Canada’s Cheapest Location to Live: Due to high housing costs in certain main centres and persistent inflation, many prospective homebuyers are on the lookout for the least expensive place to live in Canada.
According to Wawa.ca, the average price of a property in Canada is now $650,140. However, there are numerous opportunities across Canada to locate homes with lower average prices. This article examines the cheapest places to reside in Canada by municipality, city, and province.
In addition, we will examine the various factors that influence the cost of living, including housing affordability, cost of living, job growth, and rental market affordability.
Where is the cheapest location to live in Canada?
When searching for the least expensive place to reside in Canada, housing affordability is only one factor to consider. While no location is immune to the effects of inflation, we will consider the low cost of living, job growth, and rental market affordability in this section.
This section will examine the ten most affordable locations to live in terms of housing affordability and job growth. You’ll immediately observe that the majority of inexpensive locations are in Quebec and Ontario:
- Sept-Îles, Quebec
- Bécancour, Quebec
- Quesnel, British Columbia
- Cornwall, Ontario
- Timmins, Ontario
- Saint-Georges, Quebec
- Rimouski, Quebec
- Sault Ste. Marie, Ontario
- Rouyn-Noranda, Quebec
- Sainte-Marie, Quebec
Let’s examine each of the cheapest places to reside in Canada in greater detail.
1. Sept-Îles, Quebec
This town of 28,500 inhabitants is located on the north shore of the Gulf of St. Lawrence and is approximately an 8-hour drive from Quebec City. The majority of Sept-Îles residents speak French. Here, metalworking, a thriving maritime port, and public services dominate the economy.
The average home cost in Sept-Îles is $204,042, making it one of the most affordable places to reside in Canada. At 1.15 percent, the property tax rate is also well below the national average.
2. Bécancour, Quebec
Bécancour, a predominantly industrial city, is situated on the Saint-Lawrence River and is less than two hours’ drive from Montreal. With a population of just 12,500, Bécancour offers numerous high-paying employment opportunities in the petroleum and aerospace industries. Despite the majority of residents’ high incomes, home prices remain low. The average price of a residence in Bécancour is $206,748 while the property tax rate is 1.26 percent.
3. Quesnel, British Columbia
The average property price in Quesnel, British Columbia, is $209,133, making it one of the most affordable communities in British Columbia and the entire country. This community of 12,000 is popular with mountaineers and skiers due to its location in the Rocky Mountains, and it is an eight-hour drive to Vancouver.
4. Cornwall, Ontario
Cornwall, with a population of less than 50,000, is the most eastern municipality in Ontario and is located near the Canadian and American borders. Compared to larger cities in the province, Cornwall is one of the least expensive places to reside in Ontario and Canada. Cornwall has an average dwelling price of $211,715 and a property tax rate of 1.71 percent. Due to the average low cost of living and real estate, this is an up-and-coming neighborhood for youthful families.
5. Timmins, Ontario
Timmins, Ontario has a median dwelling price of $212,922 and a property tax rate of 1.8%, both of which are below the national average. It is the second Ontario town to reach the top ten list of Canada’s cheapest places to live, is a quiet, 42,000-person community. Timmins’s economy is predominantly dependent on mining. Timmins, located in Northern Ontario, is approximately eight hours by vehicle from Toronto.
6. Saint-Georges, Quebec
It is a French-speaking community, is a three-hour drive from Montreal and is home to approximately 31,000 residents. Saint-Georges, the main city in the Beauce region, is an important manufacturing hub for job seekers. The average home price in this area is $219,124.
7. Rimouski, Quebec
In Rimouski, Quebec, the average residence price is $227,670 and the property tax rate is 1.10 percent. Rimouski, with a population of less than 50,000, is a significant marine research and conservation hub. It is also rapidly becoming a regional center for engineering and science. Quebec City is approximately a three-hour journey from Rimouski.
8. Sault Ste. Marie, Ontario
Ontario’s Sault Ste. Marie is one of the largest cities on this list. Sault Ste. Marie, located in Northern Ontario, has a population of nearly 75,000 and is a significant economic center for the region. Renewable energy and tourism are the major economic generators here. The average residence costs $238,013, while the average property tax rate is 1.64 percent.
