Cheapest Places to Live in Canada in 2022 with the Best Quality of Life
- Last updated on: March 16, 2022
Not only Canada has 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. Here are some of the cheapest places to live in Canada! These places were chosen based on their quality of life, access to essential facilities nearby and the average house and apartment prices.
The Top 10 Cheapest Places to Live in Canada
1. Corner Brook, Newfoundland and Labrador
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 house in Corner Brook for as low as $108,000$. As for an apartment, the average price of rent in Corner Brook is around $720 per month.
(*Realtor)
Corner Brook, Newfoundland and Labrador
2. Trenton, Nova Scotia
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. The average home price in Trenton is around $124,586 making it 81% lower than the Canadian average. As for an apartment, the average rent in Trenton is $664 per month. This city has some of the best affordable housing in Canada.
Trenton, Nova Scotia
3. Thetford Mines, Quebec
Thetford Mines is situated in the Appalaches Regional County Municipality. In winter, Mont Adstock is the favorite destination to go skiing for families of the region. 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 $140,000. On top of it all,you can rent a 3-bedroom apartment in Thetford Mines for as low as $517.
(*Centris, Tourisme Chaudière-Appalaches, Journal Métro)
Thetford Mines, Quebec
4. Edmundston, New Brunswick
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 $546 per month.
(*AreaVibes, Tourism Edmundston, CheeseWeb)
Edmundston, New Brunswick
5. Weyburn, Saskatchewan
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 home in Weyburn for $169,900, 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 $500. If you love spending time outdoors, you will enjoy spending time at the Nickle Lake Regional Park. Fishing is one of the many activities you can do in this park.
(*Mitula, Zoeken, Trip101)
Weyburn, Saskatchewan
6. Summerside, Prince Edward Island
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 good home in Summerside for $219,990. As for an apartment, the average rent in Summerside is around $650 per month.
(*Welcome PEI, Numbeo, Point2)
Summerside, Prince Edward Island
7. Quesnel, British Columbia
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, the average home price in Quesnel is around $228,687. As for an apartment, the average price of rent in Quesnel is around $766 per month.
(*My Cariboo, Numbeo, Tourism Quesnel)
Quesnel, British Columbia
8. Steinbach, Manitoba
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
9. Lloydminster, Alberta
Lloydminster is a special city in Canada that is straddled at the border between Alberta and Saskatchewan. Both provinces each incorporate Lloydminster as a single city with a single municipal administration. This, however, does not negatively affect the cost of housing in the city. Lloydminster, like the rest, is still a great city to find affordable housing in Alberta. With $252,000, you can buy a house in Lloydminster. And with $695 and $785, you can rent a 1-bedroom and a 2-bedroom apartment in Lloydminster, respectively.
(*Zolo & RentBoard)
Lloydminster, Alberta
10.Thunder Bay, Ontario
Thunder Bay is situated on Lake Superior in the province of Ontario. The Fort William Historical Park and the Kakabeka Falls are two of the main attractions of the region. From galleries and museums to provincial parks, the city has a lot to offer. If you plan to live in the area, the average home price in Steinbach is around $267,500. As for an apartment, the average price of rent in Thunder Bay is around $883 outside city center, making it one of the cheapest places to live in Ontario.
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.
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