Cheapest places to live in Alberta

Top 5 Cheapest places to live in Alberta with the Best quality of life – 2024

Canada Alberta

Home to a population of more than 4.6 million people, Alberta is the westernmost province of Canada’s three Prairie provinces. Alberta has a variety of beautiful landscapes, nature reserves and provincial parks. With over 87 districts, Alberta has something for everyone.

Before moving, it is suggested to research the cost of living in Calgary so you have a better understanding of your potential new home. It is best to ask yourself certain questions regarding the area and to explore to make the right decision. Here are the lists of the top 5 cheapest places to live in Alberta with the best quality of life in 2024.

Apartment in Alberta

Methodology

We based our ranking of the 5 cheapest places to live in Alberta on the average cost of buying a property in October 2023, the average cost of rent for a 1-bed apartment in December 2023, and the quality of life. We collected the data from The Canadian Real Estate Association (CREA) and Zumper. To help you compare, as of October 2023, the average cost of buying a property in Alberta is $451,839 and the average rent for a 1-bedroom apartment is $1,249 as of December 2023. 

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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1. Grande Prairie

Apartment in Grand Prairie
  • Average 1-bed apt rent: $1,160
  • Average property buying cost: $334,075

Our top pick for the cheapest places to live in Alberta is Grande Prairie, offering a combination of convenience and tranquility. Located in the northwest of Alberta, Grande Prairie boasts the largest commercial center north of Edmonton.

Noted by many locals, Grande Prairie features the Eastlink Center, providing facilities for the gym, a pool, and childcare drop-off. You can also expect to find several peaceful parks with stunning views, such as Muskoseepi Park and Crystal Lake Park, which promote outdoor recreation and family-friendly activities.

As of October 2023, the average home price is $334 075, while the average rent for a 1-bedroom apartment is $1,160, making it one of the cheapest places to live in Alberta. 

City of Grande Prairie (Dec 2023), Zumper (Dec 2023) & CREA (Oct 2023)

Grand Praire, Alberta

2. Medicine Hat

Apartment in Medicine Hat
  • Average 1-bed apt rent: $1,055
  • Average property buying cost: $352,000

Medicine Hat is located in the south of Alberta, along the South Saskatchewan River. The city is about 169 km east of Lethbridge and 295 km southeast of Calgary. Locals take pleasure in participating in outdoor activities and being surrounded by wildlife in Medicine Hat. Medicine Hat is often known as the retirement community, where relaxation is frequently enjoyed.

After a week’s work, locals love to wind down at their local breweries known as Travois Ale Works, Medicine Hat Brewing Company, or Hell’s Basement Brewing. There are also local coffee shops for a midday pick-me-up, such as Madhatter Coffee Roastery. If you enjoy fishing, Medicine Hat would be the perfect place for you as the South Saskatchewan River flows right through the town.

As of October 2023, the average property buying cost is $352,000, while the average rent for a 1-bedroom apartment is $1,055

City of Medicine Hat (Dec 2023), Zumper (Dec 2023) & CREA (Oct 2023)

Medicine Hat, Alberta

3. Lethbridge

2. Lethbridge, Alberta - Top 5 Best places to retire in Canada with the Best quality of life – 2024
  • Average 1-bed apt rent: $1,180
  • Average property buying cost: $342,021

Lethbridge is a city located just outside of Calgary. In addition to offering affordable housing, its amenities include the University of Lethbridge, which is a 10-minute drive from Downtown Lethbridge. Locals appreciate the green spaces provided throughout the city, such as Botterill Bottom Park and Peenaquim Park, where multiple hiking trails can be found.

Lethbridge is the perfect blend of city and suburban life, thanks to the City Centre where you can find an assortment of restaurants, shopping malls, local businesses, and parks. Residents not only love the peaceful atmosphere of the city but also appreciate its proximity to the United States border—accessible by car, it is just 100 km away!

As of October 2023, the average rent for a 1-bedroom apartment is $1180 and the average cost of buying a property is $342,021.

Zumper (Dec 2023) & CREA (Oct 2023)

Lethbridge, Alberta

4. Red Deer

Apartment in Red Deer
  • Average 1-bed apt rent: $1,095
  • Average property buying cost: $395, 482

Red Deer is located about halfway between Calgary and Edmonton. One of the major amenities in Red Deer is its access to public transportation throughout the city, known as Red Deer Transit. Locals suggest Red Deer for families rather than single individuals looking to move due to its secluded location.

If you enjoy hunting and fishing in your pastime, Red Deer is known for its trails and shooting ranges, including the Red Deer Shooting Centre. As noted by residents, Red Deer has a smaller-town feel filled with family-friendly amenities.

As of October 2023, the average rent for a 1-bedroom apartment is $1,095 and the average cost of buying a property is $395,482.

City of Red Deer (Dec 2023), Zumper (Dec 2023) & CREA (Oct 2023)

Red Deer, Alberta

5. Lloydminster

lloydminster-sk-
  • Average 1-bed apt rent: $980
  • Average property buying cost: $249,853

Lloydminster is located directly on the border of the provinces of Saskatchewan and Alberta. Equipped with its own airport known as the Lloydminster Municipal Airport, the city offers its residents close shopping in Edmonton, which is a two-hour drive, or in Saskatoon, which is a three-hour drive.

It has been noted by locals that there are not many entertainment options in Lloydminster, but this is what adds to its beauty as you are surrounded by nature. There are plenty of outdoor summer activities for children to enjoy at Kinsmen Participark, and for adults, the city has its own golf course, the Lloydminster Golf and Curling Centre.

As of October 2023, the average rent for a 1-bedroom apartment is $980 and the average cost of buying a property is $249,853.

Zumper (Dec 2023) & CREA (Oct 2023)

Lloydminster, Alberta

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Conclusion

When planning to buy a home, financial considerations cannot be forgotten. It is also important to be aware of the safety and protection of the towns in Alberta. Our list of the top 5 cheapest places to live in Alberta with the best quality of life in 2024 can help you decide where you’ll live. 

Selecting the right place to live can require thoughtful planning, so be sure to review this list before making your decision. 

Are you planning to move soon? Learn about the Best Calgary movers!

 

Last year’s ranking (2023)

  1. Lloydminster
  2. Medicine Hat
  3. Grande Prairie
  4. High River
  5. Cold Lake
  6. Stony Plain
  7. Lethbridge
  8. Red Deer
  9. Camrose
  10. Sylvan Lake

 

Our rankings are meticulously curated, considering affordability and quality of life. It’s important to highlight that certain places were excluded from last year’s lists due to insufficient rental data. Moreover, entries with higher average housing pricing in the previous year were excluded from the current rankings. We encourage readers to weigh these rankings in light of their individual needs and preferences for a more informed decision-making process.

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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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