A recent study by real estate firm Royal LePage has identified the 15 most affordable cities in Canada, and more than 50 percent of Canadians say they are open to the idea of moving to one of them.
The real estate firm lists Lethbridge, Alta., as Canada’s most affordable city. It took the top spot from Thunder Bay, Ont., which dropped to third on this year’s list.
Lethbridge has an average home price of $338,700 and a monthly mortgage payment of $1,520.85, which accounts for 18.9 percent of the province’s median household monthly income.
Thunder Bay now has an affordability factor of 20.3 percent, slightly below Saint John, N.B., which holds second place with 19.6 percent….