RMAX RE MAX Holdings Inc

Affordability continues to rank high, while proximity to work and walkability decline in liveability criteria most important to Canadians, post-pandemic

• Belonging and peace of mind in their neighbourhoods are more important now than 3-5 years ago for the majority of Canadians (69 per cent)
• Nearly half of Canadians (46 per cent) feel diversity and inclusion in their neighbourhood are more important now, than ever before
• Some of the top neighbourhoods for liveability are Downtown West End, Calgary; Daniel Macintyre, Winnipeg; and Oliver/Wîhkwêntôwin, Edmonton

TORONTO, July 10, 2024 /CNW/ -- Canadians love their neighbourhoods, according to RE/MAX's 2024 Liveability Report*, with the majority (86 per cent) saying they like the quality of life and liveability* they offer, and 50 per cent liking it a lot. Cities in Prairie provinces, such as Alberta and Manitoba, overwhelmingly top the list, with some of the most liveable neighbourhoods in Canada. Not surprisingly, the relative affordability of these regions is boosting their liveability ranking, combined with access to amenities such as green spaces, restaurants, coffee shops, schools, health services, and cultural and art spaces.  

According to a Leger survey commissioned by RE/MAX Canada as part of the report, in the next three to five years, 24 per cent of respondents believe the liveability level of their neighbourhood will improve, 55 per cent believe it will hold steady and 15 per cent believe it will decline.

The Liveability Report explores the neighbourhood qualities that resonate most with Canadians and determines the best neighbourhoods according to those criteria, nationally. RE/MAX partnered with Montreal-based data analytics company Local Logic¹  to compile the lists of neighbourhoods within some of Canada's biggest and growing real estate markets, based on liveability factors that Canadians said were most important to them in the Leger survey: affordability, proximity to work, easily walkable, access to green spaces and parks, proximity to health or medical services, low-density neighbourhoods, proximity to public transit, easily driveable, proximity to preferred childcare/schools, access to bike lanes/walking paths, a neighbourhood with diverse cultures and ethnicities, and high-density neighbourhoods.

Shifts in Liveability Preferences

In comparing the 2024 Liveability Report findings to the previously published 2020 Liveability Report, significant social, political and cultural changes have influenced and altered Canadians' criteria for liveability since the onset of the COVID-19 pandemic.

In 2024, the #1 most-important liveability factors named by Canadians include affordability (44 per cent), neighbourhood safety (10 per cent), walkability and age of home (each six per cent).

Among Canadians, important liveability factors include neighbourhood safety (34 per cent), a new addition to the 2024 list, which took the second spot from easily walkable, which was a high-priority before the pandemic (37 per cent, 2020 survey). Similarly, age of home, another new criterion added to the 2024 survey (23 per cent, 2024 survey), overtook fourth place from low-density neighbourhoods (30 per cent, 2020 survey). Affordability continues to be a major consideration for Canadians when choosing a neighbourhood to live in, but major changes in 2024 liveability include the decline in the importance of proximity to work (25 per cent in 2024, down from 34 per cent in 2020) and walkability (20 per cent in 2024, down from 37 per cent in 2020).

"Quality of life continues to be an important consideration for Canadians when choosing a place to live. Our survey shows that many have found a place they love, but we also know that ongoing affordability crises and housing shortages are severely impacting many Canadians and have become a barrier to home ownership in regions across the country," says Christopher Alexander, President of RE/MAX Canada. "By rethinking design, relevant government policies and zoning bylaws as applicable in existing and new neighbourhoods, we can achieve a more effective and comprehensive national housing strategy, that supports long-term liveability and greater affordability for Canadians."

In comparing the liveability criteria of neighbourhoods in 20 of Canada's biggest cities, the following neighbourhoods ranked as some of the top in the country:

Neighbourhood safety was not part of the Local Logic scores and therefore this criterion was not considered in the ranking. As a result, these lists were also vetted by RE/MAX brokers and agents to supplement with additional insights based on their neighbourhood expertise. Like any homebuyer, it's important to conduct thorough research on a new neighbourhood and work closely with professional real estate brokers and agents who have a deep understanding of what makes a 'liveable' neighbourhood and how to find one that best suits their buyers' needs.

