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Or sign-in if you have an account.Quebec City had previously cracked the top 15 most affordable cities in 2024, but fell to 18th this time with an affordability factor of 32.4 per cent. 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Please try againPhil Soper, chief executive of Royal LePage, said the slow demand in the major cities such as Toronto, Vancouver and Montreal has people moving to affordable regions.“Over the past two years, home prices in Canada’s major urban centres — particularly Toronto, Vancouver and their surrounding communities — have softened, as demand in these higher-cost regions has been tempered by geopolitical and economic uncertainty, reduced immigration levels and an unprecedented increase in supply,” he said in the report. “At the same time, cities where home prices are lower have seen more robust demand as buyers seek an entry point into the market, pushing prices up as a result.”Overall affordability includes a number of factors, including cost of living and the local economy, both of which can greatly vary from one city to the next.Lethbridge, Alta., is the most affordable city in the country, with about 18.9 per cent of the average household’s monthly income required to service a mortgage payment.Saint John, N.B., came in second at 19.6 per cent, while Thunder Bay, Ont., at 20.3 per cent, Red Deer, Alta., at 24.9 per cent and Regina at 25 per cent rounded out the top five. Edmonton at 26.3 per cent and Winnipeg at 27.9 per cent also cracked the top 10.Quebec City had previously cracked the top 15 most affordable cities in 2024, but fell to 18th this time with an affordability factor of 32.4 per cent.It’s clear that secondary cities are offering the biggest deals at the moment and most prospective homebuyers are taking notice. More than half of the respondents to Royal Lepage’s survey would move to one of the 15 most affordable cities if they could find a job or work remotely.“Home prices in Canada’s largest cities have moderated over the past couple of years, but for many buyers, the math still doesn’t work,” Soper said. “As barriers to entry remain high in the country’s most expensive urban centres, relocating to a more affordable city is becoming less of a last resort and more of a deliberate strategy. Aspiring homeowners who cannot secure a foothold in these markets are seriously weighing their options.”Still, moving to a more affordable city may sound attractive in principle, it becomes much harder in reality.“Many people dream about relocating to a more affordable city or province, yet the number that actually relocate is smaller,” he said. “Career opportunities, family obligations and established social networks are powerful forces.”Sign up here to get Posthaste delivered straight to your inbox.Canada’s inflation rate hit 3.2 per cent in May, as high gas prices drove up overall inflation.Gas prices climbed 33.2 per cent in the month, as the war in Iran halted oil shipments along the Strait of Hormuz. The rise was the largest gain in gas prices since July 2022.While gas prices are the headliner, food prices also climbed 4.3 per cent in May, while shelter prices rose 1.7 per cent and air travel rose 7.4 per cent.The inflation figures now have economists expecting the Bank of Canada to hold interest rates at its next announcement.Today’s Data: U.S. ADP National Employment ReportToday’s earnings: FedEx Corp.When managing money through the years, sometimes the wealth extends beyond the money. For some, it may mean spending early in retirement to enjoy the golden years, or focusing on longevity. Ultimately, everyone’s desires are different and planning is unique to the individual. Read more here.Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country’s most important sectors.Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff and Bloomberg.Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? 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