Top 6 Cheapest Places to Live in Canada

Canada is a forward thinking country with plenty of job opportunities for immigrants who are seeking out a better quality of life for themselves and their families. Canada’s economy is diverse and fast growing since it offers improved cost of living in various provinces, depending on what you’re looking for.

The Canadian government also proposed in Canada’s budget 2022 the roll out of a Tax-Free First Home Savings Account. This initiative enables those who are buying a home for the first time to save up to $40,000. This also implies that withdrawals and investment income from the first-time home buyer would be a tax-free purchase.

As for small businesses, the Canadian government implemented a reduced federal tax rate of 9% whereas the general federal corporate tax rate is 15%.

So, what does this mean for small businesses? Small businesses will benefit at the reduced rate of 9% on their first $500,00 of taxable income. Benefits such as these add to the one of many awesome reasons to move to Canada since it offers a sustainable long-term life for you and your family.

While moving to another country can be easier said than done, we have compiled a list of top 6 cheapest places to live in Canada so you can get the most out of your living expenses.

Bear in mind that every city in Canada varies in costs and that things are always changing since the growth of the economy depends on many factors. To narrow it down, we have decided to focus on four variables:

  • Monthly cost of living (single and family),
  • House price,
  • Apartment rent price and
  • Food price (daily and monthly).


The data below was derived from Numbeo and MovingWaldo to give you a comprehensive breakdown of the cost of living of the best places to live in Canada.

1. Average Costs in New Brunswick

*family and non-family household

The Maritime province is made up of a multicultural population with a wealth of rivers, mountains, pine forests as well as the city’s huge attraction, Bay of Fundy which makes it one of the top 6 cheapest places to live in Canada. The city's economy is largely dependent on the forestry, mining, fishing, tourism and agriculture industry. There is also a huge demand for job opportunities for nurses, physicians, delivery and courier drivers.

 Category Average cost (monthly costs without rent)
Family of four estimated monthly costs $4,256.38
A single person estimated monthly costs $1,182.82
Apartment rent price $741
House price $274,700
Daily recommended minimum amount of money for food per person *Numbeo $14.92
Monthly recommended minimum amount of money for food per person (assuming 31 days per month) *Numbeo $462.56


2. Average Costs in Charlottetown, Prince Edward Island

*family and non-family household

The province has an overall low cost of living, making Charlottetown one of the best places to live in Canada. The city’s magnificent white sand beaches and lush forests speaks volumes of its natural beauty. The economy is fairly diverse but is mainly driven by the agriculture, fisheries and tourism industry. It also branches out to industries such as aerospace, bioscience, information technology and renewable energy. The current in-demand jobs are nurse aids, transport truck drivers, construction helpers, labourers and light duty cleaners.

 Category Average cost (monthly costs without rent)
Family of four estimated monthly costs $4,578.81
A single person estimated monthly costs $1,278.18
Apartment rent price $817
House price $347,920
Daily recommended minimum amount of money for food per person *Numbeo $18.38
Monthly recommended minimum amount of money for food per person (assuming 31 days per month) *Numbeo $569.84


3. Average Costs in Newfoundland and Labrador

*family and non-family household

The province is a resource-based industry where the economy relies mainly on the extraction and processing of oil, minerals, fish and forest resources. However, cod fishing is currently the life-blood of the province’s economy, though the climate change has caused a lack of development on the agricultural end. In terms of employment opportunities, the city is currently seeking out tradespeople, professionals, research, health care, fishery and agriculture.

 Category Average cost (monthly costs without rent)
Family of four estimated monthly costs $4,538.82
A single person estimated monthly costs $1,293.65
Apartment rent price $853
House price $323,000
Daily recommended minimum amount of money for food per person *Numbeo $15.23
Monthly recommended minimum amount of money for food per person (assuming 31 days per month) *Numbeo $472.26


4. Average Costs in Quebec

*family and non-family household

The city’s economy thrives on the services sector, natural resources and its well structured infrastructure accommodates for the diverse economy. Much of the city’s economy is reliant on manufacturing, generation of electric power, mining, pulp and paper. Quebec has plenty of job opportunities waiting to be filled. In-demand job opportunities just to name a few are: engineering, sales and marketing, financial services, construction inspectors and nurses.

 Category Average cost (monthly costs without rent)
Family of four estimated monthly costs $4,091.37
A single person estimated monthly costs $1,105.48
Apartment rent price $845
House price $473,032
Daily recommended minimum amount of money for food per person *Numbeo $14.19
Monthly recommended minimum amount of money for food per person (assuming 31 days per month) *Numbeo $439.86


5. Average Costs in Nova Scotia

*family and non-family household

The Maritime province is well-renowned for its high tides, lobsters and fish. While the city’s economy is very much dependent on fishing, forestry, and mining, the economy also branches out to the tourism and agriculture industry. The current in-demand jobs in Nova Scotia are data-analysts, financial and investment analysts, information system analysts and desk officers.

 Category Average cost (monthly costs without rent)
Family of four estimated monthly costs $4,256.38
A single person estimated monthly costs $1,182.82
Apartment rent price $909
House price $375,828
Daily recommended minimum amount of money for food per person *Numbeo $14.89
Monthly recommended minimum amount of money for food per person (assuming 31 days per month) *Numbeo $461.56


6. Average Costs in Winnipeg, Manitoba

*family and non-family household

Winnipeg, Manitoba is home to a spectacular Museum for Human Rights, a rich culture of concerts and opera, as well as drama and ballet which makes it one of the top 6 cheapest places to live in Canada. Agriculture, tourism, electricity, oil, mining and forestry plays a vital role in the city’s economy. Current employment occupations in Manitoba, just to name a few, are: finance managers, human resource professionals, property administrators, accounting technicians and bookkeepers.

 Category Average cost (monthly costs without rent)
Family of four estimated monthly costs $4,136.67
A single person estimated monthly costs $1,156.10
Apartment rent price $891
House price $334,256
Daily recommended minimum amount of money for food per person *Numbeo $14.04
Monthly recommended minimum amount of money for food per person (assuming 31 days per month) *Numbeo $435.28


Know Your Needs to know which City Works For You

There’s a myriad of factors involved when it comes to moving to another country, which is why we’ve provided you with a breakdown of the top 6 cheapest places to live in Canada. This way, you’re able to get an overview of your living expenses, pointing you in the right direction in choosing a place to live for you and your family.

Alternatively, if you’re uncertain about where to start with an immigration program, feel free to get in touch with a Regulated Canadian Immigration Consultant (RCIC) to advise and guide you through the process.


FAQs

1. Where is the cheapest and nicest place to live in Canada?

Like every other country, Canada has expensive and inexpensive places to live. Depending on your personal needs and reasons, Canada has a variety of cities that offer plenty of opportunities. It is therefore important to do thorough research on the city that best suits your needs and finances.

2. Can you live cheaply in Canada?

Canada offers expensive and inexpensive living which depends on what you’re looking for. Though, living in Canada is still cheaper than living in New York or Washington, D.C. Different cities in Canada offer different benefits such as affordable housing, quality education or an abundance of employment opportunities.

3. Is Alberta cheaper than Ontario?

Alberta boasts a lower cost of living and cheaper transportation, though the overall purchasing power in Ontario is 25% lower than that in Alberta. Alberta also has lower taxes and more affordable housing depending on your needs and what you’re looking for.