"When searching for a home, homebuyers may need to make certain concessions to their personal liveability criteria to get the most of what they deem important in a neighbourhood, in addition to what they can purchase within their means," continues Alexander. "This is true, not just for first-time home buyers, but for all buyers, especially as affordability continues to be top-of-mind for many Canadians. That's why working with a professional realtor who can help navigate the market for what's realistic and advise on what neighbourhoods best suit the needs of the buyer is key. They also act as a local guide, shedding light on the ins-and-outs of different neighbourhoods and how they fit within one's goals."

In Greater Montreal, Metro Vancouver, and Greater Toronto, the most livable neighbourhoods are often concentrated in the metropolitan center (e.g., Montreal, Vancouver, and Toronto proper). These neighbourhoods were often developed before cars were introduced, and therefore, were designed to be more walkable. Given this, they tend to rank high on overall liveability but fall short when it comes to affordability.

On the other hand, metropolitan areas in the Prairies tend to be the most affordable in Canada, meaning they have high salaries compared to the cost of housing. Given that affordability was a highly rated criterion identified by respondents to the Leger survey, they rank higher on overall liveability.

Canadian Homebuyer Lifestyles

As part of the report, RE/MAX also ranked a list of neighbourhoods that are best suited to specific lifestyles. These lifestyle categories were developed based on a subjective ranking of factors that are deemed important to different types of Canadians (ex: city dwellers with kids or foodies). Location scores provided by Local Logic were leveraged to determine the top neighbourhoods in Canada for each lifestyle and vetted by local RE/MAX brokers and agents for accuracy, based on these liveability factors.

The ten Canadian homebuyer lifestyles developed for the report include**:

"Finding a home is an incredibly personal process. Everyone's definition of 'liveability' is different," says Vincent Charles-Hodder, co-founder and CEO of Local Logic. "For almost ten years, we have empowered Canadians with powerful location scores that nail down highly personal preferences and narrow down the neighbourhoods that perfectly match their definition of 'liveability.' Then, they can explore these locations first-hand to determine whether they are the right place to live."

According to Local Logic's data:

• Winnipeg has some of the highest numbers of neighbourhoods that ranked "best" for city lovers with no kids and tied with Edmonton for first-time homebuyers and suburban/move-up buyers, demonstrating the high liveability of these prairie cities.
• When it comes to proximity to arts and culture, Montreal, one of Canada's designated cultural epicentres, tops the list of neighbourhoods best for this buyer lifestyle; however, when taking into consideration affordability and walkability, Winnipeg neighbourhoods like Corydon and West End, as well as Calgary's Downtown West End, also ranked on the top 10 list for this homebuyer type.
• For luxury seekers, neighbourhoods in Toronto, Montreal and Vancouver unsurprisingly took all top 10 spots, due to these regions' pricier real estate options compared to other cities. Meanwhile, retirees are enjoying their lifestyle in more regionally diverse neighbourhoods like Regina, Winnipeg, Montreal, Calgary and Edmonton, landing in the top 10.
• There is also more geographic diversity when it comes to the best neighbourhoods for climate-conscious buyers, with neighbourhoods in Vancouver, Toronto, Ottawa and Montreal topping this list.
• For the health and wellness seeker, the best neighbourhoods are overwhelmingly situated within Calgary, Edmonton and Montreal.

Regional Deep-Dive²

RE/MAX brokers and agents across Canada were asked to evaluate their city's neighbourhoods on a set of liveability criteria, including availability of public transit, walkability and housing supply, among other factors. Below, is a deep-dive into each region including the most liveable neighbourhoods identified by Local Logic, supplemented by broker insights and the most up-and-coming regions, identified by RE/MAX brokers.

