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Thunder Bay tops list of most affordable cities in Canada

By Chloe Hannan May 31, 2024 | 5:00 AM

Mark Moz / CC

Thunder Bay is voted as Canada’s most affordable city to live in.

The Royal LePage study identified the 15 most affordable Canadian cities, Thunder Bay placing first.

People in Thunder Bay have an average household income of $84,400 and an average monthly mortgage payment of $1563.25, based on a 3-year fixed term of 5.7 per cent over 25 years.

This makes it more affordable than places like Saint John, N.B., and Red Deer, A.B.

The survey found 50 per cent of Canadians living in greater regions of Toronto, Montreal and Vancouver would consider moving to a more affordable Canadian city.

Aside from cheaper housing, a lower cost of living is the most popular reason to consider relocating, followed by a desire for proximity to nature and a more relaxed lifestyle.

A sales representative and partner at Royal LePage, Nathan Lawrence, says in the report that Thunder Bay provides all of the above.

“Thunder Bay offers the best of both worlds – small city feel with a low cost of living and proximity to nature. For decades, the local housing market had been fairly stable, with moderate population growth keeping prices low,” says Lawrence.

Respondents in the Greater Toronto Area say their top choices are Edmonton, Thunder Bay and St. John’s.