Although it’s not the most costly country, Canada isn’t the cheapest place to live. Canada is ranked number eighteen out of 108 countries in a global data index that considers the average cost of living.
Canada offers diverse living options, making it essential for those considering relocation to explore various locations that fit their needs and budget. Affordability varies by region, influenced by factors like housing, utilities, and overall cost of living. Individuals seeking budget-friendly options should research different areas to find the most suitable and affordable place for their lifestyle and financial situation.
Some locations in the nation are much more affordable than others, making them perfect for anyone looking for inexpensive places to relocate.
The cheapest areas to live in Canada are discussed in this article, together with information on housing costs, employment trends, and average cost of living.
In a recent Royal LePage survey of Canadians residing in Toronto, Montreal, and Vancouver, half of the participants stated that, given the opportunity to work remotely or find employment, they would think about purchasing a home in one of the country’s most affordable cities. 45% of existing homeowners stated they would consider moving, compared to 60% of renters who stated the same.
The top three most affordable cities in Canada are Thunder Bay, Ontario; Saint John, New Brunswick, and Red Deer, Alberta, are next on the list. Neither British Columbian nor Nova Scotian cities were included. Not just the most affordable residences based on price, but also the proportion of income needed to make a monthly mortgage payment was used to assess affordability.
Canada’s Cheapest Cities to Live in
The cost of living in some of Canada’s most affordable neighbourhoods for single people, as well as the typical house price and median income, are all comparable below.
1. Quebec’s Sherbrooke
Number of people: 151,157
Highlights: Environment and historic sites
Primary industries driving employment: textiles, apparel, electronics, and education
Living expenses for an individual: $1,193.4, exclusive of rent
Cost of a typical home: $434,450
One of the most affordable places to reside in southern Quebec is Sherbrooke. According to Numbeo, living here is 11.5% less expensive than in Montreal, while the average rent is 41.8% less than in Montreal.
One of the most affordable places to reside in southern Quebec is Sherbrooke. According to Numbeo, living here is 11.5% less expensive than in Montreal, while the average rent is 41.8% less than in Montreal.
Sherbrooke is genuinely one of the most affordable places in Canada to live in, with a local purchasing power that is 35.5% higher than that of Montreal.
2. Saint John, New Brunswick
- Population: 63,447
- Highlights: Historical, Bay of Fundy
- Main employment drivers: One of the oldest and largest shipbuilding industries, IT, education.
- Cost of living for a single person: $1,547, not including rent
- Average home costs: $272,400
Saint John has a lower cost of living than Toronto, and the rent is a whopping 62.7% lower. While restaurant prices in Saing John are 1.8% higher than in Toronto, groceries are 6.5% lower.
This city is located on the Bay of Fundy, which has the fastest tide change in the world. There’s a lot of history here, and you can enjoy the farmer’s market in a heritage building dating back to 1876.
3. Quebec City, QC
733,156 people live there.
Highlights include the 1608-era Fort City, charming cobblestone alleyways, bistros, boutiques, and UNESCO World Heritage Sites along the Saint Lawrence River.
Defense, services, public administration, and tourism are the main industries driving employment.
Living expenses for an individual: $1,464.5, exclusive of rent
Cost of a typical home: $468,300
There are many fascinating sites in this charming, safe city that date back hundreds of years. With the majestic Citadelle of Québec and the tall Château Frontenac Hotel at the heart of the ancient city, it has a somewhat European atmosphere.
4. New Brunswick’s Saint John
63,447 people live there.
Highlights: Bay of Fundy, historical
Primary job creators include education, IT, and one of the biggest and oldest shipbuilding sectors.
Living expenses for an individual: $1,547, exclusive of rent
Cost of a typical home: $272,400
In comparison to Toronto, Saint John offers a significantly reduced cost of living, with rent being 62.7% less. Grocery costs are 6.5% less in Saing John than in Toronto, but restaurant prices are 1.8% higher.
The Bay of Fundy, where this city is situated, has the world’s fastest tide changes. This area is rich in history, and the farmer’s market is housed in a heritage structure that dates back to 1876.
5.Regina, Saskatchewan
224,996 people live there.
Parks, Wascana Lake, and the Saskatchewan Science Center among the highlights.
The main sources of employment are natural gas, oil, and potash.
Living expenses for an individual: $1,131.34
Cost of a typical home: $279,925
Saskatchewan’s capital, Regina, is home to some fantastic Canadian cultural displays, such as those at the MacKenzie Art Gallery and the Royal Saskatchewan Museum. The Royal Canadian Mounted Police are honored at the RCMP Heritage Center.
Regina’s cost of living is 15.5% less than Toronto’s, and rent is on average 30.8% less, according to Numbeo.
Although it is among the most affordable cities to live in Canada, its ranking as the most unsafe city due to high crime rates may make it less desirable than other options.
6. Thunder Bay, Ontario
95,266 people live there.
Highlights include Sleeping Giant Provincial Park, Lake Superior, and historic Mount McKay.
Transportation, manufacturing, education, mining, and forestry are the main industries driving employment.
Living expenses for an individual: $1,305.2, exclusive of rent
Cost of a typical home: $364,900
Thunder Bay is home to numerous lakefronts and an abundance of outdoor activities. For breathtaking views, you can hike up Mount McKay’s summit.
In addition, there is the Sleeping Giant Provincial Park, which offers paths and the opportunity to see wolves and moose. If you want the best rent deals in Canada and are a nature lover, this is a terrific area to live.
According to Numbeo, the general cost of living is 11.5% lower than in Toronto, while rent is 35.5% more reasonable.