British Columbia

According to Local Logic and broker data, some of the top neighbourhoods in British Columbia include: Fairfield, Victoria; Chinatown, Vancouver; and Springfield/Spall, Kelowna. All three neighbourhoods are high-density, relatively affordable and offer great access to dining, shops and transit, aligning well with the liveability criteria outlined by the Leger survey.

RE/MAX brokers and agents in BC were also asked to share the "hottest" neighbourhood(s) in each region, the ones buyers are "eager" to get into. Kitsilano was identified in the Greater Vancouver Area because of its in-demand price point, desirable homes, great location, and sense of community, with everything you need nearby – including a beach. In Victoria, Royal Bay, a master-planned community, is growing in popularity because of its newer homes including detached homes with suites, townhomes and condos. Like Kitsilano, the neighbourhood's proximity to a new retail site with shops, banks and cafes - and the beach – make it one of the hottest neighbourhoods in Victoria. In Kelowna, the hottest neighbourhood is Kelowna South because of its proximity to shopping, amenities, and Okanagan Lake within walking distance.

According to RE/MAX brokers and agents based in BC, much in line with the Leger data, affordability ranked as the top liveability criteria among homebuyers, followed by accessibility and walkability, access to amenities/downtown and greenspace. Pollution, wildfires and natural disasters were also listed as top liveability concerns for buyers in Vancouver, Kelowna and Victoria.

The Prairies
Three Prairie neighbourhoods ranked as some of the top neighbourhoods in Canada, according to data from Local Logic, supplemented with broker insights. These regions include Calgary's Downtown West End, Daniel McIntyre in Winnipeg, and Oliver/Wîhkwêntôwin in Edmonton. These neighbourhoods are affordable, have a diverse population, and are within proximity to transit, downtown cores, and public amenities such as parks and art galleries.

Likewise, RE/MAX brokers and agents shared their top picks for the "hottest" neighbourhood(s) in each city. In Winnipeg, four neighbourhoods were identified based on year-to-date sales data: Waverly West, Canterbury Park, Island Lakes/Royalwood and Devonshire Village. These neighbourhoods are family-oriented and offer newly constructed homes and a mix of condominiums. They're also within walking/biking distance of excellent amenities and independent retailers and services.

When it comes to some of Calgary's hottest neighbourhoods, Calgary's West Side is a great choice, according to the RE/MAX broker in the region. Neighbourhoods like Discovery Ridge, Aspen, and Springbank Hill continue to excel in terms of appreciation value and sport the highest average price. Likewise, Calgary neighbourhoods like Seton, Mahogany, and Cranston have it all, from lots of parks, shopping, new recreation centers, and easy access to everywhere in Calgary with the C-train and Stoney trail nearby.

The RE/MAX broker in Edmonton named its Summerside neighbourhood, a man-made lake community, as one of its hottest neighbourhoods, followed by the City of St. Albert suburb and Jensen Lakes, another man-made lake community similar to Summerside.

In Saskatoon, four neighbourhoods were identified given their price point for family homes and proximity to schools: Brighton, Nutana, Silverspring, and River Heights.

According to RE/MAX brokers and agents, the top three liveability qualities among homebuyers in Winnipeg, Calgary, Edmonton and Saskatoon are: affordability, safety or low crime rate and walkability to schools, parks or other amenities.

Ontario

Some of the top "most liveable" neighbourhoods in Ontario, according to the Local Logic data, and supplemented by broker insights, are Old Town, Toronto, Corktown, Hamilton and Sandy Hill, Ottawa. It's worth noting these neighbourhoods are generally located within older, established areas, with high walkability scores.

