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Top 10 Cheapest places to live in Canada with the Best quality of life – 2023

Last updated on: September 13, 2023

Not only does Canada have plenty of job opportunities, but it also has some of the safest cities in the world. Canada is well-known for its stunning natural views and its cultural diversity. There are also plenty of outdoor activities you can do in Canada. Canadians are known for their kindness and hospitality. With the home prices rising all around Canada, you might be looking for ways to maximize your money. MovingWaldo has put together a list of the cheapest places to live in Canada!

Methodology

While these cities may not be statistically the cheapest to live in Canada, they were chosen based on their quality of life, access to essential facilities nearby and the available house and apartment prices in 2023.

1. Corner Brook, Newfoundland and Labrador

Perfect for young families

House price: $100,000
Rent: $700
Population: 31,917

Corner Brook is a city situated on the west coast of the island of Newfoundland. If you love waking up with the view of the ocean every morning, Corner Brook is the perfect city for you. There are plenty of local shops and restaurants in the city. In winter, you can also enjoy one of the city’s many facilities such as the Marble Mountain Ski Resort. Corner Brook is very affordable and perfect for young families who love doing outdoor activities. You can find a well-maintained house in Corner Brook for as low as $100,000. As for an apartment, the average price of rent in Corner Brook is around $700 per month.

(*Realtor, StatCan & Numbeo)

Corner Brook, Newfoundland and Labrador

2. Edmundston, New Brunswick

Place rich in culture and history

House price: $150,622
Rent: $545
Population: 16,781

From Art Galleries to outdoor activities, you won’t be disappointed by the number of activities you can do in Edmundston. Edmundston is rich in culture and history. It is also one of the most Francophone towns outside the province of Quebec. More than 90% of the population in Edmundston speaks French as their first language. If you plan to live in the area, the average home price in Edmundston is around $150,622. As for an apartment, the average price of rent in Edmundston is around $545 per month.

(*AreaVibes, Tourism Edmundston, CheeseWeb, StatCan)

Edmundston, New Brunswick

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3. Trenton, Nova Scotia

Best for waking outdoors

House price: $182,400
Rent: $900
Population: 2,407

Trenton is situated on the east bank of the East River of Pictou in Pictou County. Trenton Park is one of Nova Scotia’s best parks. With 6.5 km of walking and hiking trails and 565 acres of century-old trees, you won’t be disappointed. Trenton is one of the cheapest places to live in Canada with the average home price in being around $182,400 making it 81% lower than the Canadian average. As for an apartment, you can rent a 3 bedroom home for only $900 per month. Trenton has some of the most affordable housing prices in Canada.

(*AreaVibes, Canada Mortgage and Housing Corporation, StatCan & FreeRentAds)

Trenton, Nova Scotia

4. Weyburn, Saskatchewan

Affordable cost of housing

House price: $160,000
Rent: $650
Population: 10,679

Weyburn is a small town in the province of Saskatchewan, and it has the honor of being called the Best Place to Live in the Prairies. You can find a well-maintained home in Weyburn for as low as $160,000, which makes it one of the cheapest places to live in Canada. As for an apartment, you can rent one in Weyburn for as low as $650. If you love spending time outdoors, you will enjoy spending time at the Nickle Lake Regional Park where you can fish or walk along the shore.

(*Marketplace, StatCan & Point2Homes)

Weyburn, Saskatchewan

5. Thetford Mines, Quebec

Best for outdoor activities

House price: $200 000
Rent: $650
Population: 26,072

Thetford Mines is situated in the Appalaches Regional County Municipality. In winter, Mont Adstock is a favoured destination to go skiing. During summertime, people love to go kayaking or swimming in one of the many lakes and rivers that Thetford Mines has to offer. The average home price in Thetford Mines is around $200 000. On top of it all, you can rent a fully renovated 2-bedroom apartment in Thetford Mines for as low as $650 per month.

(*Centris, Tourisme Chaudière-Appalaches, Marketplace, StatCan)

Thetford Mines, Quebec

6. Summerside, Prince Edward Island

For families who love the coast

House price: $200 000
Rent: $800
Population: 16,001

Summerside is the Island’s second-largest city. With shipbuilding heritage in many century homes, Summerside is a unique city with a coastal flavor. The city offers a lot of recreational activities and services, making it perfect for young families. The University of Prince Edward Island is also located less than 45 minutes from Summerside. You can find a well maintained home in Summerside for a little over $200 000. As there are few long term rentals available in Summerside, you can find a 1 bedroom apartment for around $800.

(*Welcome PEI, Point2 & Nestoria, StatCan)

Summerside, Prince Edward Island

7. Steinbach, Manitoba

Perfect for families with kids

House price: $231,158
Rent: $817
Population: 17,806

Steinbach is the economic center of Manitoba. The city is experiencing unprecedented growth, making it attractive for young families. In this city, you can enjoy watching a movie at the cinema or spend your afternoon golfing with friends. Moreover, the Steinbach Aquatic Center is the favorite destination for kids living in the city. If you plan to live in the area, the average home price in Steinbach is around $231,158. As for an apartment, the average price of rent in Steinbach is around $817 per month.

