According to a new affordability report from Royal LePage, Canadians who live in major metropolitan areas are open to moving further away in pursuit of less expensive housing and a higher standard of living.
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The affordability report was based on results of a survey which asked homeowners and renters in the metropolitan areas of Vancouver, Montreal and Toronto, whether they might contemplate moving to regions of Canada that are more affordable if they could obtain work or work from home there. Half of the respondents answered affirmatively. Fifty-four percent of residents in the Montreal metropolitan area were open to making such a move, compared with 51% of residents in the Toronto metropolitan area and 45% of those living in the Vancouver metropolitan area.
The real estate industry has a famous saying: “Drive until you find something you can afford.” As housing becomes more expensive and Canadians face greater challenges to purchasing a home, this old saying applies to more people. There are many places in Canada, however, where housing and the cost of living are more affordable.
For people living in the Montreal metropolitan area, Quebec City was the top relocation choice, with 29% of survey participants willing to move there if they could work remotely or secure employment. By comparison, 19% of residents in the Vancouver and Toronto metropolitan areas preferred to relocate to Edmonton.
Aside from the appeal of more affordable housing prices, the report also noted that respondents are attracted by the potential for lowering daily expenses as well as getting a break from the busy urban lifestyle. According to the survey results, 57% said they would be willing to move in order to have a lower cost of living; 41% preferred to live in a less populated area and be closer to nature; and 40% cited the desire for a lifestyle that is more relaxed as their reason for possibly relocating.
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