Within the Ontario cities analyzed, the following neighbourhoods are considered some of the best for liveability in each respective city: Corktown, Hamilton; O'Neill, Durham Region; Williamsville, Greater Kingston; Downtown London, London; Garson, Sudbury; Simpson-Ogden, Thunder Bay; Sandy Hill, Ottawa; Jefferson, York Region; and Old Town, Toronto.³

In addition to the data provided by Local Logic, RE/MAX brokers and agents in Ontario were also asked to share the hottest neighbourhood in their respective markets. In Brampton, the city's Northwest was identified as the hottest neighbourhood because it offers a blend of urban conveniences and suburban tranquility, attracting young families and professionals seeking a balanced lifestyle. In Mississauga, Mississauga City Centre, a vibrant downtown core, was identified as its hottest neighbourhood. City Centre offers an array of shopping, dining, entertainment, and cultural attractions, catering to diverse lifestyles. Its strategic location, with convenient access to major highways, public transit, and Pearson International Airport, enhances connectivity and mobility for residents and commuters alike.

In Toronto-proper, eight neighbourhoods were identified as the city's most up-and-coming: Leaside, East York, Trinity-Bellwood's, The Beaches-Leslieville, Davisville, Midtown, South Etobicoke and Bloor West. All eight have key elements in common: they are mature neighbourhoods with renovated and modernized homes with character. Just north of Toronto, in York Region, Downtown Markham was shared as an up-and-coming neighbourhood in the region.

In Ontario's northern cities, like Sudbury, North Bay and Timmins, RE/MAX brokers named the following neighbourhoods as the most in-demand for buyers: New Sudbury, Minnow Lake, South End in Sudbury; Mountjoy in Timmins; River Heights in Kapuskasing; and College Heights, Airport Hill and Birch Haven in North Bay. All neighbourhoods listed are close to amenities including green space, trails and the waterfront.

In Thunder Bay, RE/MAX brokers identified Mariday Park as the most up-and-coming neighbourhood in the region. It's a well-established neighbourhood, with character-homes close to Hillcrest Park, offering excellent views of Lake Superior and the city.

Over in Ottawa, RE/MAX brokers shared that Kanata North-East is one of the region's most dynamic and rapidly growing neighbourhoods. This region has gained significant attention due to its thriving tech sector, and excellent amenities, like schools, parks, recreational facilities and shopping centers. It boasts attractive living conditions and is well-connected to downtown Ottawa via major highways and public transit. Overall, home prices in Kanata North-East have increased by 10-15 per cent compared to the previous year.

In Kingston, RE/MAX brokers reported that Alwington is the most desirable neighbourhood. The neighbourhood has experienced a recent uptick in buyer demand because it's an older, more developed neighbourhood with big yards, big houses, big trees and within proximity to the downtown core and necessary amenities.

In southern Ontario, the RE/MAX broker in Hamilton identified Hamilton East/Rosedale as the hottest neighbourhood in the region. This mature neighbourhood boasts a great price point and a central location with many transportation options. In London, RE/MAX brokers and agents named Wortley Village as the region's hottest neighbourhood because of its many local shops, cafes, restaurants, great schools and proximity to downtown London.

According to Ontario RE/MAX brokers and agents, the top three liveability criteria among Ontario residents are: affordability, greenspace, and diversity. When it comes to affordability, concerns have surfaced recently due to the ongoing high interest rate climate and persistent inventory challenges throughout the province.

Montreal and Atlantic Canada

In Montreal and Atlantic Canada, two neighbourhoods stood out according to data from Local Logic: Le Sud-Ouest, in Montreal; and Quinpool Areas in Halifax. These neighbourhoods are highly accessible when it comes to transit and driving, with amenities and services within walking distance.

According to the Local Logic data, the three top neighbourhoods in Montreal include: Le Sud-Ouest, Hochelaga-Maisonneuve and Quartier-des-Spectacles.⁴ These neighbourhoods are all diverse communities, affordable for the average resident, and within proximity to the downtown core, transit and other amenities. Likewise, in Halifax, Nova Scotia, the top three neighbourhoods include: Quinpool Areas, Forest Hills and Downtown Halifax. In Charlottetown, PEI, the most liveable neighbourhoods include Brighton, Spring Park and East Royalty due to their growth and walkability.

