Half of big-city Canadians would move for lower costs

Madison Stewart • 24/06/2026 • 3 min read

With Canadian housing costs remaining high, over half of residents in Toronto, Montreal, and Vancouver consider moving to more affordable cities.

Half of big-city Canadians would move for lower costs - canadian housing costs — Half of big-city Canadians would move for lower costs

House prices may be falling in many of Canada’s most expensive markets, but that hasn’t stopped roughly half of residents in the country’s three largest metro areas from thinking about a move elsewhere, according to a new Royal LePage survey.

The survey of 900 Canadians, conducted by Burson, found 55 per cent of respondents in the Greater Toronto Area, 48 per cent in the Greater Montreal Area and 46 per cent in Greater Vancouver would consider relocating to one of Canada’s 15 most affordable cities if they could find local employment or continue working remotely.

“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. He added that as barriers to entry remain high in expensive urban centres, moving to a more affordable city is becoming less of a last resort and more of a deliberate strategy.

Lethbridge tops affordability rankings

Lethbridge, Alta., ranked as Canada’s most affordable city, with 18.9 per cent of a household’s monthly income needed to service a mortgage payment. The aggregate house price there is $338,700, with an average mortgage payment of $1,520 and a provincial median household income of $96,600.

Saint John, N.B., came in second with an aggregate house price of $265,900, average mortgage payment of $1,193 and a provincial household income of $73,000. The city displaced Thunder Bay, Ont., which topped last year’s ranking and now sits in third place. Red Deer, Alta., and Regina, Sask., rounded out the top five, with each requiring no more than 25 per cent of household income to cover mortgage costs.

Affordability improves in most markets

Of the 62 Canadian cities Royal LePage analyzed between 2024 and 2026, 61 saw affordability improve. The largest gains were recorded in higher-priced markets, including West Vancouver, Richmond, Markham, North Vancouver and Milton, where the share of income needed to service a mortgage declined the most.

Markets that were already relatively affordable posted more modest improvements. In Red Deer, Trois-Rivières, Thunder Bay and Sherbrooke, the income required to service a mortgage fell by less than two percentage points.

Quebec City was the only market where affordability deteriorated, with the share of income needed for mortgage payments rising 1.6 percentage points since 2024. The city has recorded the highest year-over-year aggregate price growth in the country for eight consecutive quarters.

Younger Canadians more open to relocating

Younger respondents were significantly more open to the idea of relocating for a lower cost of living. Seventy-seven per cent of Gen Z respondents and 56 per cent of millennials said they would consider relocating, compared with 51 per cent of Gen X respondents and 34 per cent of baby boomers.

Among those open to relocating, 55 per cent cited a lower cost of living as a key reason. Another 42 per cent pointed to a slower pace of life, while 41 per cent said they were drawn to the prospect of living closer to nature and in a less densely populated area. Respondents could select more than one answer.

Sherbrooke was the most popular destination among respondents from the Montreal area, with 29 per cent saying they would consider buying there. Edmonton topped the list for respondents in both Toronto (16 per cent) and Vancouver (18 per cent).

“Canadians are remarkably mobile in theory, but less so in practice,” Soper said. “Many people dream about relocating to a more affordable city … yet the number that actually relocate is smaller.”