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.
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.