In Atlantic Canada, RE/MAX brokers and agents were also surveyed to identify the most desirable neighbourhood in each city. In Halifax, Nova Scotia, it's currently Woodlawn/Creighton Park. This neighbourhood boasts a typical price point below $600k and offers homes with lots of character. It's also located near urban amenities, which is a major convenience for buyers. In Charlottetown, PEI, the hottest neighbourhood was identified as Brighton, due to its excellent price point and longevity of residents. Finally, over in Moncton, New Brunswick,⁵ Fox Creek in Dieppe was named as the hottest neighbourhood, due to its high number of sales in the past three months, proximity to the Greater Moncton Area, shopping, services, and a lower crime rate relative to the rest of New Brunswick.

RE/MAX brokers and agents in Halifax, Nova Scotia; Moncton, New Brunswick; and Charlottetown PEI were also asked to identify the top three liveability qualities for residents. These included affordability – of homes and land - the impact of interest rate on affordability, proximity to the ocean and the rest of Atlantic Canada, specifically in Moncton, and good schools.

Click HERE to view the digital report and a full overview of each city.  

Results from the 2024 Liveability Report Survey by Leger

• Over half of respondents (56 per cent) are not willing to sacrifice neighbourhood, proximity to community centres/ services, work/schools, as well as other quality of life factors, enter the housing market and/or move-up into a larger space

• Half of Canadians would first turn to their realtor for advice when looking to buy or sell.
• • 46 per cent would rely on online search (ex: Google search)
  • 42 per cent would do their research
  • 38 per cent would rely on word-of-mouth

• Most respondents anticipate that the liveability of their neighbourhood will remain the same (55 per cent) or improve (24 per cent)
• • 15 per cent believe it will decline

Methodology for Local Logic Data

Liveability scores are based on 2024 housing market data, census data, and Local Logic's Location Score data, which are calculated using thousands of open, commercial, and proprietary datasets.

One of the major criteria in the liveability scores is affordability, which was defined as "the ratio of the median salary in the metro area to the median housing price of the neighborhood," (adjusted for number of bedrooms). This was calculated using 2021 census data.

Some of the liveability criteria identified through the Leger survey were not included in Local Logic's data because the criteria were too subjective to produce an accurate list of neighbourhoods. These criteria included neighbourhood safety, age of home, energy-efficient homes and likeliness of natural disasters. Additionally, proximity to chain stores, community centres, and social services, were also not included in Local Logic's analysis because they tend to correlate with walkability sores.

RE/MAX brokers and agents from across Canada vetted and supplemented the lists from Local Logic to ensure regional accuracy. In instances where broker vetting wasn't available before the report launch, the full Local Logic data was used.

When measuring the best neighbourhoods for each Canadian homebuyer lifestyle, Local Logic identified key location characteristics and assigned them to each lifestyle. For example, for city lovers with kids, affordability, proximity to work and walkability were prioritized in addition to neighbourhoods with high access to schools, daycares and health facilities. Likewise, for retirees, neighbourhoods with a high concentration of retirees were prioritized, in addition to walkability, transit and park access and neighbourhoods with health and wellness access.

**To view the full methodology for the Canadian homebuyer lifestyles, click here.

About the 2024 RE/MAX Liveability Report

The 2024 RE/MAX Liveability Report includes insights from RE/MAX brokerages. RE/MAX brokers and agents are surveyed on insights, local developments and their city's neighbourhoods on a set of liveability criteria, including the availability of public transit, walkability and housing supply, and more.

Regional summaries with additional broker insights can be found at RE/MAX.ca.

*For the purposes of this report, "liveability" is defined as "the external qualities that make a place feel like home" and includes the following criteria as identified by the Leger survey: affordability, proximity to work, easily walkable, access to green spaces and parks, proximity to health or medical services, low-density neighbourhoods, proximity to public transit, easily driveable, proximity to preferred childcare/schools, access to bike lanes/walking paths, a neighbourhood with diverse cultures and ethnicities, and high-density neighbourhoods.

