A new Royal LePage survey has found that half of Canadians living in the Greater Toronto, Vancouver and Montreal areas would consider buying a home in a more affordable city, with Edmonton ranking as the most popular destination for Toronto and Vancouver residents.
Thunder Bay, Ont. topped the list in terms of being the most affordable city in Canada to purchase a home, based on the percentage of household monthly income required to service a monthly mortgage payment . Royal LePage used provincial median household income data and aggregate home prices for its analysis, and calculated mortgage payments using a three-year, fixed-term mortgage rate of 5.71 per cent, amortized over 25 years with a 20 per cent down payment.Saint John, N.B.
“There’s an old saying in real estate, ‘drive until you qualify.’ As housing affordability continues to deteriorate and Canadians face increasingly higher barriers to entry when buying a home, this adage is becoming more of a reality,” Royal LePage’s chief operating officer Karen Yolevski said in a statement.“Many aspiring homeowners in the country’s largest and priciest urban centres are seriously considering relocating to less expensive cities in order to get a foot on the property ladder.
Russia's economy is so driven by the war in Ukraine that it cannot afford to either win or lose, economist saysWith Canada's youth unemployment rate hitting its highest level since 2016 this spring and Toronto's number coming in above that national average, some young people say they're having a hard time finding work.