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

• 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)

• 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)

• 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)

• 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)

• 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)

• 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)

• 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)