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Real Estate News: BC fails to make city's affordability list

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A new list of Canada's most affordable cities has been released and not a single community in British Columbia made it into the top 15.

Royal LePage compiled a report and collected data from coast to coast and found that Quebec City and Edmonton are the most popular choices for relocation, due in part to the lower cost of living.

The report shows that 45 percent of Greater Vancouver residents would consider moving to Alberta's capital.

The cheapest market in the country is Thunder Bay, Ontario, where the average home price is $299,300. The mortgage payment would require 22.2 percent of a household's monthly income.

Saint John, Red Deer, Tros-Rivières and Edmonton all made it into the top five, with the required share of household income ranging between 25.1 percent and 28.9 percent.

According to Royal LePage, Kelowna turned out to be the cheapest city in British Columbia, with mortgage payments amounting to 62.9 percent of the average monthly income.

The second cheapest city is Abbotsford with 72.2 percent.

“We see in British Columbia, and particularly in Vancouver, there are natural geographic constraints because of the mountains and the ocean. There is less space for housing and a tremendous number of people who want a home. So we can't build fast enough, we're not building enough,” said Karen Yolevksi, COO of Royal LePage.

Despite the high cost of housing, Royal LePage found that people from the Greater Vancouver area are the most likely to want to stay there, at 46 percent, compared to 40 percent in the Greater Montreal area and 37 percent in the Greater Toronto area, and would not consider moving to any of the most affordable cities on the list.