These top liveability criteria identified by Leger were provided to Local Logic. Local Logic used location scores in addition to census data to determine the top neighbourhoods in Canada within 20 markets coast-to-coast-to-coast based on each factor, and a set of buyer personas including retirees, city lovers with and without kids, and foodies, among others. These lists were also vetted by local RE/MAX brokers and agents to supplement with additional insights based on their neighbourhood expertise. In some cases, where broker vetting was not available at the time of the report launch (i.e., Montreal) and the full Local Logic list was used.

About Leger

 Leger is the largest Canadian-owned full-service market research firm. An online survey of 1522 Canadian residents aged 18+ was completed between the 19th to the 22nd of January 2024, inclusive, using Leger's online panel. No margin of error can be associated with a non-probability sample (i.e. a web panel in this case). For comparative purposes, though, a probability sample of 1522 respondents would have a margin of error of ±2.5%, 19 times out of 20.

About the RE/MAX Network 

As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in almost 9,000 offices with a presence in more than 110 countries and territories. RE/MAX Canada refers to RE/MAX of Western Canada (1998), LLC and RE/MAX Ontario-Atlantic Canada, Inc., and RE/MAX Promotions, Inc., each of which are affiliates of RE/MAX, LLC. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. 
RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children's Miracle Network Hospitals^® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit remax.ca. For the latest news from RE/MAX Canada, please visit blog.remax.ca. 

About Local Logic

Local Logic is a leading location intelligence company whose mission is to impact every real estate decision, from consumers seeking a neighborhood that aligns with their lifestyle to investors aiming to pinpoint the best locations for development or local governments striving to build more sustainable cities through better urban planning. Our extensive dataset of over 100 billion data points provides unparalleled insights and analytics to help over 15 million monthly users across 8,000 websites in the US and Canada make better-informed decisions. Learn more at locallogic.co. 

Forward looking statements

This report includes "forward-looking statements" within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "believe," "intend," "expect," "estimate," "plan," "outlook," "project," and other similar words and expressions that predict or indicate future events or trends that are not statements of historical matters. These forward-looking statements include statements regarding housing market conditions and the Company's results of operations, performance and growth. Forward-looking statements should not be read as guarantees of future performance or results. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include (1) the global COVID-19 pandemic, which has impacted the Company and continues to pose significant and widespread risks to the Company's business, the Company's ability to successfully close the anticipated reacquisition and to integrate the reacquired regions into its business, (3) changes in the real estate market or interest rates and availability of financing, (4) changes in business and economic activity in general, (5) the Company's ability to attract and retain quality franchisees, (6) the Company's franchisees' ability to recruit and retain real estate agents and mortgage loan originators, (7) changes in laws and regulations, (8) the Company's ability to enhance, market, and protect the RE/MAX and Motto Mortgage brands, (9) the Company's ability to implement its technology initiatives, and (10) fluctuations in foreign currency exchange rates, and those risks and uncertainties described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC") and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company's website at www.remax.com and on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Except as required by law, the Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.

For further information: Kyra Marskell, APEX PR: kmarskell@apexpr.com, 519-897-9585; Danielle Scott, APEX PR: dscott@apexpr.com, 416-909-5185; Lydia McNutt, RE/MAX Canada: lmcnutt@remax.ca, 416-797-0473

¹ Local Logic data was supplemented and vetted by local RE/MAX brokers and agents to ensure regional accuracy.

² Local Logic data included in the Regional Deep Dive was supplemented and vetted with insights from RE/MAX brokers and agents in each specific region surveyed. The following regions were not included in the Local Logic's data but were included via broker insights: Mississauga, ON; Brampton, ON; and Moncton, NB. Broker vetting was not available at the time of launch in the following regions. Insights are based on Local Logic data only:  Montreal, QB; Regina, AB; Durham Region, ON.

³ Broker vetting was not available at the time of launch for Brampton or Mississauga.

⁴ Broker vetting was not available at the time of the report launch in Montreal. The city's neighbourhood list is based on Local Logic data only.

⁵ Moncton, NB data is based on RE/MAX broker insights only. 

SOURCE RE/MAX Canada