Lethbridge has been ranked as Canada’s most affordable city for homebuyers, according to a new housing affordability report.
A Royal LePage survey found just over half of respondents in the Toronto, Montreal and Vancouver regions would consider moving to a more affordable Canadian city if employment opportunities or remote-work arrangements were available.
The report found households in Lethbridge require 18.9 per cent of their monthly income to cover mortgage payments, the lowest share among the cities examined. Saint John, N.B., Thunder Bay, Ont., Red Deer, and Regina rounded out the top five. In each of those markets, mortgage costs account for one-quarter or less of a typical household’s monthly income.
In a social media post, Mayor Blaine Hyggen said, “Lethbridge leading the way!”
“This recognition doesn’t happen by chance. It reflects the ongoing, collaborative work of City Administration and Council to ensure Lethbridge grows in a thoughtful, sustainable way,” Hyggen wrote. “By planning for steady population growth, supporting housing development, and balancing affordability with quality of life, our community continues to stand out as a place where people can truly put down roots.”
He added the city is also proving that homebuyers do not need to compromise on opportunity or affordability.
Royal LePage said the findings suggest smaller and mid-sized communities continue to attract interest from buyers seeking alternatives to higher-priced housing markets in Canada’s largest cities.
The survey focused on residents of the Toronto, Montreal and Vancouver regions, where housing affordability continues to be a challenge for many people looking to enter the market.
