4 Quebec Cities Ranked Among The Most Affordable Real Estate Markets In Canada
If you're one of the many Montrealers leaving the metropolis for another region, you might consider a move to Quebec City, Saguenay, Sherbrooke or Trois-Rivières. A recent report by Point2Homes ranked the four cities among the most affordable real estate markets in Canada in 2020.
The report, published on January 19, evaluated the percentage of income that homeowners in cities across Canada spend on their mortgage.
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12%
income share spent on mortgage in Quebec City
The four Quebec cities were among just 10 in the study where mortgages occupied less than 15% of household income: 12% in Quebec City, 12.4% in Saguenay, 12.7% in Sherbrooke and 14.5% in Trois-Rivières
The others were Halifax, Windsor, London, Oshawa, Winnipeg and Regina.
In Halifax, the percentage of income dedicated to a mortgage was only 10.8%.
In Montreal, meanwhile, the "share of income spent on mortgage" was 19% in 2020, according to the report.
As for the markets where mortgages take up the largest share of income, cities in Ontario and British Columbia dominated the list.
At the very top were Burnaby and Richmond, BC, where homeowners had to reserve 44.7% and 44% of their income, respectively, for their mortgage.
National trends aren't promising either.
The Point2Homes report says that the number of real estate markets it labels "unaffordable" more than doubled between 2010 and 2020 — from six to 16.