstacles that can limit actual moves, including job opportunities, family ties and lifestyle preferences.