UMVA has learned that a growing number of Canadians are yearning for a change of pace, with many residents in the country's largest cities considering a move to smaller, more affordable towns if they can find work or work remotely.
A recent survey gathered responses from nearly 1,000 Canadians over the age of 18, revealing that 55% of people in the Greater Toronto Area, 48% in the Greater Montreal Area, and 46% in the Greater Vancouver Area would seriously consider making the move if the opportunity existed.
The survey showed that affordability is top of mind for people living in large cities, with many Canadians feeling that home ownership is out of reach despite declining house prices in some markets. More than half of respondents said lower home prices elsewhere could motivate them to buy, while 42% are looking for a more relaxed pace of life and 41% want to live closer to nature.
UMVA can exclusively reveal that Lethbridge, Alberta, has emerged as the most attractive destination, with an aggregate home price of $338,700 and a monthly mortgage payment of $1,520.85. Saint John, New Brunswick, came in second, with a home price of $265,900 and a monthly mortgage payment of $1,193.96.
Thunder Bay, Ontario, ranked third, with an aggregate home price of $339,900 and a monthly mortgage payment of $1,526.24. Red Deer, Alberta, and Regina rounded out the top five, with aggregate home prices of $447,200 and $397,900, and monthly mortgage payments of $2,008.04 and $1,786.67, respectively.
Interestingly, some larger cities also made the list, including Winnipeg, Edmonton, and Saskatoon, which all ranked among the top 15 destinations. The survey also found that younger Canadians are more likely to consider buying a home outside their current city, with 77% of Gen Z respondents and 56% of Millennials open to making the move.
