Half of GTA Residents Consider Moving to More Affordable Canadian Cities Survey Finds

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About half of Greater Toronto Area (GTA) residents are considering relocating to more affordable cities in Canada to buy property, as revealed by a new survey. The survey, which included 900 Canadians aged 18 and older from the country's three largest urban centers, indicated that approximately 50% of respondents would consider moving if they could secure employment or work remotely. Renters showed a higher willingness to relocate, with about 60% open to the idea, compared to 45% of current homeowners.

Among GTA residents, Edmonton emerged as the most popular relocation option, with 19% considering a move there. Thunder Bay and St. John's were also notable options, with 15% and 14% of respondents respectively expressing interest in these cities. Karen Yolevski, COO of a real estate services company, noted that the desire for a more affordable lifestyle, coupled with the benefits of lower everyday expenses and a less hectic environment, has been a significant driver of this trend. This shift towards smaller, more affordable communities began before the pandemic but gained momentum during the real estate boom of 2020 and 2021.

The survey highlighted 15 of Canada’s most affordable cities based on the income percentage needed for monthly mortgage payments. Thunder Bay was deemed the most affordable, followed by Saint John, Red Deer, Trois-Rivières, and Edmonton. Only two Ontario cities, Thunder Bay and Windsor-Essex, made it to the list. Yolevski emphasized the increasing relevance of the real estate adage "drive until you qualify," as more Canadians in expensive urban areas consider moving to less costly cities to enter the housing market.

Read the full article on: CP24