A new report on the most affordable cities in Vancouver revealed the top spots folks would consider relocating to purchase a primary residence.
No city in B.C. was among the top 15 most affordable Canadian cities, according to a new report from Royal LePage that analyzed the cost of a primary residence.
The top 15 most affordable Canadian cities were from a combination of provinces, including Alberta, Ontario, and New Brunswick, and the data comes from the latest Most Affordable Canadian Cities Report.
According to a survey of Canadians living in the greater regions of Toronto, Montreal, and Vancouver, half of the respondents said they would consider buying a primary residence in one of the top 15 most affordable cities.
Lethbridge is the most affordable, followed by Saint John and Thunder Bay. In terms of larger markets, Edmonton and Winnipeg are also among the top 15 most affordable in Canada.
Royal LePage
Royal LePage found that among the Vancouver residents who would consider moving to one of these spots, the most favourable destinations were Edmonton (18 per cent), St John’s (12 per cent), Charlottetown (10 per cent) and Lethbridge (10 per cent).
Fewer Vancouver residents would consider relocating compared to other major markets.
Among the biggest Canadian cities, including the Greater Toronto Area, the Greater Montreal area, and the Greater Vancouver Area, folks in Toronto (55 per cent) and Montreal (48 per cent) say they’re more likely to relocate than Vancouver residents (46 per cent).
Royal LePage also did a generational breakdown, finding that Gen Z and Millennials are more likely to relocate to access more affordable housing compared to previous generations.
“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,” said Phil Soper, president and CEO, Royal LePage, in a release.
“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,” Soper said.
Soper added that while home prices in Canada’s largest cities have seen some moderation, the math still isn’t mathing for many buyers.
“Home values in Toronto and Vancouver have softened while cities such as Ottawa, Montreal and Regina have held their ground or continued to appreciate,” Soper said.
Despite no B.C. city being among the most affordable in Canada, 61 of 62 cities that were analyzed by Royal LePage between 2024 and 2026 saw affordability improve, including in Metro Vancouver.
“West Vancouver, Richmond, Markham, North Vancouver and Milton saw the largest decreases in the percentage of income required to service a monthly mortgage payment,” Royal LePage found.
If you live in Vancouver, is there a city that wasn’t mentioned where you’d consider relocating to for affordable housing?