The most affordable cities to buy a home in Canada based on your income
If you’re contemplating moving due to sky-high housing prices in big Canadian cities, a new report could help you make the decision.
Royal LePage released its 2026 Most Affordable Canadian Cities report on Tuesday, ranking 15 of Canada’s most affordable cities based on the percentage of income required to make a monthly mortgage payment.
The real estate company used 2024 Statistics Canada data of provincial median total income of economic families and individuals, and city-level aggregate home price data from the Royal LePage Q1 2026 House Price Survey.
Lethbridge, Alta., got first place on the list, where 18.9 per cent of a household’s monthly income would be required to make a mortgage payment. The provincial median total household income is $96,900. According to the report, the aggregate price of homes in Lethbridge in 2026 is $338,700, and a monthly mortgage payment would be $1,520.85.
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Saint John follows behind in second place, requiring 19.6 per cent of a household’s monthly income to make a mortgage payment. Its provincial median total household income is $73,000. Royal LePage found that the aggregate price of homes in the Atlantic city is $265,900, and a monthly mortgage payment would be $1,193.96.
Thunder Bay, Ont., dropped to the third spot from first in 2024. With a provincial median total household income of $90,200, it requires 20.3 per cent of a household’s monthly income to make a mortgage payment. The aggregate home price in Thunder Bay in 2026 is $339,900, and the monthly mortgage payment would be $1,526.24.
The ranking also includes Edmonton, Winnipeg, Saskatoon, and Sherbrook, Que.
The report noted that no cities in British Columbia cracked the top 15 list of most affordable cities in Canada, “reflecting the high cost of home ownership in the province, relative to the rest of the country.”
Royal LePage
Which affordable cities are Canadians considering moving to?
Royal LePage also commissioned Burson to survey Canadians living in the greater regions of Toronto, Montreal, and Vancouver about whether they would relocate to one of the 15 most affordable cities in the country.
The survey found that half of the respondents (51 per cent) say they would consider buying a primary residence in one of Canada’s most affordable cities, if they were able to find a job locally or work 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,” stated Phil Soper, president and CEO of Royal LePage.
“As barriers to entry remain high in the country’s most expensive urban centres, relocating to a more affordable city is becoming less of a last resort and more of a deliberate strategy. Aspiring homeowners who cannot secure a foothold in these markets are seriously weighing their options, and renters — unburdened by existing roots — are more likely to make that move than established homeowners.”
According to the survey, Sherbrooke is the most popular relocation destination among Montreal residents, with 29 per cent of respondents saying they would consider buying a home there if they were able to find a job locally or work remotely.
Sherbrooke, Que.(Habanero Pixel/Shutterstock)
Royal LePage found that Edmonton is once again the top choice for respondents from Toronto and Vancouver.
“Canadians are remarkably mobile in theory, but less so in practice,” noted Soper.
“Many people dream about relocating to a more affordable city or province, yet the number that actually relocate is smaller. Career opportunities, family obligations, and established social networks are powerful forces. Still, as housing affordability challenges persist in the country’s largest urban centres, more buyers are widening their search and seriously evaluating markets they may never have considered just a few years ago.”
The survey found that 55 per cent of all respondents who said that they would consider relocating stated a lower cost of living as the main incentive to buy a home in one of the most affordable cities.
Would you move to any of the top 15 most affordable places in Canada? If so, let us know where in the comments.