Edmonton is the top choice for Vancouver and Toronto residents who are thinking about relocating, although the ease of doing so is shrinking, according to a new report.
The data comes from Royal LePage’s most recent survey of people in the greater regions of Toronto, Montreal and Vancouver, markets where affordability is a serious barrier to home ownership.
More than half of respondents said they would consider buying a home in one of the country’s 15 most affordable cities, ranked according to the percentage of a household’s monthly income that would be required for a mortgage payment. Lethbridge topped the list while Red Deer came in fourth and Edmonton came in seventh.
Among those who entertain the idea of moving across the country, 16 per cent of survey respondents from the Greater Toronto Area (GTA) and and 18 per cent of survey respondents from Greater Vancouver said Alberta’s capital is their top pick.
Royal LePage says Edmonton remains attractive because it is more affordable than Calgary, but still offers a balance of city life and outdoors, with its expansive river valley.
However, making the move is dependent on finding work locally or remotely, the real estate company reported.
“Younger Canadians – often less anchored to one community in particular – are well-positioned to make the move to another city or province, with the flexibility to put down roots where housing is more attainable. What has shifted, however, is the ease of doing so,” noted Royal LePage president and CEO Phil Soper on Tuesday, when the data was released.
“The remote work era gave buyers the freedom to live anywhere while earning a competitive wage. As more workers return to the office, that freedom is becoming harder to come by.”
In total, 77 per cent of Gen Z respondents and 56 per cent of millennials would consider moving for work, compared to 51 per cent of Gen X and 34 per cent of baby boomers.
GTA residents are more likely to consider reclocating than Greater Vancouver residents: 55 per cent compared to 46 per cent.
Meanwhile, Montrealers are most likely to consider moving to Sherbrooke, Que.
