This Alberta city was named one of the most affordable in Canada
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A city in central Alberta has been crowned one of the most affordable in Canada, landing in the top three of the 15 cities studied.
According to a recent Royal LePage survey of Canadians living in the greater regions of Toronto, Montreal and Vancouver, conducted by Hill & Knowlton, half of
respondents say they would consider buying a property in one of Canada’s most
affordable Canadian cities if they were able to find a job or work remotely.
Royal LePage identified the 15 most affordable cities based on the percentage of income
required to service a monthly mortgage payment, using provincial median total household
income data and city-level aggregate home price data.
The mortgage calculation is based on a three-year fixed-term loan at 5.71%, amortized over 25 years with a 20% down payment.
One city in Alberta landed very high on the report, with Red Deer ranking third among the most affordable cities in Canada, and first in Alberta.
![](https://images.dailyhive.com/20240528092327/Screenshot-2024-05-28-at-9.43.14%E2%80%AFAM.png)
Royal LePage
In Red Deer, 25.7% of a household’s monthly income would be required to afford a mortgage.
Out of the 15 most affordable cities in Canada, two are in Alberta. Edmonton ranks fifth among the most affordable cities in the country, where 28.9% of a household’s monthly income would be required to service a mortgage payment. No city in BC landed a spot in the report.
Edmonton is the most popular relocation destination among respondents in the greater regions of Toronto and Vancouver.