Housing affordability has improved in Canada's priciest market, yet half of big city residents are still considering a move

• By Mike Heddle
• Posted Monday, Jun 29, 2026 9:47 am

Housing affordability has improved in Canada's priciest market, yet half of big city residents are still considering a move

Housing affordability has improved across many of Canada’s major cities in recent years, but for a growing number of urban residents, it may not be enough to stay put. For those living in the country’s largest and most expensive markets, relocating to a smaller city offers more than a lower mortgage payment – it represents a deliberate choice for a different way of life.

According to a recent Royal LePage^® survey of Canadians living in the greater regions of Toronto, Montreal and Vancouver, conducted by Burson,¹ half of respondents (51%) say they would consider buying a primary residence in one of Canada’s 15 most affordable cities, if they were able to find a job locally or work remotely. 

The survey found Sherbrooke is the most popular relocation destination among residents of the Greater Montreal Area; 29% of respondents say they would consider purchasing a primary residence in Sherbrooke if they were able to find a job locally or work remotely. Meanwhile, Edmonton is once again the top-ranking choice among respondents in the Greater Toronto Area (16%) and Greater Vancouver (18%). 

“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,” said Phil Soper, president and CEO, 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.”

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