54% of Canadians would consider moving cities to be able to afford a home, according to new research from finder.com. (File photo)

Kelowna ranks fifth in where Canadians will move to buy a home: study

‘The study suggests that the dream of homeownership is very much alive and well,’ said Finder’s editor

A study by Finder entitled Housing affordability in Canada found that 54 per cent of Canadians would consider moving cities to be able to afford a home.

And a good chunk of that 54 per cent would have Kelowna as a viable option.

Ranking fifth of the 22 cities included in the study, Kelowna was bested by only Ottawa, St. Catherines/Niagara, Halifax and Toronto.

By age, Kelowna was favoured mostly by the 55+ group, ranking as the third most popular city among 55 to 64-year-olds and the fourth most popular for those over the age of 65. Among younger groups Kelowna still ranked relatively high, placing sixth in the 25 to 34 age group and 10th for 45 to 54-year-olds.

Kelowna did not show up in the top 10 for people aged 18-24 or 35-44.

READ MORE: Parking price hike could free up spots in downtown Kelowna

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Kelowna is the most popular city for west coasters to move (19.66 per cent) and 2nd most popular for those in the prairie provinces (12.72 per cent).

“The number of Canadians willing to relocate to fulfill their goal of homeownership skyrockets among younger generations. Just under 70 per cent of millennials and 85 per cent of gen-Zers are open to moving cities,” said Angus Kidman, global-editor-in chief at Finder.

“However being willing to move somewhere and actually doing it are two different things. Those looking to buy outside of their city of residence need to consider house prices, their earning potential and the overall cost of living.”

“Just because a city is popular doesn’t necessarily mean it’s a great place to live. To avoid moving somewhere you’ll regret, consider renting beforehand to see if the areas you like are affordable and if it’s a good lifestyle fit for you.”

More information and the full study is available on Finder’s website.


@michaelrdrguez
michael.rodriguez@kelownacapnews.com

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