People looking to escape Toronto prices most likely to move to this cheap Ontario city

With houses and condos in the Toronto area not getting any cheaper despite high interest rates, a tough economy, and plummeting sales numbers, people in the region are setting their sights elsewhere to fulfill their dream of home ownership.

Many took the opportunity to flee the city or the province at large over the pandemic months in a trend that has continued — especially for young people and immigrants.

While small towns with cheaper real estate are attractive, the GTA's sky-high prices have leaked to surrounding markets, too. And, for those who want to hold onto the city life, there are still countless options that are more economical than any Toronto area locales.

This should not be surprising to anyone. Toronto has become a playground for the rich. Sad.

— Julie Hunt (@JulieHu10201560) February 6, 2024

According to a new survey from realty giant Royal LePage, more than half of people currently living in the GTA — a whopping 51 per cent — would still consider buying property in more affordable places elsewhere in Canada if they were confident they could find a job there.

(This is compared to a far less 45 per cent in Vancouver, despite that city being even more expensive than T.O.)

And where would their ideal move within Canada be? Most said Edmonton (19 per cent) due to its ultra-low cost of living. With an average home price of just $442,200 and a median household income of $95,900, the Alberta city is the fifth most-affordable in Canada for real estate as of the first quarter of this year.

Second on the list was Thunder Bay (15 per cent), which is a much closer and also inexpensive option: homes in the northern Ontario city are only $299,300, on average, while the median household income is $84,400, making it the most cost-effective place analyzed by Royal LePage for its recent Most Affordable Canadian Cities Report.

A total of 14 per cent of respondents from the Toronto area also indicated St. John's, Newfoundland as a feasible option for a move — the company found home prices there to be around only $342,200 compared to a median income of $71,000, making it the seventh cheapest city on the list.

To expensive to live here !

— Terrance (@TerryMc00105607) December 23, 2023

Based on these findings, for those intent on sticking within Ontario, affordability really does trump proximity to Toronto, as Thunder Bay is a staggering 15 hour drive from the downtown core versus a more expensive (but still more reasonable than T.O.) place like London or Windsor-Essex.