I think it’s safe to say we’re all looking to save some money when it comes to the cost of living these days. Using its own collected data, Royal LePage identified the 15 most affordable Canadian cities to live and here’s where they are!
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According to Royal LePage, it identified the most affordable Canadian 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 number one most affordable city is in northern Ontario, Thunder Bay, where 22.2 percent of a household’s monthly income would be required to service a mortgage payment.
The one other Ontario city on the most affordable Canadian cities list sits at number 13, Windsor-Essex.
Royal LePage adds, “Saint John, Red Deer, Trois-Rivières and Edmonton round out the top five, where between 25.1 and 28.9 percent of a household’s monthly income is needed to service a mortgage payment.”
“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,” says Karen Yolevski, COO, Royal LePage Real Estate Services Ltd.
Would you relocate to any of these Canadian cities to save some money?