(*AreaVibes, mySteinbach & Winnipeg Regional Real Estate Board)

Steinbach, Manitoba

8. Quesnel, British Columbia

Best for nature lovers

House price: $250, 000
Rent: $900
Population: 9,889

Quesnel is situated in the Cariboo Regional District of British Columbia. Mountain biking, fishing, shopping, hiking and cross-country skiing are part of the activities you can do in the town. If you plan to live in the area, you can find a well taken care of home in Quesnel for around 250k. If you are looking to rent, it is possible to find updated apartments for around $900.

(*Point 2 Homes, Marketplace & StatCan)

Quesnel, British Columbia

9. Lloydminster, Alberta

Work-life balance

House price: $231,158
Rent: $817
Population: 17,806

(*AreaVibes, mySteinbach & Winnipeg Regional Real Estate Board)

Lloydminster, Alberta

10. Thunder Bay, Ontario

Between historic parks and waterfalls

Population: 108,843
Average house sale price: $302,200
Average rent price (1-bedroom): $1,315

No, it’s not what it sounds like. Thunder Bay isn’t named after a thunderstorm. The city gets its name from Lake Superior’s Thunder Bay. Due to its position at the end of Great Lakes navigation on the Canadian side, Thunder Bay is sometimes called “Lakehead” or “Canadian Lakehead.” With $302,200, you can get a house in Thunder Bay, and with $1,315, you can get a 1-bedroom apartment.

(*Thunder Bay – Sustainability Plan, Jobs – City of Thunder Bay, Recreation – City of Thunder Bay, Kanan – List of Colleges & Universities in Thunder Bay, Healthcare CEDC, Statistics Canada, Zumper, Numbeo & The Canadian Real Estate Association)

Thunder Bay, Ontario

Affordable Housing Options in Canada

Even though we’ve looked at some of the cheapest places to live in Canada, you might want to know other affordable housing options. To avoid breaking the bank, check out the affordable housing options below.

Tiny Houses in Canada

Tiny houses are small houses of around 400 sq ft. that are usually on wheels so they can easily be parked and transported. A tiny house can cost anywhere from $10 000 to $150 000 depending on who built it, the materials used and how big it is. However, it is nearly impossible to find a legal place to park a tiny house full-time in Canada. Advocates are pushing to create more tiny house communities across Canada so that people can call their tiny houses their primary residences.

Some of the tiny house communities and movements in Canada:

Getting Roommates in Canada

Depending on which provinces you are living in, rent can be expensive if you live on a tight budget. The rent price is particularly high in British Columbia and Ontario. Getting roommates is a wonderful way to reduce your housing costs each month. Students in Canada mostly get roommates so they can be near their university without having to overspend on their rent or travel far.

First-Time Home Buyer Incentive in Canada

The First Time Home Buyer Incentive was initiated in 2019 by the Canadian Government to help home buyers afford the down payment on their first home.

The type of property you want to buy determines the amount that the government will help you with.

5% of the purchase price of an existing or mobile home.
5% or 10% of the purchase price of a newly constructed home.

You’ll have to repay the incentive within 25 years and there is no interest attached to it.

How Much Mortgage Can I Afford in Canada?

Mortgages given to you by a bank depend on the amount of money you earn, debts incurred, and your general living expenses. The higher mortgage you can afford, the more expensive a home you can afford to purchase.

The price of homes can vary depending on which province you are living in Canada. However, you might want to find out how much mortgage you can afford with this Mortgage Calculator Tool based on your household income, debts, and down payment amount.

Household Income before taxes, no debts	Down Payment	Maximum Mortgage You Can Afford in Canada
$45,000	$30,000	$192,987
$55,000	$40,000	$244,022
$65,000	$50,000	$295,058

Why Do People Move to Canada?

People move to Canada for the following reasons:

Stunning nature views
Low crime rates
Employment and investment opportunities
Top-notch educational institutions
Cultural diversity
Outdoor recreational activities: skiing, hiking, fishing, mountain biking and more!
Quality of life
The kindness and tolerance of Canadians
Free health care
Women’s rights
LGBTQ+ rights

Conclusion

Canada is home to many lakes, mountains, and natural parks, making it perfect for nature lovers. The country also offers excellent job opportunities. With this list of the 10 cheapest places to live in Canada, you should be able to make a choice after determining what type of housing you can afford based on your income and lifestyle. If you are moving across Canada soon, you might also want to check out the 5 best long distance moving companies in Canada.

Last year's ranking (2022)

1. Corner Brook, Newfoundland and Labrador
2. Trenton, Nova Scotia
3. Thetford Mines, Quebec
4. Edmundston, New Brunswick
5. Weyburn, Saskatchewan
6. Summerside, Prince Edward Island
7. Quesnel, British Columbia
8. Steinbach, Manitoba
9. Lloydminster, Alberta
10. Thunder Bay, Ontario

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The expert

Mathieu Paquette

The author of this article also acts as MovingWaldo’s booking agent. Matt, is an accomplished relocation specialist with over 6 years of experience in the industry. Matt has earned a CAM certification (Canadian Association Of Movers), Tariff Certification (Atlas Van Lines), and has an extensive business background. Before handing off everything you own, do your due diligence… or let Matt do it for you.

Provide Matt with your move criteria. He will calculate quotes from verified movers, using the same metrics. This will make it simple to compare and book your move.