Cheapest Provinces to live in Canada

Top 7 Cheapest Provinces to live in Canada with the Best quality of life – 2023

Canada

Determining the cheapest provinces in Canada with the best quality of life involves assessing factors such as safest neighborhoods, housing prices, rental costs, and the overall average cost of living. Provinces that consistently fare well in terms of affordability include New Brunswick, Newfoundland and Labrador, and Saskatchewan. These regions often offer lower housing and rental expenses, contributing to a more budget-friendly lifestyle. 

Each individual’s priorities and preferences may vary, so weighing various factors is essential for making an informed decision on the best province to live in for a balance of affordability and quality of life. MovingWaldo has the top 7 lists of cheapest provinces in Canada with the best quality of life and will help you decide where you’d like to live with your hard-earned money. 

Methodology

We based our ranking of the cheapest provinces to live in Canada on the prices of housing and renting and the average cost of living. Affordability takes into account the prices of properties for sale and apartments for rent. Statistics come from the Canadian Real Estate Association’s average property buying cost for November 2023 and Zumper’s average 1-bedroom apartment rent for December 2023. The cost of living data was derived from the province’s most populous city, and the data is from Numbeo.

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 Provinces to live in Canada

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1. Newfoundland and Labrador

  • Cost of Living: $1,959.82
  • Average 1-bed apt rent: $906
  • Average property buying cost: $291,300

Newfoundland and Labrador are nearly the same size as California or Paraguay, with fishing being the foundation of the province’s economy 500 years ago. Today, Newfoundland and Labrador provide the best of both urban and rural living for its locals, with state-of-the-art facilities, top-notch culinary options, and a thriving cultural scene all only minutes from scenic coastlines and forests. Resources like mining, hydroelectric power, oil and gas, and fishing have grown to be the mainstays of the province’s economy.

As of November 2023,the average property buying cost is $291,300, and the average 1-bedroom apartment rent is $906 as of January 2024. As of January 2024, the cost of living is $1,959.82, which makes Newfoundland and Labrador the cheapest provinces to live in Canada. Not only does it offer affordable housing options, but it also has some of the lowest post-secondary tuition fees in North America, making it a welcoming place conducive to raising a family and allowing individuals to put down roots and truly call it home.

CREA (Nov 2023), Zumper (Jan 2024), Numbeo (Jan 2024) & NL (Jan 2024)

Newfoundland and Labrador, CA

2. New Brunswick

2. New Brunswick - Top 7 Cheapest Provinces in Canada with the Best quality of life – 2024
  • Cost of Living: $1,998.71
  • Average 1-bed apt rent: $1,695
  • Average property buying cost: $287,900

In addition to affordable real estate, New Brunswick provides cost-effective essential services like water, gas, and electricity, which are notably cheaper than the national average. One of the reasons the province is an affordable place to live is because there is little employment in New Brunswick and therefore little demand for housing, resulting in few buyers. As of November 2023, the average property buying cost is $287,900, and the average 1-bedroom apartment rent is $1,695 as of January 2024.

New Brunswick has a cost of living of $1,998.71 as of January 2024, making it easier for locals to make ends meet. The province generally has lower housing costs compared to some other regions in Canada.

CREA (Nov 2023), Zumper (Jan 2024), Numbeo (Jan 2024) & NB Gov (2024)

New Brunswick, CA

3. Saskatchewan

3. Saskatchewan - Top 7 Cheapest Provinces in Canada with the Best quality of life – 2024
  • Cost of Living: $2,177.40
  • Average 1-bed apt rent: $1,152
  • Average property buying cost: $324,400

Saskatchewan has an affordable housing market, with significantly lower costs for both buying and renting compared to many other Canadian provinces. As of November 2023, the average property buying cost is $324,400, and the average 1-bedroom apartment rent is $1,152 as of January 2024. The cost of living in this province is $2,177.40 as of January 2024. This affordability extends to everyday living expenses, making it an ideal place for budget-conscious individuals.

Aside from affordability, locals love Saskatchewan because it is Canada’s “sunniest” province, averaging 2,000 to 2,500 hours of sunshine annually, which is perfect for families who love to stay outdoors. It is the only province in Canada with entirely artificial borders, and one of just two provinces without a saltwater coast.

CREA (Nov 2023), Zumper (Jan 2024), Numbeo (Jan 2024) & Saskatchewan Gov (Jan 2024)

Saskatchewan, CA

4. Manitoba

4. Manitoba - Top 7 Cheapest Provinces in Canada with the Best quality of life – 2024
  • Cost of Living: $2,135.10
  • Average 1-bed apt rent: $1,303
  • Average property buying cost: $328,564

Manitoba is often referred to as one of Canada’s three prairie provinces. Because of its rich cultural diversity, Manitoba has drawn individuals looking for a better life from all over the world. Manitoba offers some of the world’s lowest hydroelectricity rates through Manitoba Hydro, a major North American electricity company with a generating capacity exceeding 5,000 MW. 

