Top 5 Cheapest Neighborhoods to live in Edmonton with the Best Quality of Life - 2024

In the first quarter of 2024, Edmonton’s real estate market saw significant growth. Single detached homes reached a new record median sale price of $460,000, marking an 8.2% year-over-year increase. Townhouse and row units also hit a new high at $277,500, reflecting a 15.7% rise compared to the previous year. Apartment units saw a modest uptick, with a 3.8% year-over-year increase to $176,500. 

The average cost of buying a property in Edmonton is $385,900, showing a 4.5% increase from the previous year. Despite these rises, Edmonton remains affordable compared to larger cities like Vancouver or Toronto, making it an attractive option for homebuyers and investors. Therefore, researching the cost of living in Edmonton before moving is essential.

To help you compare, read on to discover the top 5 cheapest places to live in Edmonton with the best quality of life in 2024.

CREA (March 2024)CREA (April 2024)

Methodology

We based our ranking of the 5 cheapest places to live in Edmonton on the average cost of buying a property, the average cost of rent for a 1-bed apartment in November 2023, and the quality of life. Statistics come from Realtor for the average cost of buying a property and Zumper for the average cost of rent for a 1-2-bed apartment.

The “Best quality of life” aspect is measured based on feedback from real people who have moved to this area in our database or real people from trusted online forums. More specifically, we look for positive feedback on job opportunities, quality of education, quality of healthcare, feeling of safety, public transportation, environment (cleanliness), as well as availability of recreational facilities and parks.

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Cheapest Places to live in Edmonton

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Secord

Apartment in Secord
  • Average cost of rent for 1-bedroom apartment: $845
  • Average cost of buying a property: $550,966

From the green parks and single family homes, Secord is an ideal spot for young couples looking to start a family. The neighborhood is filled with natural surroundings like the Secord Rock Garden Playground where young ones can play any sport of their choosing. 

The Secord area is still in development, meaning they are the community with plans of adding more parks, duplexes, and homes for the residents. However, Secord has access to schools like the David Thomas King School and multiple libraries like the Little Free Library and the Edmonton Public Library. As of November 2023, the average rent for a 1-bedroom apartment is $845 and the average cost of buying a property is $550,966.

Realtor (Nov 2023) & Zumper (Nov 2023)

Secord, Edmonton

Queen Mary Park

Apartment in Queen Mary Park
  • Average cost of rent for 1-bedroom apartment: $1,100
  • Average cost of buying a property: $374,900

Located just outside Downtown Edmonton, Queen Mary Park is ideal for those looking for proximity to the city without living in the chaos. The neighborhood has an abundance of restaurants and cafés for residents to enjoy while staying in the comfort of their community. If you enjoy the atmosphere of Downtown Edmonton, this is not a worry in Queen Mary Park, as it is only a five-minute drive to the city. 

Queen Mary Park is senior friendly due to the community center planning activities and programs as well as its facilities like GEF Seniors Housing. As of November 2023, the average rent for a 1-bedroom apartment is $1,100 and the average cost of buying a property is $374,900.

Realtor (Nov 2023) & Zumper (Nov 2023)

Queen Mary Park, Edmonton

Canon Ridge

Canon-ridge-city-image-april-2024 (1) - Yellowhead Highway
  • Average cost of rent for 1-bedroom apartment: $1,409
  • Average cost of buying a property: $180,308

Canon Ridge has swiftly become one of Edmonton’s top residential areas, largely due to its picturesque location along the scenic Saskatchewan River. Conveniently, the Yellowhead Highway runs just south of the neighborhood, ensuring a quick and easy commute to downtown Edmonton for both current and prospective residents. Canon Ridge offers lower housing costs, making it an attractive choice for individuals and families seeking budget-friendly accommodations without compromising on quality of life.

Moreover, the neighborhood provides easy access to essential amenities such as Overlanders School, Hermitage Park, Canon Ridge Park, and Clareview Town Centre, ensuring a comfortable and convenient lifestyle for its residents. With its peaceful suburban environment, stunning river valley views, and abundant green spaces, Canon Ridge offers an ideal place to live in Edmonton, appealing to both nature lovers and urbanites alike. As of November 2023, the average rent for a 1-bedroom apartment is $1,409, and the average cost of buying a property is $180,308.

Realtor (Nov 2023) & Zumper (Nov 2023)

Canon Ridge, Edmonton

Oliver

Edmonton-Oliver-city-image-april-2024 Park
  • Average cost of rent for 1-bedroom apartment: $1,682
  • Average home price: $430,000

Oliver, an inner-city neighborhood located immediately west of downtown Edmonton, was once known as the city’s “West End” before being renamed in the 1950s after pioneer citizen Frank Oliver. Initially developed in the 1880s, Oliver saw significant growth before World War I, with large homes and tree-lined boulevards becoming prominent features.

As Edmonton experienced a period of sustained growth in the late 1950s, Oliver’s proximity to downtown made it an attractive area for apartment redevelopment. Consequently, many original single-detached homes were replaced, and Oliver evolved into a densely populated neighborhood with a strong commercial presence. 

Today, Oliver is known for its vibrant urban atmosphere and convenient location near downtown Edmonton. As of November 2023, the average rent for a 1-bedroom apartment is $1,682, and the average cost of buying a property is $430,000.

Oliver (April 2024), Realtor (Nov 2023) & Zumper (Nov 2023)

Oliver, Edmonton

The Highlands

the-highlands-edmonton-image-april-2024
  • Average cost of rent for 1-bedroom apartment: $900
  • Average cost of buying a property: $500,735

The Highlands, located along the North Saskatchewan River Valley, is one of Edmonton’s most affordable and charming neighborhoods. Bounded by Montrose, Newton, Beverly Heights, and Bellevue, it boasts some of the city’s best-preserved historic homes and streetscapes. 

Despite its proximity to downtown, housing options here are relatively affordable. The area features a mix of single-family homes, many of which are heritage properties, providing residents with a unique living environment. While generally quiet and safe, residents should be mindful of the western and northern boundaries. 

The community is served by the Highlands Community League, established in 1921, which maintains a community hall, outdoor rink, and lawn bowling club. Easy access to Wayne Gretzky Drive and nearby facilities like Northlands and Commonwealth Stadium adds to the neighborhood’s appeal. As of November 2023, the average rent for a 1-bedroom apartment is $900, and the average cost of buying a property is $500,735.

Gov of Alberta (April 2024), Highlands (April 2024), Realtor (Nov 2023) & Zumper (Nov 2023)

The Highlands, Edmonton

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Conclusion

Edmonton is a vibrant city offering a great living experience, walkable neighborhoods, incredible food, and ample work opportunities. With its culture and contemporary lifestyle, it’s perfect for an urban lifestyle, catering to everyone’s preferences. However, choosing the right neighborhood is important, considering housing costs and rental fees. 

MovingWaldo’s list of the top 5 cheapest neighborhoods in Edmonton with the best quality of life in 2024 can help you choose your ultimate neighborhood!

Are you going to move soon? Check out the best moving companies in Edmonton for a stress-free move.

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Ann Nacario

The author

Meet Ann – our head writer with a knack for making moving and city living a breeze. From the many details of moving to picking the perfect moving company, she’s your guide. Ann has a friendly yet detailed approach to ensure your move goes off without a hitch. When she’s not writing about relocation, it will always be on her mind, but you’ll catch her spending time with her three furry friends.

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