Canadians living in the country’s largest urban centres, such as Toronto and Vancouver, face some of the highest real estate prices nationwide, making home ownership increasingly challenging. However, the post-pandemic rise of remote working has made relocating to smaller and more affordable cities a viable option. As the cost of living continues to rise, many urban dwellers are considering a move to other urban centres, with one city in Western Canada standing out as a top choice.
According to a recent Royal LePage survey conducted by Hill & Knowlton, Edmonton is the leading destination for residents of Toronto and Vancouver seeking affordable home ownership. The survey found that 51% of respondents in the Greater Toronto Area (GTA) and 45% in Greater Vancouver would consider purchasing a home in a more affordable city if they could find a job or work remotely. Edmonton topped the list for both groups, with 19% of GTA respondents and 19% of Greater Vancouver respondents naming it as their preferred affordable city.
In the Greater Montreal Area, 54% of respondents expressed interest in purchasing a home in a more affordable city, with Quebec City (29%), Sherbrooke (15%), and Trois-Rivières (12%) being the top choices.
Among the 15 most affordable cities in Canada identified by Royal LePage, two are in Alberta. Edmonton ranks fifth in affordability, requiring 28.9% of a household’s monthly income to service a mortgage payment. Red Deer, another Alberta city, ranks third nationally and first in the province, with 25.7% of monthly income required for mortgage payments.
“When shopping for a home, your dollars stretch farther in Edmonton than in most large urban centres in Canada. “Although our housing supply has historically been plentiful, helping to keep property prices stable, this has changed since the onset of the pandemic. Edmonton’s affordability has drawn many to the city, leading to increased demand and upward price pressure.”
Interprovincial migration to Edmonton has surged since before the pandemic, with many new residents coming from Ontario and British Columbia. This influx includes young families seeking affordable living and retirees looking to reduce their cost of living.
“As Canadians look to escape congestion and seven-figure home prices, Edmonton will remain top of mind for many homebuyers willing to relocate,” With approximately 100,000 people projected to move to the city within the next few years, home prices are expected to rise, yet remain relatively affordable.
Conclusion
Edmonton’s combination of affordability, quality of life, and growing demand makes it an attractive destination for those looking to purchase a home. Whether you’re a young professional, a family, or a retiree, Edmonton offers a promising future for homebuyers. As remote work continues to enable greater flexibility, more Canadians will likely consider Edmonton as their next home.