9. Rouyn-Noranda, Quebec
Copper extraction is Rouyn-Noranda’s primary industry. The average home cost in this region is $240,191. Rouyn-Noranda, which has a population of over 40,000, borders Ontario. If you wish to relocate here, you will need to improve your French. Here, 95% of the population speaks French, making it one of the most monolingual border cities.
10. Sainte-Marie, Quebec
Saint-Marie, Quebec, has a population of 13,000, and Quebec City is only 45 minutes away by car. On the banks of the Chaudière River, this community is regarded as tranquil. With an average home price of $243,980, this municipality is not only one of the most beautiful in the region, but also one of the most affordable.Cheapest place in Canada to live: by region and cities
Finding the most affordable place to reside in Canada is not an exact science. The cost of living, which varies from province to province, is influenced by a number of factors beyond the mortgage market. It also depends on your or your family’s specific requirements. For example, the affordability of Toronto for a high-income single individual will be measured differently than the affordability of Halifax for a single-income family of five.
First, let’s examine the regions with the lowest cost of living. Eastern regions have the lowest cost of living in the country. In particular, Atlantic Canada, which includes Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador. For example, New Brunswick has some of the lowest housing costs in all of Canada. There are apartments with two bedrooms available for $895 per month. And the average home price in northern New Brunswick in 2022 was approximately $167,000. On Prince Edward Island, the average property price was approximately $340,000.
Atlantic Canada has a low cost of living, but it may be difficult to obtain employment there, depending on your level of education and professional qualifications.
According to our list of the ten cheapest places to reside in Canada, Quebec is another inexpensive option. The cost of housing and utilities in Quebec is significantly less than the national average. Additionally, Quebec offers subsidized child care, making it particularly affordable for young families.
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Cheapest location to live in Canada: most inexpensive cities
As we have seen, the majority of the most affordable locations to live in Canada are remote communities and small towns. If you prefer the urban lifestyle but cannot afford to reside in Toronto or Vancouver, there are other options.
The cost-of-living index is a useful tool for locating the cheapest location to live in Canada. The index compares a city’s expense of living to that of New York City, which has a score of 100 as a baseline.
The index takes into account, among other things, local accommodation costs, groceries, transportation, utilities, and child care expenses. As a point of comparison, the cost of living in Canada’s most expensive cities is as follows: Toronto has a score of 74.26 while Vancouver has a score of 73.79. While accommodation is more expensive in Vancouver, groceries, transportation, and utilities are more expensive in Toronto.
Cheapest place in Canada to live: major cities
According to the cost of living index, the most affordable significant Canadian cities (population over 500,000) are:
- Quebec City, Quebec: 67.08
- Brampton, Ontario: 67.35
- Hamilton, Ontario: 68.45
Cheapest place in Canada to live: small cities
- Regina, Saskatchewan: 64.99
- Windsor, Ontario: 66.11
- Kingston, Ontario: 67.71
Cheapest place in Canada to live: provincial capital
Edmonton, the capital of Alberta, is one of the most desirable capital communities in Canada in terms of cost-to-experience ratio. It has a population of more than one million people and a thriving metropolis and a diverse culture.
Edmonton is the hub of the energy and gas industry in Alberta. Additionally, it is home to significant corporations and expanding tech and retail sectors. In other words, there are numerous employment opportunities and a low unemployment rate of 5.1%.
In Edmonton, the average price of a property with three bedrooms is $408,961. After taxes, the average monthly salary is $4,168.30. Although this is higher than some of the communities in this article, Alberta’s low unemployment rate, average salary, and diverse industries make it one of the most affordable provincial capitals in Canada.Cheapest place in Canada to live: closing thoughts
Finding the cheapest place to reside in Canada may require some research. Additionally, it is somewhat subjective, based on your typical expenses. After all, affordability is not solely determined by the average home price in any given city or region; it is also essential to consider the cost of living and average salary.
Remember: the more knowledge you have, the better off you will be.
If you need assistance locating the cheapest place to live in Canada, take the time to review the mortgage professionals featured in our Best of Mortgage section. Here you will find Canada’s most successful mortgage professionals, including mortgage brokers.
