4 Quebec cities were named among the most affordable in Canada — Here's who beat Montreal

Real estate company Royal LePage has released a new report revealing Canada's 15 most affordable cities — and four of them are in Quebec.

In this case, when we say "affordable," we're talking specifically about home ownership with the study accounting for the percentage of income you'd need to service a monthly mortgage payment and home price data.

According to those factors, the country's most wallet-friendly place to live is actually in Ontario. Montreal not only didn't make the cut, but a survey showed that more than half of Greater Montreal residents would consider leaving Montreal to buy a house in a more affordable part of the country.

So, which Canadian cities beat out Montreal for the title of "most affordable"? And which city in Quebec are 29% of Montrealers possibly willing to move to?

Here's a list of the top 15 most affordable Canadian cities from most affordable to least affordable:

1. Thunder Bay, Ontario
2. Saint John, New Brunswick
3. Red Deer, Alberta
4. Trois-Rivières, Quebec
5. Edmonton, Alberta
6. Regina, Saskatchewan
7. St. John's, Newfoundland
8. Quebec City, Quebec
9. Sherbrooke, Quebec
10. Winnipeg, Manitoba
11. Fredericton, New Brunswick
12. Saskatoon, Saskatchewan
13. Windsor - Essex, Ontario
14. Charlottetown, Prince Edward Island
15. Gatineau, Quebec

There are benefits to life in Thunder Bay. Located along Lake Superior, it's known as one of Canada's greatest outdoor cities, and is home to the largest Finnish population outside of Finland per-capita (hello saunas and salted liquorice). But you may be less inclined to fantasize about its notably high homicide rate and reputation as Canada's hate crime capital.

In terms of Quebec, Trois-Rivières topped the list, coming in fourth place with an aggregate home price of $339,300 ($1,771.21 per month).

By the way, the median total household income in Quebec in 2022 was $74,000 so these figures assume your household brings in that much money per year.

The other Quebec cities that made the list are Quebec City in eighth place, Sherbrooke in ninth and Gatineau in 15th.

Of the 54% of Greater Montreal residents who said they would be inclined to purchase a home in a more affordable city, the top choice for relocation was Quebec City. Twenty-nine percent of Montreal-area respondents said they would consider buying a home in Quebec City if they were able to find a job or work remotely.

This was followed by Sherbrooke (15%) and Trois-Rivières (12%).

"Canada’s largest cities have much to offer, from diverse employment opportunities, to endless entertainment options and amenities. Around the world, people continue to gravitate to major cities and the lifestyle they provide. Regardless of how many residents choose to relocate elsewhere, there will always be a strong demand for housing in the cities of Toronto, Montreal and Vancouver, both from locals and newcomers," said Karen Yolevski, Royal LePage Real Estate Services Ltd.'s chief operating officer, in the report.

"However, the fundamental supply-demand imbalance poses a major challenge for those attempting to access these markets, underscoring the crucial need to build more homes faster in markets of all sizes."

You can check out the press release and the full report here.

This article's cover image was used for illustrative purposes only.