Almost all of this energy is derived from clean, reliable, and environmentally friendly water-powered facilities. This results in more affordable in other daily expenses compared to larger cities such as Toronto or Vancouver. 

As of November 2023, the average property buying cost is $328,564, and the average 1-bedroom apartment rent is $1,303 as of January 2024. The cost of living in this province as of January 2024 is $2,135.10, and this makes it a great option for those families or individuals looking to move to Canada on a budget.

CREA (Nov 2023), Zumper (Jan 2024) & Numbeo (Jan 2024)

Manitoba, CA

5. Prince Edward Island

5. Prince Edward Island - Top 7 Cheapest Provinces in Canada with the Best quality of life – 2024
  • Cost of Living: $1,643.44
  • Average 1-bed apt rent: $945
  • Average property buying cost: $361,800

Besides being the smallest Canadian province, Prince Edward Island is one of the most affordable places to live in the country and one of the Maritime Provinces of Canada. Due to its low population, Prince Edward Island offers widely available and affordable housing in the province. As of November 2023, the average property buying cost is $361,800, and the average 1-bedroom apartment rent is $945 as of January 2024. The cost of living inPEIas of January 2024 is $1,643.44.

Known for its gorgeous sandy beaches, potatoes, and lobster, you will never get tired of the beauty of the province. With the warm waters of the Gulf of St. Lawrence, you can expect a water temperature of 20°C in July and August, making it perfect to swim. If you love bicycling, Prince Edward Island is perfect for you. The Confederation Trail is perfect for bikers of all levels.

CREA (Nov 2023), Zumper (Jan 2024)Numbeo (Jan 2024)

Prince Edward Island, CA

6. Nova Scotia

6. Nova Scotia - Top 7 Cheapest Provinces in Canada with the Best quality of life – 2024
  • Cost of Living: $2,445.37
  • Average 1-bed apt rent: $2,038
  • Average property buying cost: $390,000

Compared to several of Canada’s larger provinces, Nova Scotia has a much lower cost of living. As of November 2023, the average property buying cost is $390,000, and the average 1-bedroom apartment rent is $2,038 as of January 2024. The cost of livingin this provinceas of January 2024 is $2,445.37.

Nova Scotia, which forms a portion of the beautiful Canadian East Coast, features over 13,000 kilometers of shoreline with stunning offshore islands, gorgeous beaches, and charming waterfront cities. You won’t be disappointed with the beauty of the province. If you love being near the ocean, the province is perfect for you. Moving to Nova Scotia is good because it’s cheaper and costs less to live in compared to bigger provinces, and it’s a great place for starting families in Canada.

NS Tourism (2022), CREA (Nov 2023), Zumper (Jan 2024) & Numbeo (Jan 2024)

Nova Scotia, CA

7. Quebec

7. Quebec - Top 7 Cheapest Provinces in Canada with the Best quality of life – 2024
  • Cost of Living: $1,977.01
  • Average 1-bed apt rent: $1,777
  • Average property buying cost: $485,407

Quebec’s housing market is diverse, offering opportunities for all types of buyers. From modern city apartments to spacious suburban homes, there’s something for everyone. The diverse range of affordable options in Quebec makes homeownership more accessible than in many other parts of Canada.

As of November 2023, the average property buying cost is $485,407, and the average 1-bedroom apartment rent is $1,777 as of January 2024. The overall cost of living in Quebec tends to be lower at $1,977.01 than in British Columbia and other expensive provinces in Canada. This amount includes expenses such as groceries, transportation, and utilities, making it more economical for residents.

CREA (Nov 2023), Zumper (Jan 2024) & Numbeo (Jan 2024)

Quebec, CA

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Conclusion:

The cheapest provinces in Canada with the best quality of life are often those that strike a balance between affordability and essential amenities. However, it’s important to consider other factors such as cost of living, healthcare, safety, and overall well-being to ensure a comprehensive assessment of the quality of life. A thoughtful consideration of various factors is essential to finding the province that aligns best with one’s lifestyle and preferences.

Are you planning to move to Canada soon? Check these 5 Best Long Distance Moving Companies in Canada

 

Last year’s ranking (2023)

  1. Newfoundland and Labrador
  2. New Brunswick
  3. Saskatchewan
  4. Manitoba
  5. Nova Scotia
  6. Prince Edward Island
  7. Alberta
  8. Quebec
  9. Ontario
  10. British Columbia

 

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 prices 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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